The average price of nickel dropped significantly in 2024, falling below $20,000 per metric ton according to the World Bank. Despite the decline, global demand for nickel is expected to increase, driven by the production of stainless steel and electric vehicle batteries. The World Bank forecasts a rebound in nickel prices in 2025 and 2026.
The average price of nickel plunged in 2024, with the annual quotation slipping below $20,000 per metric ton , according to the World Bank .
Despite this, it stated that international demand for nickel is expected to increase steadily in the coming years, supported by the production of stainless steel and batteries for electric vehicles . In 2023, the Philippine Nickel Industry Association , said the country’s more than 30 nickel companies are capable of increasing their output.
It also said that average prices of lead dipped by 3.14 percent to $2,069 per MT in 2024 from $2,136 per MT in the previous year.
Nickel Prices Demand World Bank Commodities
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