Nickel powder procurement economics during H1 2026 were shaped by the tension between tighter Indonesian ore availability and substantial refined-nickel inventories. Indonesia's dominant position in global nickel production meant that lower mining quotas strengthened supply concerns and provided upward momentum to nickel markets during the first half. However, elevated exchange inventories and expectations of continued market surplus subsequently limited the sustainability of the rally. Meanwhile, stainless-steel demand remained an important source of consumption, although subdued industrial activity in key markets constrained growth. Battery-sector demand continued to expand, but the shift toward LFP chemistry reduced nickel requirements in some EV applications. Specialty uses including aerospace, medical devices, additive manufacturing, and high-performance alloys provided additional support for nickel powder demand, although these applications remained relatively small compared with major nickel-consuming sectors.
Analyst Insight
According to Procurement Resource, nickel powder costs are expected to remain volatile, with tighter Indonesian supply providing intermittent upside support while elevated inventories and uneven downstream demand limit sustained price gains.
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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.
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)
Supplier Database AvailabilityYes
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Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
In this process, nickel metal with carbon monoxide gives nickel carbonyl gas. The gas then decomposes and gives fine nickel powder as final product.
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