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Nickel Outlook

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Expert nickel market insights

Our quarterly nickel outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the nickel futures and spot prices are analysed. Our research team produce a nickel price range forecast as part of the report.

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Nickel Outlook – Q1 2025

Nickel prices declined to $15,000/t by the end of Q4 2024, erasing early-year gains amid ample Indonesian supply and weak demand from stainless steel and EV battery sectors. In early 2025, we expect prices to remain rangebound between $15,000–$16,500/t, with persistent oversupply and rising LME inventories capping gains.

Metals

As we enter the first quarter of 2025, trade tensions heavily influence market sentiment, with Trump’s tariffs narrative shaping the overall momentum. Volatility has gripped major asset classes – including FX, bonds, and equities – as markets attempt to gauge the scale, timing, and likelihood of these tariffs being fully implemented. While Chinese New Year holidays traditionally bring a quieter tone to the first quarter of the year, tariff announcements - such as a 10% tariff on Chinese imports and a 25% tariff on aluminium and steel - are injecting moderate volatility into the metals complex. What can we expect in the metal markets in the first months of 2025? 
Quarterly Metals Report

Quarterly Metals Report Archive

Nickel Outlook – Q4 2024
Nickel Outlook – Q3 2024
Nickel Outlook – Q2 2024
Nickel Outlook – Q1 2024
Nickel Outlook – Q4 2023
Nickel Outlook – Q3 2023
Nickel Outlook – Q2 2023
Nickel Outlook – Q1 2023
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