Nickel Prices

Nickel prices averaged USD 23,771 per metric ton in April, which was up 2.1% from March’s price of USD 23,289 per metric ton. Meanwhile, the average price for nickel in April was 28.3% lower than in the same month last year. On 28 April, nickel traded at USD 24,211 per metric ton, which was 2.4% higher than on the same day of the previous month.

April’s prices evolved in two distinct periods: nickel prices appreciated rapidly until 18 April, before declining during the remainder of the month. The increase was likely driven by a surge in demand, as consumers believed prices had bottomed out—nickel prices declined by 21.4% from January to March—as well as a rise in demand for stainless steel. In the second half of the month, markets re-embraced a bearish narrative centered on excess supply. According to the S&P, nickel markets will reach a surplus of 174,000 metric tons in 2023 from 113,000 metric tons in 2022, while the International Nickel Study group forecasts a 239,000 metric-ton surplus this year. Finally, China’s manufacturing PMI contracted for the first time in 2023 in April, suggesting depressed demand.