December 25, 2023
Annual nickel prices have exhibited varying trends between 2010 to 2023. Prices generally trended downward from 2010 through 2016 going from over USD $20,000 per tonne to about USD $10,000. Nickel hit a low of just USD $8300 in early 2016. Nickel prices have since been generally trending upwards since 2017 recovering to the USD $20,000 price range by late 2021. Recent prices have jumped significantly and averaged over USD $25,000 in 2022 and 2023 and peaking at over USD $33,000 early in 2022. These fluctuations in nickel prices were influenced by a variety of factors, including global supply and demand dynamics, economic conditions, and geopolitical factors. Like most raw materials, nickel prices are expected to increase going forward as demand for the material outpaces available supply.
Source: London Metal Exchange
Source: US. Geological Survey