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Nickel Prices See New Dip in Prices as Market Condition Worsens
By Shubhendra Anand , 02 February, 2024
Nickel prices have witnessed changing prices since last year and are expected to move into 2024 with the same trend. The nickel prices continued a dip in trend until November 2023; however, the nickel prices were in a balanced position at the beginning of December 2023.
Based on a survey conducted in 2023, Nickel's performance proved worst among the metals, with a decline of 45 percent in the market. Experts believe the nickel market repelled itself from the core in 2023, leading to its downfall. The nickel market condition has yet to uplift in the metal sector in 2024 to create a balance; however, the prices of nickel metal will dive into the global production cost curve in 2023. Therefore, expert analysis suggests that supply on the cutbacks of nickel metal from the mines can negatively affect the market situation in 2024.
In December of 2023, the nickel prices stabilized in the market; however, it was not enough to meet the seasonal pickup seen in the year's first quarter. According to the experts, they suggest an early phase of 2024 is expected to see an additional supply, but it may fail to meet the record of past years. Simultaneously, with such market conditions, producers may increase the base prices. Therefore, the supply flow is a pressing need in the metal industry for 2024. Indonesia and China are among the top countries with rapid growth in nickel metal throughout 2023 and are expected to continue with such development in 2024. there are slow outputs from the miners in the case of Nickel, where there are increasing surplus projections in the metal industry. Zinc is expected to face the same situation as Nickel in 2024. Nickel is necessary to produce batteries; however, other alternatives are rising. With the growth of electrification in the market, Nickel must be balanced, as it is also used in batteries for electric vehicles.
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Shubhendra Anand
Head Research
