Nickel Outlook

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.

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.
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