Monthly price of nickel at LME 2016-2021

In March 2021, the price of one metric ton of nickel stood at some 16,406.66 U.S. dollars - a decrease of -11.72 percent from the previous month. In comparison, in March 2016, the price of nickel was just 8,717 U.S. dollars per metric ton. Thus, the nickel price has increased considerably in recent years, though it continuously fluctuates.

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 300,000 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 52,179 U.S. dollars per metric ton in May 2007. Since then, nickel prices have decreased, and have remained between a low of 8,299 U.S. dollars per metric ton and a high of 18,584 U.S. dollars per metric ton between 2016 and 2021. It is forecast that the price of nickel will amount to more than 15,500 U.S. dollars per metric ton in 2025.