Nickel Price Trend Analysis 2026: Price Drivers, Market Insights, Historical Prices, Supply Demand Analysis & Latest News
Nickel Price Trend Q1 2026
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Nickel | China | FOB | USD 20,488.69/MT | April 2026 |
| Nickel | India | CIF | USD 20,538.69/MT | April 2026 |
| Nickel | USA | CIF | USD 20,575.69/MT | April 2026 |
| Nickel | Germany | CIF | USD 20,614.69/MT | April 2026 |
| Nickel | Australia | CIF | USD 20,526.69/MT | April 2026 |
| Nickel | China | FOB | USD 20,166.98/MT | March 2026 |
| Nickel | India | CIF | USD 20,221.98/MT | March 2026 |
| Nickel | USA | CIF | USD 20,253.98/MT | March 2026 |
| Nickel | Germany | CIF | USD 20,248.98/MT | March 2026 |
| Nickel | Australia | CIF | USD 20,210.98/MT | March 2026 |
Stay updated with the latest Nickel prices, historical data, and tailored regional analysis
- Global nickel prices showed a mixed but softer trend in Q1 2026, as early supply concerns supported the market, but weaker demand and high inventories pulled prices lower by March.
- Cost support remained present because global mine production was still sizeable at about 3.7 million tonnes in 2025, while Indonesian quota controls and output risks continued to influence supply expectations.
- Downstream demand stayed uneven, with stainless steel remaining the main demand base, while battery demand provided only limited support.
Asia
In Asia, nickel prices rose in January on strong market sentiment and concerns over tighter Indonesian ore availability, then weakened by March as the market shifted back to actual demand conditions. In China, prices were about RMB 146.01/kg in January and around RMB 139.01/kg in March, down 3.67% over the period. Demand for stainless steel remained weak during the traditional off-season, though steel mill activity improved in March. Battery-related demand was present but not strong enough to offset softer stainless steel consumption. In India, prices also eased from INR 1,645.78/kg in January to INR 1,622.25/kg in March, a decline of 3.73%, following the same pattern of early supply-driven support and later demand-led correction.
Europe
In Europe, nickel prices also softened during Q1 2026. Prices moved from EUR 15.29/kg in January to EUR 14.93/kg in March, down 3.68%. The decline was mainly linked to weak downstream consumption and cautious buying, despite continued supply-side concern tied to Indonesia’s production controls and reduced intermediate output expectations. Market support from stainless steel and battery sectors remained limited, keeping buyers focused on essential purchases.
North America
In North America, nickel prices followed the broader global trend, with early support from supply concerns and macro sentiment, followed by softer movement as demand failed to strengthen materially. Stainless steel demand remained the main driver, but weak broader industrial buying limited upside.
Analyst Insight
According to Procurement Resource, nickel prices are expected to remain volatile, with supply-side risks likely to provide support, while weak stainless steel demand and cautious battery-sector buying may continue to cap stronger gains.
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| Product | Category | Region | Price | Last Updated Month |
| Nickel | Energy, Metals and Minerals | China | 17222 USD/MT (Spot FD) | October 2025 |
| Nickel | Energy, Metals and Minerals | China | 17387 USD/MT | December 2025 |
| Nickel | Energy, Metals and Minerals | India | 15241 USD/MT | October 2025 |
| Nickel | Energy, Metals and Minerals | India | 15292 USD/MT | December 2025 |
| Nickel | Energy, Metals and Minerals | Europe | 15284 USD/MT | October 2025 |
| Nickel | Energy, Metals and Minerals | Europe | 15067 USD/MT | December 2025 |
Stay updated with the latest Nickel prices, historical data, and tailored regional analysis
Asia
In China, the nickel market navigated a broadly volatile quarter marked by three distinct phases. The prices were about 17222 USD/MT (Spot FD) in October and around 17387 USD/MT in December. Prices fluctuated narrowly in the opening weeks as policy-driven supply expectations from Indonesia's quota adjustments competed with persistent inventory pressure and weak stainless-steel demand. A steady decline followed through the middle of the period, as oversupply conditions and the growing dominance of lithium iron phosphate battery technology continued to suppress nickel consumption. Prices reached their quarterly low before staging a sharp recovery toward the close, driven by Indonesia's proposed quota reduction and taxation policy expectations, which shifted market sentiment and triggered a pronounced technical rebound. India's nickel market broadly mirrored the trajectory observed in China throughout the fourth quarter. The prices were about 15241 USD/MT in October and around 15292 USD/MT in December. Prices held relatively steady through the opening phase before declining through the middle portion of the period, reflecting similar global supply and demand dynamics. A pronounced recovery emerged toward quarter-end, aligned with the policy-driven sentiment shift originating from Indonesia, which lifted prices and closed the quarter well above opening levels.
Europe
European nickel prices followed a pattern largely consistent with Asian markets during the fourth quarter. The prices were about 15284 USD/MT in October and around 15067 USD/MT in December. The opening phase saw prices fluctuating in a narrow range before a gradual and sustained decline set in through the middle of the quarter, as high LME inventories and weak downstream industrial demand weighed on sentiment. Prices reached a trough in mid-to-late December before recovering, mirroring the global response to Indonesia's announced quota reduction and associated minerals taxation policy, which shifted market sentiment and pushed prices upwards in the closing weeks.
North America
North American nickel market conditions tracked a trajectory broadly consistent with China during the fourth quarter. An initial range-bound phase gave way to a gradual decline through the middle of the period, as global oversupply concerns and subdued downstream demand weighed on sentiment. A sharp recovery followed toward quarter-end, driven by the same Indonesia policy developments that catalysed the global rebound, with prices closing the quarter well above their mid-period lows.
Analyst Insight
According to Procurement Resource, nickel prices are expected to remain volatile in the near term, with upward momentum contingent on the actual implementation of Indonesia's quota reduction and taxation policies, which carry meaningful uncertainty.
About Nickel
Nickel is known to be an abundant element found in nature. In appearance, pure Nickel is a silvery-white metal. It is sometimes combined with other metals also, like iron, copper, chromium, or zinc, to form alloys. It is one of the members of transition metals and is hard and ductile. Nickel alloys are further utilised to make coins, jewellery, or items like the valves and heat exchangers.
Nickel Product Detail
Ni
Stainless Steel, Alloys, Coatings, Batteries, Electroplating, Kitchen wares, Batteries, Medical equipment, Automotive, Construction, Power generation
7440-02-0, Raney alloy
Umicore N.V, American Elements, Vale S.A., MMC Norilsk Nickel PJSC, Jinchuan Group International Resources Co. Ltd, Glencore plc, PT Timah (Persero) Tbk
Regional Coverage
Asia Pacific
Europe
North America
Latin America
Africa
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
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.
Nickel Production Process
- Production of Nickel via Extractive Metallurgical Process
Nickel is extracted from the ores of Nickel Sulphides. This extraction process is carried out using traditional roasting. The process includes steps like crushing and grinding of the sulphide ore, which is followed by roasting and smelting. The concentrate is further smelted in the Bessemer converter to obtain a mixture called matte. Then, the resulting mixture is electrolytically or chemically refined to separate impurities (other metals) and finally obtain Nickel.
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