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(28 June 2021) Nickel prices were up 44% year-over-year in May 2021, from $12,179 to $17,577 per metric ton. Since the 13-year low in February 2016, nickel prices have been showing strong cyclical growth. 

Leading international agencies have made the following nickel price predictions:

  • The World Bank, in its commodity forecast report, estimated that nickel prices will fall to a low of $16,000 per metric ton in 2022, but they expect the average spot price for nickel will grow slightly further after the correction, reaching $18,000 per metric ton by the end of the year. 
  • The IMF's metal cost, insurance, and freight (CIF) report revealed an expected rise from $18,000 per metric ton in 2021 to $19,000 in 2026.  IMF experts expect that the nickel CIF price will grow as the overall metal price index declines.
  • Industry Innovation and Science Australia (IISA) expects a nickel deficit after 2022. 

The top three countries with key nickel reserves are Indonesia (21 million metric tons), Australia (20 million metric tons), and Brazil (6 million metric tons). The leading global consumer, China, is demonstrating increasing dependency on imports of nickel.

Dive deeper into historical commodity prices from the World Bank and IMF or commodity price forecasts.

You can also explore with Knoema a variety of other critical commodities, including:

gold | silver | copper | aluminum | nickel | zinc | coal | natural gas | crude oil

As you examine commodity prices and forecasts, you may also be interested in economic forecasts for the G20 countries across the following indicators: GDP growth | inflation | unemployment | government debt | current account balance | external debt.

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