Nickel futures climbed back above $19,000 per ton, recovering from a near four-week low of $18,555 on May 18, after reports of additional output reductions in Indonesia, the world’s largest producer. According to Shanghai Metals Market, around 10% to 15% of high-grade nickel pig iron capacity at the Weda Bay Industrial Park is set to undergo rotational maintenance in the coming months. The report also noted that some NPI production used in stainless steel has already been reduced since March and April due to weaker ore availability and elevated costs, while shifting power allocation toward new aluminium projects has further tightened supply conditions. Indonesia has lowered nickel ore mining quotas this year in an effort to support prices, leading to raw material shortages and forcing cutbacks at local smelters. The country produces more than half of global nickel output, supported by significant Chinese investment.

Nickel fell to 19,002.38 USD/T on May 27, 2026, down 0.04% from the previous day. Over the past month, Nickel's price has fallen 2.20%, but it is still 25.89% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Nickel reached an all time high of 54050 in May of 2007. Nickel - data, forecasts, historical chart - was last updated on May 27 of 2026.

Nickel fell to 19,002.38 USD/T on May 27, 2026, down 0.04% from the previous day. Over the past month, Nickel's price has fallen 2.20%, but it is still 25.89% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel is expected to trade at 19035.45 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 20396.06 in 12 months time.



Price Day Month Year Date
Coal 132.60 0.55 0.42% 0.26% 31.42% May/26
Bitumen 4,293.00 -26.00 -0.60% -2.05% 23.33% May/27
Cobalt 56,290.00 0 0% 0% 67.03% May/26
Lead 2,018.48 -2.80 -0.14% 3.03% 1.54% May/27
Aluminum 3,676.20 -2.35 -0.06% 3.86% 48.80% May/27
Tin 54,746.00 572 1.06% 10.97% 67.99% May/26
Zinc 3,564.85 29.60 0.84% 5.75% 32.59% May/27
Nickel 19,002.63 -7 -0.04% -2.20% 25.89% May/27
Molybdenum 592.50 0 0% 3.04% 25.66% May/27
Palladium 1,382.00 -6.00 -0.43% -5.99% 43.81% May/27
Gallium 2,200.00 0 0% 6.02% 27.54% May/27
Germanium 20,250.00 0 0% 14.08% 35.00% May/27
Manganese 33.25 0 0% -2.35% 10.65% May/27
Indium 4,750.00 0 0% 9.20% 90.38% May/27
Soda Ash 1,196.00 0 0% -2.13% -13.71% May/26
Neodymium 940,000.00 10000 1.08% -8.29% 74.88% May/27
Tellurium 810.00 0 0% 3.51% 9.46% May/27
Rhodium 9,300.00 0 0% -7.00% 71.43% May/27


Nickel
Nickel is mainly used in the production of stainless steel and other alloys and can be found in food preparation equipment, mobile phones, medical equipment, transport, buildings, power generation. The biggest producers of nickel are Indonesia, the Philippines, Russia, New Caledonia, Australia, Canada, Brazil, China and Cuba. Nickel futures are available for trading in The London Metal Exchange (LME). The standard contact has a weight of 6 tonnes. The nickel prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our nickel prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. The data is supplied by a third party and, while efforts are made to ensure its accuracy, Trading Economics does not verify the data and makes no representations or warranties regarding its accuracy..
Actual Previous Highest Lowest Dates Unit Frequency
19002.38 19010.00 54050.00 3730.50 1993 - 2026 USD/MT Daily

News Stream
Nickel Rebounds on Indonesia Output Cuts
Nickel futures climbed back above $19,000 per ton, recovering from a near four-week low of $18,555 on May 18, after reports of additional output reductions in Indonesia, the world’s largest producer. According to Shanghai Metals Market, around 10% to 15% of high-grade nickel pig iron capacity at the Weda Bay Industrial Park is set to undergo rotational maintenance in the coming months. The report also noted that some NPI production used in stainless steel has already been reduced since March and April due to weaker ore availability and elevated costs, while shifting power allocation toward new aluminium projects has further tightened supply conditions. Indonesia has lowered nickel ore mining quotas this year in an effort to support prices, leading to raw material shortages and forcing cutbacks at local smelters. The country produces more than half of global nickel output, supported by significant Chinese investment.
2026-05-19
Nickel Futures Fall Near 1-Month Low
Nickel futures traded around $18,500 per tonne, extending losses toward a one-month low as softer cost-side signals and profit-taking continued to weigh on sentiment. Declining nickel ore prices in the Philippines, alongside easing nickel sulfate prices, reduced near-term support for the market and reinforced expectations of lower production costs across parts of the nickel supply chain. Market sentiment was also pressured by subdued downstream demand conditions, with procurement activity in China remaining largely essential-driven and traders pointing to a lack of fresh catalysts following the recent rally. Broader sentiment across industrial metals also stayed cautious amid mixed macro conditions. Still, longer-term supply concerns tied to tighter Indonesian mining quotas and rising processing costs continued to provide underlying support to the broader nickel outlook.
2026-05-18
Nickel Futures Slip from Over Two-Year High
Nickel futures traded around $18,900 per tonne, pulling back from a recent over two-year high near $19,600, as profit-taking emerged after the recent sharp rally. Traders began locking in gains as the market digested the speed of the move rather than any deterioration in underlying fundamentals. Broader industrial metals also showed mixed price action, reflecting a pause in risk appetite after a strong run across the base metals complex. The earlier rally had been driven by tightening supply narratives and Indonesia-linked policy signals, including expectations of higher export-related costs and windfall taxes that reinforced a higher cost floor for the nickel industry. Elevated official reference prices and strong momentum in refined nickel contracts also pulled the broader complex higher. Meanwhile, nickel remains underpinned by Indonesia’s structurally tight supply backdrop, alongside cooperation efforts with the Philippines on downstream processing and supply chains.
2026-05-07