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Nickel is a chemical element and a transition metal. It is mostly used for high-grade steel manufacturing, and increasingly so, in batteries. Owing to its corrosion resistance, durability, and abundance in availability, stainless steel is used in various sectors, including food and beverage, construction, aerospace, transport, medical, chemical, etc. The major countries in nickel mining include Indonesia, Philippines, Russia, and New Caledonia. Indonesia is also the country with the largest reserves of nickel, followed by Australia and Brazil. Interestingly, nickel reserves are among the metals and minerals with the least remaining life years, however, because nickel is a highly recyclable material, this poses less of a problem.

According to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity, nickel has risen 195 USD/MT, or 1.27%, since the start of 2025. In May 2007, Nickel hit its highest point ever, at 54050.

In the medium term, the growth of the nickel market can be driven by the increasing demand for nickel in stainless steel alloys. Today, about two-thirds of the nickel sold annually is used for stainless steel. In addition, growing demand for nickel in automotive batteries, energy storage systems in wind turbines or lower cost solar panels is a key driver of market growth. Asia-Pacific accounts for a large share of nickel consumption. This is mainly due to the presence of large stainless steel companies and battery manufacturers. Additionally, increased nickel consumption in Electric Vehicles (EVs) is also expected to boost the market in the region, as it accounts for a significant portion of nickel demand.