Nickel Price Monthly and Annualy

The Price of Nickel in International Commodity Markets for April 2024 is 18,163.95 dollars per metric tonne, as estimated by the World Bank. In comparison to the previous month, March 2024, when Nickel was valued at 17,438.83 dollars per metric tonne, there has been a net change of 725.12 dollars. This represents a percentage increase of 3.99%. Looking back to April 2023, the Nickel price stood at 23,894.56 dollars per metric tonne. The current data reflects a dynamic market with a modest increase in Nickel prices from April 2023 to April 2024, signaling potential shifts in global economic trends.

Nickel Price in Last 12 Months World Bank

Source: World-bank
Last Updated: 25 May 2024
Index Last 12 Months Nominal US Dollars($/mt) Net-Chg Percentage-Chg
13April 2023$ 23,894.56--
12May 2023$ 21,970.39 $ -1,924.17-8.76 %
11June 2023$ 21,233.28 $ -737.11-3.47 %
10July 2023$ 21,091.26 $ -142.02-0.67 %
9August 2023$ 20,438.65 $ -652.61-3.19 %
8September 2023$ 19,644.64 $ -794.01-4.04 %
7October 2023$ 18,281.23 $ -1,363.41-7.46 %
6November 2023$ 17,027.36 $ -1,253.87-7.36 %
5December 2023$ 16,460.84 $ -566.52-3.44 %
4January 2024$ 16,103.83 $ -357.01-2.22 %
3February 2024$ 16,338.46 $ 234.631.44 %
2March 2024$ 17,438.83 $ 1,100.376.31 %
1April 2024$ 18,163.95 $ 725.123.99 %

Nickel Price Annual World Bank

Nickel Price in 2023 was 21,521.12 dollars per metric tonne estimated by the world bank.

In the previous year, 2022 Nickel Price was 25,833.73 dollars per metric tonne. The net change in Nickel Price in 2023 was -4312.61 dollars which is about a -20.04% decrease in price.

Source: World-bank
Year Price Nominal US Dollars($/mt) Net-ChangePercentage-Change
1960 $ 1,631.00--
1961 $ 1,711.00 $ 80.004.68 %
1962 $ 1,761.00 $ 50.002.84 %
1963 $ 1,741.67 $ -19.33-1.11 %
1964 $ 1,741.67 $ 0.000.00 %
1965 $ 1,735.00 $ -6.67-0.38 %
1966 $ 1,739.00 $ 4.000.23 %
1967 $ 1,935.70 $ 196.7010.16 %
1968 $ 2,074.50 $ 138.806.69 %
1969 $ 2,363.40 $ 288.9012.22 %
1970 $ 2,846.20 $ 482.8016.96 %
1971 $ 2,932.10 $ 85.902.93 %
1972 $ 3,079.90 $ 147.804.80 %
1973 $ 3,373.10 $ 293.208.69 %
1974 $ 3,825.25 $ 452.1511.82 %
1975 $ 4,571.33 $ 746.0816.32 %
1976 $ 4,973.08 $ 401.758.08 %
1977 $ 5,118.17 $ 145.092.83 %
1978 $ 4,609.25 $ -508.92-11.04 %
1979 $ 5,986.00 $ 1,376.7523.00 %
1980 $ 6,518.68 $ 532.688.17 %
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 $ 79.411.67 %
1985 $ 4,899.04 $ 146.833.00 %
1986 $ 3,881.24 $ -1,017.80-26.22 %
1987 $ 4,872.22 $ 990.9820.34 %
1988 $ 13,778.32 $ 8,906.1064.64 %
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 $ 1,046.4016.51 %
1995 $ 8,228.04 $ 1,888.2222.95 %
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 $ 1,381.7122.99 %
2000 $ 8,637.74 $ 2,626.5130.41 %
2001 $ 5,944.73 $ -2,693.01-45.30 %
2002 $ 6,771.75 $ 827.0212.21 %
2003 $ 9,629.47 $ 2,857.7229.68 %
2004 $ 13,823.24 $ 4,193.7730.34 %
2005 $ 14,743.96 $ 920.726.24 %
2006 $ 24,254.41 $ 9,510.4539.21 %
2007 $ 37,229.81 $ 12,975.4034.85 %
2008 $ 21,110.64 $ -16,119.17-76.36 %
2009 $ 14,654.63 $ -6,456.01-44.05 %
2010 $ 21,808.85 $ 7,154.2232.80 %
2011 $ 22,910.36 $ 1,101.514.81 %
2012 $ 17,547.55 $ -5,362.81-30.56 %
2013 $ 15,031.80 $ -2,515.75-16.74 %
2014 $ 16,893.38 $ 1,861.5811.02 %
2015 $ 11,862.64 $ -5,030.74-42.41 %
2016 $ 9,595.18 $ -2,267.46-23.63 %
2017 $ 10,409.64 $ 814.467.82 %
2018 $ 13,114.06 $ 2,704.4220.62 %
2019 $ 13,913.91 $ 799.855.75 %
2020 $ 13,787.26 $ -126.65-0.92 %
2021 $ 18,464.97 $ 4,677.7125.33 %
2022 $ 25,833.73 $ 7,368.7628.52 %
2023 $ 21,521.12 $ -4,312.61-20.04 %

Introduction

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.

What Influences the Nickel Price?

 1. Supply and Demand Dynamics

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.

 2. Global Economic Conditions

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.

 3. Mining and Production

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.

 4. Energy and Raw Material Costs

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.

 5. Currency Exchange Rates

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 Rate

Recent Trends in the Nickel Market

 1. Increased Demand from Electric Vehicles

The 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.

 2. Stainless Steel Production

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.

 3. Supply Constraints

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.

 4. Technology Advancements

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.

Conclusion

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.