Nickel Price Trend and Forecast 2026-2027

Market Overview

Nickel prices in the United States, the highest-cost reporting region, edged up just 0.5% in Q2 2026 to USD 19,400.00/MT from USD 19,300.00/MT in Q1, as this broad refined-metal benchmark continued trading essentially sideways after recovering from its 2025 lows. Globally, the average rose from USD 17,340.00/MT in Q1 to USD 17,460.00/MT in Q2, a modest 0.7% gain. For H2 2026, a global average of USD 17,000.00-18,500.00/MT is expected, with this broader benchmark likely to stay comparatively calm even as the Class 1 refined nickel and Indonesian ore policy dynamics that drive sharper swings in premium-grade markets continue playing out underneath the surface.

Nickel is a base metal used predominantly in stainless steel production, which consumes roughly two-thirds of global output, alongside significant and growing use in electric vehicle battery cathodes, alloy steel, and electroplating. This report tracks the broader refined nickel benchmark across major consuming markets, distinct from the sharper premium-grade Class 1 cathode swings driven by Indonesian ore policy that have periodically dominated headlines. Indonesian ore production and export policy, Chinese and Indonesian nickel pig iron and stainless steel output, LME and Shanghai Futures Exchange inventory levels, and electric vehicle battery demand are what drive prices in this market.

Nickel Price Forecast for 2026

The outlook for Nickel through H2 2026 points to continued sideways trading for this broader benchmark, following its recovery from 2025's cyclical lows. Historically elevated LME and Shanghai Futures Exchange inventories should keep a lid on sharp upside moves, while steady stainless steel demand and gradually growing battery cathode consumption provide a reasonably firm floor.

The main upside risk is a renewed tightening of Indonesian ore export policy, which has previously driven sharp premium-grade price spikes that can spill over into the broader benchmark. The main downside risk is a broader equity market downturn or risk-off event, which has historically triggered sharp but temporary retreats across the base metals complex, including nickel.

For the Quarter Ending June 2026

Nickel Prices Q2 2026:

• United States: USD 19,400.00/MT
• Germany: USD 17,900.00/MT
• China: USD 17,250.00/MT
• Indonesia: USD 15,500.00/MT

Nickel Prices in the United States

US Nickel prices averaged USD 19,400.00/MT in Q2 2026, the highest of any region tracked here, up just 0.5% from USD 19,300.00/MT in Q1, continuing the sideways pattern that has held since this market recovered from its 2025 lows.

Why did the price of Nickel change in Q2 2026 in the United States?

Steady demand from stainless steel and alloy manufacturers, combined with historically elevated exchange inventories that continued capping sharp upside moves, kept this market trading in a narrow, well-defined range for another quarter.

Nickel Prices in Germany

German prices averaged USD 17,900.00/MT in Q2 2026, up 0.6% from USD 17,800.00/MT in Q1, as firm industrial demand kept this market broadly stable.

Why did the price of Nickel change in Q2 2026 in Germany?

Firm demand from German industrial and automotive-linked stainless steel applications provided consistent support, even as the broader market showed little directional momentum in either direction.

Nickel Prices in China

Chinese prices averaged USD 17,250.00/MT in Q2 2026, up 0.9% from USD 17,100.00/MT in Q1, as the world's largest consuming market tracked the broader sideways trend evident across every region.

Why did the price of Nickel change in Q2 2026 in China?

Stable stainless steel production rates and gradually growing battery cathode demand kept Chinese buyers active without pushing prices meaningfully in either direction.

Nickel Prices in Indonesia

Indonesian producer-benchmark prices averaged USD 15,500.00/MT in Q2 2026, the lowest of the four regions, up 0.6% from USD 15,400.00/MT in Q1.

Why did the price of Nickel change in Q2 2026 in Indonesia?

As the dominant global ore and intermediate product supplier, Indonesian benchmark pricing continued reflecting the underlying ore cost structure, with only modest movement as the broader nickel complex stayed range-bound.

For the Quarter Ending March 2026

Nickel Prices Q1 2026:

• United States: USD 19,300.00/MT
• Germany: USD 17,800.00/MT
• China: USD 17,100.00/MT
• Indonesia: USD 15,400.00/MT

Nickel Prices in the United States

US prices rose 1.6% in Q1 2026 to USD 19,300.00/MT from USD 19,000.00/MT in Q4 2025, a modest continuation of the gradual recovery from 2025's lows.

Why did the price of Nickel change in Q1 2026 in the United States?

This broader nickel benchmark continued trading sideways following its initial recovery off 2025's lows, with steady industrial demand providing support even as historically elevated exchange inventories limited further upside.

Nickel Prices in Germany

German prices rose 1.7% in Q1 2026 to USD 17,800.00/MT from USD 17,500.00/MT in Q4 2025, tracking the broader stabilization trend.

Why did the price of Nickel change in Q1 2026 in Germany?

Industrial demand across German stainless steel and specialty alloy applications remained steady, keeping this market moving in step with the broader global stabilization pattern.

Nickel Prices in China

Chinese prices rose 1.8% in Q1 2026 to USD 17,100.00/MT from USD 16,800.00/MT in Q4 2025, as stable demand conditions persisted.

Why did the price of Nickel change in Q1 2026 in China?

Stable stainless steel output and gradually improving battery cathode demand supported a continued, gentle recovery from earlier lows without introducing significant volatility.

Nickel Prices in Indonesia

Indonesian benchmark prices rose 2.0% in Q1 2026 to USD 15,400.00/MT from USD 15,100.00/MT in Q4 2025, tracking the broader recovery.

Why did the price of Nickel change in Q1 2026 in Indonesia?

The broader nickel complex continued its gradual recovery from 2025 lows, with Indonesian ore-linked benchmark pricing tracking that trend closely even as the sharper swings affecting premium-grade Class 1 markets stayed largely contained to that separate segment.

Quarterly Nickel Price Trends

Global Nickel prices dipped in Q2 2025 before recovering steadily through the following quarters and settling into a genuinely sideways pattern by early 2026, a far calmer trajectory for this broader refined-metal benchmark than the sharp premium-grade swings that have periodically affected Class 1 cathode markets over the same period.

What was Nickel Price in 2025?

Nickel firmed steadily across every market covered in this report through 2025, recovering from a soft first half before settling into the calmer, sideways pattern that has continued into 2026, with no single region diverging meaningfully from the broader trend.

Nickel Prices in the United States in 2025

US prices firmed from about USD 18,000.00/MT in Q1 2025 to USD 19,000.00/MT by Q4, a gain of roughly 5.6%, tracking steady stainless and alloy demand through the year.

Nickel Prices in Germany in 2025

German prices firmed from about USD 16,500.00/MT in Q1 2025 to USD 17,500.00/MT by Q4, up roughly 6.1%, supported by firm industrial demand.

Nickel Prices in China in 2025

Chinese prices firmed from about USD 15,800.00/MT in Q1 2025 to USD 16,800.00/MT by Q4, a gain of roughly 6.3%, tracking stable stainless steel production.

Nickel Prices in Indonesia in 2025

Indonesian benchmark prices firmed from about USD 14,200.00/MT in Q1 2025 to USD 15,100.00/MT by Q4, up roughly 6.3%, the strongest annual gain of the four regions tied with China.

How We Can Help

Expert Market Research: Your Source for Real-Time Nickel Price Intelligence

Expert Market Research tracks Nickel prices continuously across every major producing and consuming region, combining Indonesian ore policy developments, stainless steel and nickel pig iron production data, and exchange inventory and battery demand signals into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the comparatively calm trends covered in this report, and build a defensible view of where this essential base metal is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.