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Nickel Spot Price

Live nickel prices and interactive charts

Frequently Asked Questions About Nickel Prices

What is nickel used for?
Nickel's primary uses include: stainless steel production (70% of demand), electric vehicle batteries (lithium-nickel chemistries), electroplating and coatings, alloys for aerospace and chemical processing, coins and coinage, and increasingly, energy storage. The battery sector (particularly EVs) is the fastest-growing demand segment, making nickel critical for energy transition.
Why is nickel important for EVs?
Nickel is essential in high-energy-density EV batteries (NMC and NCA chemistries), providing: increased energy density for longer range, cost advantages over cobalt-heavy alternatives, and improved thermal stability. Battery makers are increasing nickel content to reduce cobalt and boost range. Class 1 (high purity) nickel demand for batteries is expected to grow 500% by 2030, creating potential supply constraints.
What drives nickel prices?
Nickel prices respond to: (1) Stainless steel demand (China drives 60%); (2) EV battery demand growth; (3) Indonesian supply (40% of global production); (4) Class 1 vs Class 2 nickel dynamics; (5) Mining and processing capacity; (6) Chinese economic activity; (7) LME inventory levels; and (8) Substitution pressures (LFP batteries). Battery demand is increasingly influential.
Is nickel a good investment?
Nickel offers exposure to both traditional stainless steel demand and explosive EV battery growth. Investment considerations: battery demand could triple nickel consumption, supply concentrated in Indonesia and Philippines (geopolitical risk), quality differential between Class 1 and Class 2, and recent price volatility. Access via futures, ETFs, or mining stocks. Suitable for those bullish on EV adoption.
What is Class 1 vs Class 2 nickel?
Class 1 nickel (>99.8% purity) is used for electroplating and batteries, including EVs. Class 2 nickel (ferronickel, nickel pig iron) is used primarily for stainless steel and contains impurities. EV batteries require Class 1, creating a supply-demand mismatch as most new production is Class 2 from Indonesia. This quality split is crucial for understanding nickel markets and price dynamics.
What happened in the 2022 nickel short squeeze?
In March 2022, nickel prices on the LME spiked over 250% in two days, reaching $100,000/tonne, due to a massive short squeeze. A major Chinese producer had large short positions while Russia (10% of supply) faced sanctions. The LME suspended trading and canceled trades, causing controversy. The event highlighted supply concentration risks, market structure issues, and nickel's increasing strategic importance.

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