Nickel Price Trend Q1 2024
In Q1 2024, global nickel market began 2024 on a declining trend with both Europe and China showing significant weakness compared to Q4 2023. Europe experienced notable pressure due to high inventories at stainless steel mills, soft industrial output, and cautious restocking, which reduced buying interest.
China faced an even steeper decline as slower domestic steel production, restrained downstream activity, and cautious mill procurement weighed on demand. Global oversupply, driven by robust production from major nickel producers, including Indonesia and Russia, contributed to persistent downward price pressure.
Weak consumption from electroplating, specialty alloys, and battery sectors further constrained market recovery. Additionally, global macroeconomic uncertainties, soft export demand, and subdued manufacturing activity reinforced cautious purchasing behavior.
Overall, the combination of ample supply, weak demand, and restrained buying led to a pronounced declining market across Europe and China in Q1 2024.
Nickel Price Trend Q2 2024
In Q2 2024, the global nickel market showed a strong upward trend with Europe and China recording robust gains compared to Q1 2024. The rally was driven by tightening supply conditions, as output disruptions from major producers, logistical constraints, and temporary production slowdowns in Indonesia and other key regions reduced global availability.
European stainless-steel mills increased restocking amid recovering industrial activity, while demand from alloy and electroplating sectors strengthened buying momentum.
In China, domestic steel production remained resilient, and cautious mill procurement combined with improved downstream consumption supported higher prices.
Additionally, renewed interest from the battery sector, particularly for high-nickel chemistry, added incremental demand and bolstered market sentiment. Global economic stabilization and improving manufacturing indicators contributed to increased buying confidence.
Overall, the combination of supply tightness, recovering demand, and proactive restocking led to a pronounced positive market movement in both Europe and China during Q2 2024.
According to Price-Watchâ„¢, In Q2 2025, global nickel market continued its declining trend with both Europe and China showing notable weakness compared to the previous quarter.
The downturn was driven by persistent oversupply, as strong production from major global producers, particularly Indonesia, exceeded consumption.
In China, cautious stainless steel mill procurement, slower downstream industrial activity, and the shift toward lower-nickel battery chemistries further reduced demand, reinforcing the downward pressure.
Europe experienced subdued buying due to elevated inventories, weaker manufacturing output, and limited restocking interest. Global economic uncertainties and soft demand from electroplating, specialty alloys, and other downstream sectors added to the market weakness.
Overall, abundant supply, restrained purchasing behavior, and evolving consumption patterns led to a pronounced declining market in both regions during Q2 2025.
Nickel Price Trend Q3 2024
In Q3 2024, the global nickel market experienced a sharp downward trend, with Europe and China recording notable declines compared to Q2 2024. The drop was driven by oversupply pressures, as increased production from major global producers, particularly Indonesia and Russia, outpaced consumption.
In Europe, high inventories at stainless steel mills, softer industrial output, and cautious restocking weighed on prices. China faced similar weakness, as domestic steel production slowed and downstream buyers reduced procurement amid economic uncertainties.
Weak demand from electroplating, specialty alloys, and battery sectors further constrained market activity. Global macroeconomic concerns, including muted manufacturing growth and subdued export demand, reinforced cautious buying behavior.
Overall, the combination of ample supply, restrained demand, and cautious procurement led to a pronounced declining market in both Europe and China during Q3 2024.
In Q3 2025, the global Nickel market showed a predominantly downward trend compared to Q2 2025. This divergence reflects varied regional demand dynamics against a backdrop of persistent global oversupply.
Europe’s steeper drop was driven by subdued industrial activity and slower restocking from stainless steel producers, who remained cautious amid weak macroeconomic indicators and ample existing inventories.
In contrast, China’s relatively muted decline signaled more resilient domestic consumption, supported by ongoing stainless-steel production and targeted infrastructure activity, which helped mitigate sharper price falls.
On the supply side, elevated output from major producers, particularly Indonesia’s refined nickel and nickel pig iron volumes, continued to exert downward pressure on global benchmarks.
Additionally, evolving battery sector demand influenced by the shift toward lower‑nickel battery chemistries in some markets softened one of the key growth vectors for nickel.
Structural oversupply, comfortable inventories, and disciplined mill procurement collectively constrained any meaningful price recovery. Overall, the combination of regional demand variability and ample supply kept the global nickel market on a mild downward trajectory in Q3 2025.
China: Nickel Domestically Traded Prices EX-Shanghai, China; Grade- Purity:(99.9%min)
In Q3 2025, the China nickel market recorded a 0.17% quarterly decline compared with Q2, indicating a marginal softening amid broader global market pressures.
Despite overall stability in domestic stainless-steel production, refined nickel supply remained abundant, supported by steady output and imports of nickel intermediates, which limited upward price movement.
Downstream procurement was cautious, as mills maintained controlled inventory levels and awaited clearer demand signals.
In September, the market saw a sharper 0.53% monthly drop, largely due to seasonal slowdowns in manufacturing activity after the summer peak and reduced trading liquidity, which amplified selling sentiment.
Global oversupply conditions, particularly strong production from Indonesia and other major producers, continued to weigh on sentiment and cap price upside.
Demand from the battery sector remained moderate, with some manufacturers shifting toward lower‑nickel chemistries that softened incremental nickel consumption.
Electroplating and specialty alloy demand also showed only restrained improvement, contributing to weak buying interest. Overall, the combination of ample supply, cautious mill behavior, and seasonal slowdowns resulted in a modest quarterly decline with a more pronounced downturn in September.
Europe: Nickel Europe Spot Prices; Grade- Purity:(99.8%min)
In Q3 2025, the Europe nickel market recorded a 1.08% quarterly decline versus Q2, reflecting persistent downward price pressure amid a broadly soft global backdrop.
Over supply conditions remained a key headwind, with elevated refined nickel availability from major producers like Indonesia and comfortable inventories at European warehouses reducing urgency for fresh buying. Slower industrial output and cautious restocking by stainless steel mills also restrained demand through much of the quarter.
However, in September, the market saw a 1.29% monthly uptick, supported by short‑covering ahead of quarter‑end, improved buying interest from downstream alloy and electroplating sectors, and logistical tightness in certain grades that temporarily lifted sentiment.
Globally, demand from the battery sector showed mixed signals, with some uplift in EV‑linked procurement but continued shifts toward lower‑nickel chemistries moderating overall demand growth. Macro uncertainty in Europe, including muted manufacturing indicators and subdued export activity, further weighed on market confidence.
Overall, the interplay of abundant supply, cautious European demand, and a brief late‑quarter rebound in September contributed to the controlled yet negative quarterly movement in Q3 2025.
Nickel Price Trend Q4 2024
In Q4 2024, the global nickel market continued its downward trend, with Europe and China experiencing declines compared to Q3 2024. The market softness was driven by persistent oversupply, as refined nickel output from major producers, including Indonesia and Russia, remained strong while demand growth lagged.
European stainless-steel mills adopted a cautious buying stance due to elevated inventories and softer industrial activity, limiting price support. In China, domestic steel production slowed, and downstream procurement was restrained amid economic uncertainties and evolving battery chemistries that required less nickel.
Weak demand from electroplating, specialty alloys, and other downstream sectors further constrained the market. Global macroeconomic concerns, including muted manufacturing growth and subdued export demand, reinforced cautious purchasing.
Overall, the combination of ample supply, moderate consumption, and restrained restocking resulted in a controlled yet declining market for Europe and China in Q4 2024.
In Q4 2025, the global Nickel market exhibited a downward trend with mild but consistent price corrections observed across major regions. The quarterly decline compared to the previous quarter reflected persistent oversupply conditions and cautious downstream procurement.
The pricing environment was influenced by ample global refined nickel availability, particularly from Indonesia, which continued to pressure international benchmarks. China remained slightly soft as stainless steel mills maintained controlled purchasing strategies amid moderate industrial activity and evolving battery chemistry preferences.
Europe mirrored the decline due to subdued manufacturing output, comfortable inventories, and limited restocking interest. Demand from the stainless-steel sector remained steady but insufficient to absorb excess supply, while battery-sector growth was partially offset by shifts toward lower-nickel chemistries.
Overall, balanced but surplus-driven supply conditions and disciplined buying activity kept volatility limited, resulting in a controlled yet negative market movement heading into early 2026.
China: Nickel Domestically Traded Prices EX-Shanghai, China; Grade- Purity:(99.9%min)
In Q4 2025, the China nickel market continued its downward trend recording a 0.84% quarterly decline compared to Q3. Domestic nickel supply remained ample, supported by steady production and imports of nickel pig iron, keeping inventories comfortable.
Stainless steel mills maintained cautious procurement, limiting buying momentum amid moderate demand. In December, prices fell by 0.38%, driven by reduced end-of-year trading activity, slow downstream consumption, and some profit-taking by traders.
Demand from the battery sector remained modest, with shifts toward lower-nickel chemistries curbing incremental nickel usage. Downstream applications, including electroplating and alloy production, also showed restrained activity.
Overall, abundant supply, disciplined buying, and seasonal slowdown contributed to the contained but negative market movement in China for Q4 2025.
Europe: Nickel Europe Spot Prices; Grade- Purity:(99.8%min)
In Q4 2025, the Europe nickel market experienced a 0.86% quarterly decline compared with Q3, reflecting persistent downward pressure amid a broadly weak global nickel environment.
Over supply concerns continued to dominate, with high refined nickel availability from major producers like Indonesia and subdued restocking activity keeping downward pressure on prices throughout the quarter. European stainless-steel output remained modest, and mills adopted a cautious buying stance due to elevated inventory levels and softer industrial demand.
However, in December, the market saw a 1.29% monthly uptick, driven by short‑covering ahead of year‑end, improved buying interest from downstream alloy and plating sectors, and tighter physical availability of certain refined grades.
Global demand dynamics, including firming stainless-steel production in some Asian regions and logistical delays in shipments, supported this temporary recovery. Battery sector demand showed gradual improvement but was not yet strong enough to counter broader market weakness.
Overall, the combination of abundant supply, cautious procurement throughout the quarter, and sporadic demand spurts contributed to a controlled, slightly negative quarterly movement with a late‑cycle rebound in December.
