Nickel prices averaged USD 16,048 per metric ton in March, up 5.0% from February. On 31 March, the commodity traded at USD 15,698 per metric ton, up 2.8% from 28 February.
Nickel prices rose for the first time in five months, mainly due to developments in top producer Indonesia. The price of nickel ore in the country soared in recent weeks, partly due to higher government fees. This, coupled with tight ore supplies and downbeat selling prices, prompted a large Indonesian nickel producer to reduce its output. Additionally, talks of higher mining royalties in the country added further upward pressure. Demand-wise, healthier industrial momentum in top buyer China also provided support.
This chart displays Nickel (US$/mt) from 2023 to 2025.
Nickel LME (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Nickel LME | - | 22,333 | 20,396 | 17,257 | 16,600 | 18,448 | 16,271 | 15,993 |