During Q4’25, nickel powder prices followed a generally weak trend across global market. The main reason was oversupply in the broader nickel value chain, led by high production from Indonesia and soft demand growth from key downstream sectors. Even though some policy signals pointed toward future supply control, the short-term market remained well supplied, which weighed on sentiment.
Demand for nickel powder from battery materials, electronics, and specialty alloys stayed cautious. The shift toward lithium iron phosphate batteries reduced nickel intensity in parts of the electric vehicle sector, especially in China. At the same time, slower industrial activity and weaker stainless-steel demand limited fresh buying interest. Many buyers focused only on immediate needs and avoided stock building.
On the supply side, availability stayed comfortable. Strong output of nickel intermediates and refined products continued to feed downstream markets. Inventory levels remained sufficient, and some producers adjusted output. Overall, the market stayed balanced toward the bearish side, with limited support from demand and enough material available to meet requirements.
Analyst Insight
According to Procurement Resource, Nickel Powder prices are expected to remain under pressure in the near term, with recovery depending on real supply cuts and stronger industrial and battery demand.
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During the third quarter of 2025, the price of nickel powder showed a pattern of fluctuation with slight upward pressure early on, followed by mid-quarter instability and a late-stage recovery.
At the start of July, prices were pushed up due to supply concerns stemming from Indonesia’s nickel ore quota limits and falling inventories both domestically and globally. This, combined with sentiment around supportive domestic policies, gave the market a short-term boost.
However, in mid-July, global macroeconomic uncertainty, particularly tariff tensions initiated by the U.S., increased market risk aversion. Weaker demand, especially from the stainless steel and new energy sectors, limited further gains.
The use of lithium iron phosphate (LFP) batteries continued to replace nickel-heavy battery chemistries, reducing demand for nickel powder used in ternary battery production.
In late August and September, prices became more stable but remained under pressure. Domestic support through industrial policies helped to stabilize the market, while global trade risks and a cautious Fed outlook influenced sentiment.
Although production of stainless steel picked up during the traditional September peak season, nickel powder demand stayed moderate due to high inventories and oversupply of refined nickel. LME and Shanghai stock levels rose to historical highs, further dampening price growth.
By the end of Q3, the nickel powder market showed slight strength, supported by seasonal industrial demand, but overall conditions remained fragile due to persistent oversupply and weak downstream demand.
Nickel powder is obtained via atomization, reduction, or electrolysis of nickel metal. The powder has a high surface area and high reactivity. It is widely employed in alloy manufacturing, electroplating, battery production, magnetic material, powder metallurgy and related industries. Its diverse properties and applications make nickel powder a valuable material in modern technology and industrial processes.
Magnetic materials, Pigments, Catalyst, Batteries, Conductive coatings
BHP Billiton Ltd, Jilin Jien Nickel, Jinchuan Group, MMC Norilsk Nickel, Sumitomo Metal Mining, Sherritt
CurrencyUS$ (Data can also be provided in local currency)
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In this process, nickel metal with carbon monoxide gives nickel carbonyl gas. The gas then decomposes and gives fine nickel powder as final product.
Rakesh Nandi
Team Lead - Market Research
Leading procurement-focused market intelligence across chemicals, composites, advanced materials, aerospace & defense, and energy, delivering commodity forecasts, supply chain analysis, and competitive benchmarking to support sourcing decisions.
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