Nickel prices averaged USD 17,865 per metric ton in April, up 4.6% from March. On 30 April, the commodity traded at USD 19,284 per metric ton, up 14.0% from 31 March.
Nickel prices rebounded in April after March’s decline, supported by Indonesian mining quota cuts and tighter raw material supply. Moreover, a sulphur shortage linked to Strait of Hormuz disruptions lifted processing costs, adding further momentum to prices; Indonesia, the world’s largest nickel producer, ?is also ?a major importer of sulphur—essential for ore processing—sourcing around 75% of its requirements from the Middle East.
This chart displays Nickel (US$/mt) from 2024 to 2026.
Nickel LME (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nickel LME | - | - | - | - | - | 18,448 | 16,271 | 15,993 | 15,568 | 15,169 | 15,030 | 14,915 |