Latest Nickel Price Trend in 2024

Nickel

According to professional’s prediction a substantial increase in supply for 2024, which is fueled by heightened production in china and Indonesia, which will lead to overall down trend in Nickel prices. China’s expanding domestic refining capacity, the nickel market is preparing to establish a new equilibrium, ensuring a balance between supply and evolving demand.

Overview of Nickel in the Market:

As we know, nickel is denoted by the symbol Ni scientifically, and the atomic number is 28. Which is a versatile element and highly valued due to its corrosion-resistive advantage and silver white appearance. The transition of nickel is very useful in the production of alloys, stainless steel, and currency coins. Nickel has the properties of temperature resistance and resistance to oxidation, which make it a key element in the manufacturing of industrial equipment and in aerospace components or appliances.

Largest Nickel Reserves Countries in the World:

Three countries — Indonesia, Australia, and Brazil have biggest reserves of Nickel. Indonesia has one of the largest reserves of nickel, which is around 21 million tons. Australia is on second place with a capacity of 20 million tons, while Brazil is on third place with a reserve of 16 million tons’ of Nickel.

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According to the report the influx of material which makes nickel prices low on three years’ low. Nickel used in electric vehicle batteries, coins, alloys and rocket engines, the 2023 was one of the worst year as there was a price fall of 47% on the LME. In the year 2023 the price was high as $30000 per ton but as of late it has sharply dropped to $17670 per ton.

As per Reuters report, Indonesia and china may decrease nickel production by a minimum of 100000 metric tons in 2024. In recent times Nickel producers took decision to mitigate the losses stemming from the sharp decline in nickel prices, which is very important for both stainless steel manufacturing and the production of EV’s

Nickel Market

Approx. 9.33% growth in 2024: CostMasters Nickel Price Trend Analysis Jan’24 to Apr’24

nickel

Conclusion

As per CostMasters research report in 2024 a significant increase consumption due to booming EV market and constraints in supply may result in increase in prices of Nickel.

As Nickel is very important metallic element for various industries, to stay informed about the latest nickel price fluctuations! Sign up for CostMasters’ free trial to keep a tab on regular movements and related news articles. You can consider to subscribe CIR Monthly PDF report covering 130+ commodities, Online Web Access covering 200 commodities and commodity forecasting report. Top of Form

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