Nickel's Price in International Commodity Markets in October 2023 is about 18,281.23 dollars per metric tonne estimated by World Bank. In the Previous Month, September 2023 nickel worth was 19,644.64 dollars per metric tonne. Last year in October 2022 the price was 22,032.89 dollars per metric tonne.
| Index | Last 12 Months | Nominal US Dollars($/mt) | Net-Chg | Percentage-Chg |
|---|---|---|---|---|
| 13 | October 2022 | $ 22,032.89 | - | - |
| 12 | November 2022 | $ 25,562.70 | $ 3,529.81 | 13.81 % |
| 11 | December 2022 | $ 28,946.81 | $ 3,384.11 | 11.69 % |
| 10 | January 2023 | $ 28,194.61 | $ -752.20 | -2.67 % |
| 9 | February 2023 | $ 26,727.95 | $ -1,466.66 | -5.49 % |
| 8 | March 2023 | $ 23,288.61 | $ -3,439.34 | -14.77 % |
| 7 | April 2023 | $ 23,894.56 | $ 605.95 | 2.54 % |
| 6 | May 2023 | $ 21,970.39 | $ -1,924.17 | -8.76 % |
| 5 | June 2023 | $ 21,233.28 | $ -737.11 | -3.47 % |
| 4 | July 2023 | $ 21,091.26 | $ -142.02 | -0.67 % |
| 3 | August 2023 | $ 20,438.65 | $ -652.61 | -3.19 % |
| 2 | September 2023 | $ 19,644.64 | $ -794.01 | -4.04 % |
| 1 | October 2023 | $ 18,281.23 | $ -1,363.41 | -7.46 % |
Nickel Price in 2022 was 25,833.73 dollars per metric tonne estimated by the world bank. In the previous year, 2021 Nickel Price was 18,464.97 dollars per metric tonne. The net change in Nickel Price in 2022 was 7,368.76 dollars which is about a 28.52 % increase in price.
| Year | Price Nominal US Dollars($/mt) | Net-Change | Percentage-Change |
|---|---|---|---|
| 1960 | $ 1,631.00 | - | - |
| 1961 | $ 1,711.00 | $ 80.00 | 4.68 % |
| 1962 | $ 1,761.00 | $ 50.00 | 2.84 % |
| 1963 | $ 1,741.67 | $ -19.33 | -1.11 % |
| 1964 | $ 1,741.67 | $ 0.00 | 0.00 % |
| 1965 | $ 1,735.00 | $ -6.67 | -0.38 % |
| 1966 | $ 1,739.00 | $ 4.00 | 0.23 % |
| 1967 | $ 1,935.70 | $ 196.70 | 10.16 % |
| 1968 | $ 2,074.50 | $ 138.80 | 6.69 % |
| 1969 | $ 2,363.40 | $ 288.90 | 12.22 % |
| 1970 | $ 2,846.20 | $ 482.80 | 16.96 % |
| 1971 | $ 2,932.10 | $ 85.90 | 2.93 % |
| 1972 | $ 3,079.90 | $ 147.80 | 4.80 % |
| 1973 | $ 3,373.10 | $ 293.20 | 8.69 % |
| 1974 | $ 3,825.25 | $ 452.15 | 11.82 % |
| 1975 | $ 4,571.33 | $ 746.08 | 16.32 % |
| 1976 | $ 4,973.08 | $ 401.75 | 8.08 % |
| 1977 | $ 5,118.17 | $ 145.09 | 2.83 % |
| 1978 | $ 4,609.25 | $ -508.92 | -11.04 % |
| 1979 | $ 5,986.00 | $ 1,376.75 | 23.00 % |
| 1980 | $ 6,518.68 | $ 532.68 | 8.17 % |
| 1981 | $ 5,953.08 | $ -565.60 | -9.50 % |
| 1982 | $ 4,837.49 | $ -1,115.59 | -23.06 % |
| 1983 | $ 4,672.80 | $ -164.69 | -3.52 % |
| 1984 | $ 4,752.21 | $ 79.41 | 1.67 % |
| 1985 | $ 4,899.04 | $ 146.83 | 3.00 % |
| 1986 | $ 3,881.24 | $ -1,017.80 | -26.22 % |
| 1987 | $ 4,872.22 | $ 990.98 | 20.34 % |
| 1988 | $ 13,778.32 | $ 8,906.10 | 64.64 % |
| 1989 | $ 13,308.18 | $ -470.14 | -3.53 % |
| 1990 | $ 8,864.10 | $ -4,444.08 | -50.14 % |
| 1991 | $ 8,155.62 | $ -708.48 | -8.69 % |
| 1992 | $ 7,001.23 | $ -1,154.39 | -16.49 % |
| 1993 | $ 5,293.42 | $ -1,707.81 | -32.26 % |
| 1994 | $ 6,339.82 | $ 1,046.40 | 16.51 % |
| 1995 | $ 8,228.04 | $ 1,888.22 | 22.95 % |
| 1996 | $ 7,500.82 | $ -727.22 | -9.70 % |
| 1997 | $ 6,927.39 | $ -573.43 | -8.28 % |
| 1998 | $ 4,629.52 | $ -2,297.87 | -49.64 % |
| 1999 | $ 6,011.23 | $ 1,381.71 | 22.99 % |
| 2000 | $ 8,637.74 | $ 2,626.51 | 30.41 % |
| 2001 | $ 5,944.73 | $ -2,693.01 | -45.30 % |
| 2002 | $ 6,771.75 | $ 827.02 | 12.21 % |
| 2003 | $ 9,629.47 | $ 2,857.72 | 29.68 % |
| 2004 | $ 13,823.24 | $ 4,193.77 | 30.34 % |
| 2005 | $ 14,743.96 | $ 920.72 | 6.24 % |
| 2006 | $ 24,254.41 | $ 9,510.45 | 39.21 % |
| 2007 | $ 37,229.81 | $ 12,975.40 | 34.85 % |
| 2008 | $ 21,110.64 | $ -16,119.17 | -76.36 % |
| 2009 | $ 14,654.63 | $ -6,456.01 | -44.05 % |
| 2010 | $ 21,808.85 | $ 7,154.22 | 32.80 % |
| 2011 | $ 22,910.36 | $ 1,101.51 | 4.81 % |
| 2012 | $ 17,547.55 | $ -5,362.81 | -30.56 % |
| 2013 | $ 15,031.80 | $ -2,515.75 | -16.74 % |
| 2014 | $ 16,893.38 | $ 1,861.58 | 11.02 % |
| 2015 | $ 11,862.64 | $ -5,030.74 | -42.41 % |
| 2016 | $ 9,595.18 | $ -2,267.46 | -23.63 % |
| 2017 | $ 10,409.64 | $ 814.46 | 7.82 % |
| 2018 | $ 13,114.06 | $ 2,704.42 | 20.62 % |
| 2019 | $ 13,913.91 | $ 799.85 | 5.75 % |
| 2020 | $ 13,787.26 | $ -126.65 | -0.92 % |
| 2021 | $ 18,464.97 | $ 4,677.71 | 25.33 % |
| 2022 | $ 25,833.73 | $ 7,368.76 | 28.52 % |
In the world of commodities, the price of nickel holds significant importance due to its widespread use in various industries. Whether you're an investor, a manufacturer, or simply curious about the subject, understanding the factors influencing the nickel price and its market trends can provide valuable insights.
Like any other commodity, the nickel price is heavily influenced by the fundamental principle of supply and demand. When demand exceeds supply, prices tend to rise, while an oversupply can lead to price declines. Various factors can affect supply and demand, such as industrial growth, technological advancements, geopolitical events, and changes in consumer preferences.
Nickel, being an essential component in industries such as stainless steel production, automotive manufacturing, and electronics, is closely tied to global economic conditions. Economic growth or contraction in major economies can significantly impact the demand for nickel, thus affecting its price. Factors like GDP growth, infrastructure development, and industrial output play a crucial role.
Nickel is primarily mined from sulfide and laterite deposits. Any disruptions or changes in mining operations, production capacities, or mining regulations can impact the overall supply of nickel. For example, the introduction of new mining projects or the closure of existing ones can affect the balance between supply and demand, thus influencing the price.
The cost of energy and other raw materials required in the nickel refining and production process can affect the overall price of nickel. Fluctuations in energy prices, such as those of oil or coal, can impact the cost of production and transportation, indirectly influencing the final price of nickel.
Government policies related to agriculture, subsidies, import-export regulations, and environmental regulations can affect urea prices. Changes in these policies can create price volatility in the market.
Currency Exchange RateThe growing popularity of electric vehicles (EVs) has created a surge in demand for nickel, as it is a key component in EV batteries. As the world transitions towards a greener future, the demand for nickel in the automotive sector is expected to continue rising, impacting the overall price.
Stainless steel, which utilizes nickel for its corrosion-resistant properties, is widely used in the construction, manufacturing, and infrastructure sectors. Any changes in stainless steel production, driven by economic factors or shifts in demand, can directly affect the demand for nickel.
The nickel market has experienced supply constraints in recent years due to factors like mine closures, environmental regulations, and geopolitical tensions. These constraints have put upward pressure on the nickel price, as demand outpaces available supply.
Technological advancements, particularly in the battery and renewable energy sectors, have the potential to impact the demand for nickel. Innovations in battery chemistry and energy storage solutions could drive further demand growth for nickel in the coming years.
The nickel price is influenced by a multitude of factors, ranging from supply and demand dynamics to global economic conditions and technological advancements. Understanding these factors and staying abreast of market trends is crucial for investors, manufacturers, and anyone involved in industries dependent on nickel.
Remember, while the nickel price is influenced by various factors, this article aims to provide a comprehensive overview without diving into the complexities of individual price movements. It is always recommended to consult professional financial or industry experts for specific investment or strategic advice in the nickel market.