In June 2026, the price of one metric ton of nickel stood at some U.S. dollars. By comparison, in December 2024, the price of nickel was just below U.S. dollars per metric ton. Nickel prices have generally decreased considerably in recent years, though they continuously fluctuate. At the beginning of 2022, however, the price of nickel skyrocketed due to disruptions to supply chains and a wide scarcity of raw materials and metals.
Overview of nickel
Discovered in 1751, nickel is a base metal with a silvery-white lustrous appearance that has a slightly golden tinge. The metal is crucial for many global industries, especially, for example, for the production of stainless-steel. Nickel is highly corrosion-resistant and is used to plate other metals in order to protect them. Because of these useful traits, nickel is used in more than products worldwide, spanning from architectural, industrial, military, transportation and aerospace, marine, currency, and consumer applications.
Nickel price dynamics
Though nickel is the fifth most abundant element found on Earth, as with any commodity, the price of nickel can vary widely depending on global market conditions. Following the collapse of the Soviet Union, exports of nickel increased dramatically, dropping the price of nickel in the mid-1990s to below production costs. Nickel production in the Western Hemisphere was reduced during that period. Prices then increased again, up to a high of U.S. dollars per metric ton in May 2007. Since then, nickel prices have decreased, and have remained between a low of U.S. dollars per metric ton and a high of U.S. dollars per metric ton between 2016 and 2021. It is forecast that the price of nickel will amount to more than U.S. dollars per metric ton in 2025.