Nickel price index

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Nickel price index

This post is a summary of the Nickel price index developments since 2017. The price developments are expressed as a price index in US$ prices converted at current FX rates, which are FX rates applicable at the time. Nickel price index developments are calculated from multiple separate sources of data to ensure statistical accuracy.

Further information on the Nickel price chart

What is Nickel

Nickel is a chemical element with the symbol Ni and atomic number 28. It is a silvery-white metal that belongs to the transition metal group in the periodic table. Nickel is relatively hard and ductile, and it is highly resistant to corrosion and oxidation.

Nickel has a variety of uses, including in the manufacture of stainless steel, nickel-cadmium batteries, and various other alloys. It is also used as a catalyst in the chemical industry and in the production of coins. In addition, nickel has some biological significance and is an essential nutrient for some organisms, although it can be toxic in high concentrations.

Nickel is typically found in the Earth’s crust in combination with iron, and it is usually extracted from ores such as pentlandite, garnierite, and pyrrhotite. The largest producers of nickel are currently Russia, Canada, and Australia.

How is Nickel produced

Nickel is typically produced by extracting it from its ores, which are minerals that contain nickel and other metals. The most common nickel ores include pentlandite, pyrrhotite, and garnierite.

The process of extracting nickel from its ores can involve several steps, depending on the specific ore and the desired end product. Here is a general overview of the process:

Mining

The first step is to mine the ore that contains nickel. This is usually done by open-pit mining or underground mining.

Crushing and Grinding

The mined ore is then crushed and ground into a fine powder, which makes it easier to extract the nickel.

Concentration

The crushed and ground ore is then treated with various chemicals to separate the nickel from other metals and minerals. This process is known as concentration, and it typically involves flotation or magnetic separation.

Smelting

The concentrated ore is then roasted in a furnace to remove any impurities and to produce a nickel oxide. The nickel oxide is then reduced with a reducing agent, usually carbon, in a furnace to produce nickel metal.

Refining

The nickel metal produced in the smelting process is usually impure and needs to be refined. This is done by electrolysis or other chemical processes that remove impurities and produce pure nickel.

Once the nickel has been produced and refined, it can be used for a wide range of applications, including in the production of stainless steel, batteries, and various alloys.

What is Nickel used for

Nickel has a wide range of uses due to its unique properties. Here are some of the most common uses of nickel:

Stainless Steel

Nickel is a critical component of stainless steel, which is a highly durable and corrosion-resistant alloy used in a wide range of applications, including kitchen utensils, cutlery, and appliances.

Alloys

Nickel is also used in various other alloys, such as Monel and Inconel, which are used in the aerospace, electronics, and chemical industries due to their high strength and resistance to heat and corrosion.

Batteries

Nickel is used in the production of rechargeable batteries, such as nickel-cadmium (NiCad) and nickel-metal hydride (NiMH) batteries, which are commonly used in portable electronic devices, power tools, and hybrid cars.

Coins

Nickel is used in the production of coins, such as the US 5-cent coin, commonly known as the nickel.

Chemical Catalysts

Nickel is used as a catalyst in various chemical processes, such as hydrogenation and catalytic reforming, to convert one chemical compound into another

Plating

Nickel is used as a plating material to provide a corrosion-resistant and decorative coating on various metals and other materials.

Magnetic Applications

Nickel is used in the production of various magnetic alloys and components, such as magnetic recording heads, permanent magnets, and transformers.

Overall, nickel is a versatile metal with a range of applications in various industries, from aerospace and electronics to construction and consumer goods.

What types of Nickel are there

There are several different types of nickel, which differ in their chemical composition and physical properties. Here are some of the most common types of nickel:

Nickel Metal

Nickel metal is a silvery-white, lustrous metal that is relatively hard and ductile. It is the purest form of nickel and is often used in alloys, plating, and other applications.

Nickel Sulfides

Nickel sulfides are minerals that contain nickel, sulfur, and other elements. They are the primary source of nickel for the production of nickel metal and are typically mined from underground deposits.

Nickel Laterites

Nickel laterites are a type of ore that is formed by the weathering of ultramafic rocks. They are a secondary source of nickel and are typically found in tropical and subtropical regions.

Ferro-Nickel

Ferro-nickel is an alloy made from iron and nickel. It contains between 10% and 30% nickel and is commonly used in the production of stainless steel and other alloys.

Nickel-Copper Alloys

Nickel-copper alloys, also known as cupronickel alloys, contain nickel and copper in varying proportions. They are highly resistant to corrosion and are often used in marine and other applications where corrosion resistance is critical.

Nickel-Chromium Alloys

Nickel-chromium alloys, also known as Nichrome, contain nickel, chromium, and other elements. They have high heat resistance and are commonly used in heating elements, electrical resistance wires, and other applications where high-temperature stability is required.

Nickel-Titanium Alloys

Nickel-titanium alloys, also known as Nitinol, contain nickel and titanium in varying proportions. They have shape memory properties and are often used in medical devices, such as stents and orthodontic wires.

Overall, the different types of nickel have a wide range of properties and applications, making nickel an important metal in various industries.

What are the unique properties of Nickel

Nickel has several unique properties that make it an important and versatile metal. Here are some of the key properties of nickel:

Corrosion Resistance

Nickel has a high resistance to corrosion and can withstand exposure to a wide range of chemicals and environments. This property makes nickel a popular choice for use in alloys, plating, and other applications where corrosion resistance is important.

High Melting Point

Nickel has a relatively high melting point of 1,455°C (2,651°F), which makes it useful in high-temperature applications, such as in aerospace and power generation.

Ductility

Nickel is a ductile metal, which means that it can be easily drawn into wires or other shapes without breaking or cracking. This property makes it useful in the production of electrical wiring and other applications where flexibility is important.

Magnetism

Nickel is a ferromagnetic metal, which means that it is attracted to magnets and can be magnetized itself. This property makes it useful in the production of magnets and other magnetic materials.

Thermal Expansion

Nickel has a relatively low coefficient of thermal expansion, which means that it expands and contracts relatively little with changes in temperature. This property makes it useful in applications where dimensional stability is important.

Catalytic Properties

Nickel has catalytic properties, which means that it can be used as a catalyst in chemical reactions to speed up the reaction or make it more efficient.

Overall, the unique properties of nickel make it an important and versatile metal in various industries, from aerospace and electronics to construction and consumer goods.

Which industries is Nickel used in

Nickel is used in a wide range of industries, thanks to its unique properties and versatile applications. Here are some of the main industries where nickel is used:

Stainless Steel

Stainless steel is the largest consumer of nickel, accounting for approximately two-thirds of the global nickel demand. Nickel is used as an alloying element in stainless steel to provide corrosion resistance, strength, and durability.

Batteries

Nickel is used in the production of rechargeable batteries, such as nickel-cadmium (NiCd) and nickel-metal hydride (NiMH) batteries. These batteries are used in a wide range of applications, from portable electronics to electric vehicles.

Aerospace

Nickel is used in the production of aerospace components, such as turbine blades and other high-temperature applications. Its high melting point, corrosion resistance, and strength make it ideal for use in these applications.

Electronics

Nickel is used in a range of electronics applications, such as electrical contacts, connectors, and wiring. Its ductility and corrosion resistance make it well-suited for use in these applications.

Chemicals

Nickel is used as a catalyst in a range of chemical reactions, helping to speed up the reaction or make it more efficient. It is also used in the production of various chemicals, such as fertilizers, plastics, and synthetic fibers.

Construction

Nickel is used in the production of various construction materials, such as stainless steel roofing and cladding, as well as in plumbing fixtures and fittings.

Overall, the wide range of applications for nickel makes it an important and versatile metal in various industries, with its unique properties being key to its usefulness in these applications.

How big is the global market for Nickel

The global market for nickel is significant and has been growing steadily over the past few years. According to a report by ResearchAndMarkets.com, the global nickel market was valued at $20.6 billion in 2020 and is expected to reach $29.3 billion by 2025, growing at a compound annual growth rate (CAGR) of 7.2% during the forecast period.

The demand for nickel is driven by its wide range of applications in various industries, including aerospace, automotive, construction, electronics, and energy. The stainless steel industry is the largest consumer of nickel, accounting for approximately two-thirds of the global nickel demand. Other major end-use industries for nickel include batteries, catalysts, and plating.

The global nickel market is also influenced by several factors, including supply and demand dynamics, geopolitical tensions, and environmental regulations. The production of nickel is concentrated in a few countries, such as Indonesia, the Philippines, Russia, and Canada, which can affect the global supply of nickel and its market price.

Overall, the global market for nickel is significant and is expected to continue growing in the coming years, driven by the increasing demand for nickel in various industries and applications.

According to https://oec.world/:

Nickel: articles thereof n.e.c. in item no. 7508.1 are the world’s 1408th most traded product.

In 2020, the top exporters of Nickel: articles thereof n.e.c. in item no. 7508.1 were United States ($626M), United Kingdom ($205M), Germany ($126M), Mexico ($110M), and France ($108M).

In 2020, the top importers of Nickel: articles thereof n.e.c. in item no. 7508.1 were United States ($263M), France ($171M), United Kingdom ($136M), Germany ($125M), and China ($104M).

Which countries produce the most Nickel

The countries that produce the most nickel are:

Indonesia

Indonesia is the world’s largest producer of nickel, with an estimated production of 800,000 metric tons in 2020. The country has abundant nickel reserves and is a major exporter of the metal.

Philippines

The Philippines is the second-largest producer of nickel, with an estimated production of 340,000 metric tons in 2020. The country’s nickel production is primarily driven by large-scale mining operations in the southern part of the country.

Russia

Russia is the third-largest producer of nickel, with an estimated production of 267,000 metric tons in 2020. The country has significant nickel reserves and produces the metal from both sulfide and laterite ores.

Canada

Canada is the fourth-largest producer of nickel, with an estimated production of 179,000 metric tons in 2020. The country produces nickel primarily from sulfide ores, with most of the production coming from mines in the province of Ontario.

Australia

Australia is the fifth-largest producer of nickel, with an estimated production of 167,000 metric tons in 2020. The country produces nickel from both sulfide and laterite ores, with most of the production coming from mines in the state of Western Australia.

Other significant producers of nickel include New Caledonia, Brazil, China, and Cuba.

Further information

• Wikipedia for general, history, production and usage information
• PubChem for chemistry and property information