Nickel – CY 2023 Price Trend at a Glance

Nickel at a Glance-Calendar Year 2023


Fueled by the surge in electric vehicle (EV) production, the global nickel market is experiencing a significant rise in demand, driving up Nickel Prices. The International Nickel Study Group (INSG) predicts a 9% increase in nickel usage for 2024, driven primarily by the rapidly growing EV sector. This growth is expected to offset the sluggish performance of the stainless steel industry, another major consumer of nickel. However, the story doesn’t end there. Indonesia, a key player in the nickel market, is experiencing a production boom as it strategically positions itself as a crucial raw materials supplier for the global EV battery industry.

  • Global nickel demand is rising fast thanks to the metal’s use as a cathode input for electric vehicle (EV) batteries, leading to a surge in Nickel Prices.
  • The INSG-International Nickel Study Group, expects usage to grow by 9% in 2024 with accelerating EV demand compensating for a sluggish stainless steel sector.
  • This is, of course, all about Indonesia, where production continues to boom as the country positions itself as a key raw materials supplier to EV battery-makers.

Largest Nickel Producers in World

  1. Indonesia (16 Million Tonnes)Indonesia reigns supreme as the world’s largest nickel producer, boasting a staggering 16 million tons of annual production. This dominance is due in part to its abundant nickel reserves, making it a major player in the global nickel market. Indonesia is strategically positioning itself as a key supplier of raw materials for the booming EV battery industry, further solidifying its leadership role.
  2. The Philippines (3 Million Tonnes)The Philippines is a significant nickel producer, clocking in at 3 million tons annually. The country boasts substantial nickel reserves and has experienced a surge in production in recent years. However, environmental concerns and government regulations have impacted production to some extent. The Philippines is still a crucial player, and future developments will be interesting to watch.
  3. Russia (2 Million Tonnes)Russia is a well-established nickel producer, contributing around 2 million tons to the global market each year. The nation possesses significant nickel reserves and a long history of nickel mining and processing. Russia’s role in the nickel market is likely to remain steady, influenced by factors like global demand and geopolitical developments.

International EV Sales Growth

The global EV market is experiencing phenomenal growth. The growth is exponential and Global EV sales in 2023 witnessed a staggering increase compared to the previous year.

It shows the momentum behind electric vehicles. As more and more consumers choose EVs, the demand for the technology that powers them is also escalating.

Demand for Nickel increased due to surge in EV Ecosystem

The rise in EV sales directly translates to a growing demand for nickel, a vital component in lithium-ion batteries that power electric vehicles, thereby driving up Nickel Prices. Here’s why nickel plays such a crucial role:

  • Energy Density: Nickel-based batteries offer higher energy density compared to traditional lithium-ion batteries, contributing to increased demand and Nickel Prices. This translates to longer driving ranges for EVs, a key factor influencing consumer purchase decisions.
  • Shift Towards High-Nickel Batteries: The industry is constantly innovating battery technology. New “high-nickel” batteries are gaining traction due to their ability to offer longer ranges with smaller battery sizes. However, these batteries require even more nickel per unit.
  • Supply Chain Considerations: While nickel is used in various industries, the surge in EV demand creates a specific strain on the nickel supply chain dedicated to battery production, further impacting Nickel Prices.


In conclusion, the worldwide nickel market is changing significantly, mainly because of the rapid expansion of the electric vehicle (EV) industry, leading to a surge in Nickel Prices. The International Nickel Study Group (INSG) predicts a notable 9% rise in nickel usage by 2024, driven by the increasing demand from the EV sector. This expected growth is likely to balance out the slower performance of other nickel-using industries like stainless steel production. Additionally, Indonesia’s strategic role as a primary supplier of raw materials for EV batteries brings another aspect to the evolving nickel market landscape.

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