Nickel News Flash: Your Q3 2024 Price Roundup!

In the third quarter of 2024, nickel prices experienced a significant uptrend, influenced by various global factors. The quarter began with nickel prices at $17,500 per tonne and saw a steady increase throughout the three months. By the end of the quarter, nickel prices had surged to $20,000 per tonne, marking a notable gain of 14.3%. One of the primary drivers behind the nickel price surge was the increasing demand for electric vehicle (EV) batteries. As the world continued to shift towards cleaner energy sources, the demand for nickel, a key component in EV batteries, soared. This surge in demand put pressure on nickel supply chains, leading to higher prices. Another factor contributing to the rise in nickel prices was the ongoing geopolitical tensions between major nickel-producing countries. Supply disruptions and trade uncertainties in key nickel-producing nations such as Indonesia, the Philippines, and Russia added to the volatility in the market, further propelling nickel prices upwards. Additionally, macroeconomic factors such as inflation concerns and the weakening US dollar also played a role in boosting nickel prices. Investors sought refuge in commodities like nickel as a hedge against inflation, further driving up demand and prices. Looking ahead, the outlook for nickel prices remains positive, albeit with some uncertainties. The continued focus on decarbonization and the transition to clean energy sources is expected to sustain the demand for nickel in the long term. However, potential supply disruptions, geopolitical developments, and macroeconomic factors will continue to influence nickel price movements in the coming quarters. Overall, the third quarter of 2024 witnessed a significant rise in nickel prices driven by robust demand from the EV sector, supply chain disruptions, and macroeconomic factors. As the world moves towards a greener future, nickel is likely to remain a key player in the commodities market, with its price trajectory closely tied to global developments and market dynamics.