In 2023, nickel had an average price of approximately 21,521 U.S. dollars per metric ton, a decrease of more than 4,000 U.S. dollars compared to the previous year.
Top nickel producing regions
In 2023, Indonesia produced the largest volume of nickel from mines in the world, totaling 1.8 million metric tons, while the Philippines produced 400,000 metric tons. Norilsk Nickel (also known as Nornickel) from Russia is one of the largest producers of nickel in the world. One of its largest mining operations is located in northern Russia within the Norilsk-Talnakh area.
Nickel life cycle
Nickel is a lustrous metal and is used for various applications, such as in plating metals, due to its resistance to corrosion. Nickel is not mined directly but is extracted from ores such as iron ore limonite. The metal can be extracted through roasting and reduction processes. Most often, nickel is used as part of nickel steels, including stainless steel, in alloys, and in electroplating. The worldwide consumption of nickel exceed three million metric tons in 2023. Historically, nickel has been used since 3500 BCE as a natural nickel-iron alloy.
Average nickel prices from 1980 to 2023
(in U.S. dollars per metric ton)
Characteristic
Price in U.S. dollars per metric ton
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World Bank. (April 24, 2024). Average nickel prices from 1980 to 2023 (in U.S. dollars per metric ton) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/236578/average-nickel-prices/
World Bank. "Average nickel prices from 1980 to 2023 (in U.S. dollars per metric ton)." Chart. April 24, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/236578/average-nickel-prices/
World Bank. (2024). Average nickel prices from 1980 to 2023 (in U.S. dollars per metric ton). Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/236578/average-nickel-prices/
World Bank. "Average Nickel Prices from 1980 to 2023 (in U.S. Dollars per Metric Ton)." Statista, Statista Inc., 24 Apr 2024, https://www.statista.com/statistics/236578/average-nickel-prices/
World Bank, Average nickel prices from 1980 to 2023 (in U.S. dollars per metric ton) Statista, https://www.statista.com/statistics/236578/average-nickel-prices/ (last visited August 24, 2024)
Average nickel prices from 1980 to 2023 (in U.S. dollars per metric ton) [Graph], World Bank, April 24, 2024. [Online]. Available: https://www.statista.com/statistics/236578/average-nickel-prices/