Nickel Price OutlookNickel prices continued to slide over the past month on weaker demand and a more solid supply backdrop. Prices averaged USD 28,229 per metric ton in May, which was down 14.8% from April's price of USD 33,134 per metric ton. The average price for nickel was 60.4% higher than in the same month last year. Moreover, on 31 May, nickel traded at USD 28,344 per metric ton, which was 10.7% lower than on the same day of the previous month. Nickel prices retreated somewhat in May—panic buying and short-covering sent prices soaring into six-digit territory in mid-March—as investors continued to back away from the market given deteriorating fundamentals. Covid-19-related lockdowns in China hammered demand in the stainless steel and battery sectors, and slowed electric vehicle sales. This, coupled with deteriorating global GDP prospects—amid soaring inflation and monetary policy tightening—weighed on nickel prices. In addition, global supply seems to have improved, reflected in rising shipments of intermediary products into China, which likely further dented prices. That said, prices rose slightly in late May on fears that Indonesia may create tariffs on nickel export and as the U.S. dollar weakened.
Nickel Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Nickel Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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