In 2022, nickel had an average price of approximately 25,834 U.S. dollars per metric ton, an increase of more than 7,000 U.S. dollars compared to the previous year.
Top nickel producing regions
In 2022, Indonesia produced some of the largest volumes of nickel from mines in the world, totaling 1.6 million metric tons, while the Philippines produced 330,000 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. In 2019, the company produced 166,265 metric tons of refined nickel, which accounted for a large share of the country's nickel production.
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 reached 2.9 million metric tons in 2021. Historically, nickel has been used since 3500 BCE as a natural nickel-iron alloy.
Average nickel prices from 1980 to 2022
(in U.S. dollars per metric ton)
Characteristic
Price in U.S. dollars per metric ton
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World Bank. (April 26, 2023). Average nickel prices from 1980 to 2022 (in U.S. dollars per metric ton) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/236578/iron-ore-prices-since-2003/
World Bank. "Average nickel prices from 1980 to 2022 (in U.S. dollars per metric ton)." Chart. April 26, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/236578/iron-ore-prices-since-2003/
World Bank. (2023). Average nickel prices from 1980 to 2022 (in U.S. dollars per metric ton). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/236578/iron-ore-prices-since-2003/
World Bank. "Average Nickel Prices from 1980 to 2022 (in U.S. Dollars per Metric Ton)." Statista, Statista Inc., 26 Apr 2023, https://www.statista.com/statistics/236578/iron-ore-prices-since-2003/
World Bank, Average nickel prices from 1980 to 2022 (in U.S. dollars per metric ton) Statista, https://www.statista.com/statistics/236578/iron-ore-prices-since-2003/ (last visited July 22, 2024)
Average nickel prices from 1980 to 2022 (in U.S. dollars per metric ton) [Graph], World Bank, April 26, 2023. [Online]. Available: https://www.statista.com/statistics/236578/iron-ore-prices-since-2003/