Why Prices are increasing in 2024?

Decreased in the Production

Indonesia, the world’s largest nickel producer, witnessed delays in mining approvals early this year — resulting in supply concerns and price spikes. Production cut from Australia and New Caledonia due to the low-price environment and negative margins.

Increasing Demand from China

China is a leading producer and consumer of electric vehicles (EVs). As the Chinese economy continues to grow, the demand for EVs is also rising. This surge in demand has led to increased pressure on nickel prices, as nickel is a critical component in EV batteries.

Future Nickel Price

• The nickel prices are expected to increase slowly over the time due to increasing demand from China and production cuts from the top producers.
• According to various research analysis the prices can touch 18000 USD/Tonne by end of the year