Nickel: Overview
From stainless sinks to EV batteries
What this tab covers What the commodity is used for, why, in what volumes and with what alternatives, and its chain from mine or field to end user. Also the latest price moves, top recent news, three things to know, and buttons into each tab.Key uses
| Use | Share | Annual volume | Why this commodity | Alternatives |
|---|---|---|---|---|
| Stainless steel (mainly 300-series austenitic grades) | 64% | about 2.2 million t Ni a yearbasis | Adding 8-10% nickel to chromium steel makes it austenitic: tough, formable, weldable and corrosion resistant at low and high temperatures. Low-grade nickel pig iron from Indonesia now supplies most of this nickel cheaply, so stainless mills in China, Indonesia and India face little cost pressure to switch away. Wood Mackenzie 2024 via Natural Resources Canada, Nickel facts; INSG April 2026 release | Low-nickel 200-series (manganese) stainless Ferritic and duplex stainless grades Coated or galvanised carbon steel |
| Battery cathodes (NMC and NCA lithium-ion) | 15% | about 520 kt Ni a yearbasis | Nickel raises the energy density of lithium-ion cathodes, giving longer range per kilogram. An EV battery holds 40-60 kg of nickel. Growth has been slower than expected because cheaper lithium iron phosphate (LFP) cells, which use no nickel, have taken share in China. Wood Mackenzie 2024 via NRCan; INSG April 2026; Scheyder (2024), The War Below | LFP cathodes (no nickel) Sodium-ion cells Manganese-rich cathodes |
| Non-ferrous alloys and superalloys (jet engines, turbines, chemical plant) | 9% | about 310 kt Ni a yearbasis | Nickel-base superalloys keep their strength near their melting point and resist oxidation, so they are used in turbine blades, and alloys such as Monel and Inconel resist seawater and acids. These buyers need high-purity Class 1 nickel and pay for performance, not price. Wood Mackenzie 2024 via NRCan; USGS MCS 2026 (substitutes) | Titanium alloys in corrosive service Cobalt-base superalloys Ceramic matrix composites in hot sections |
| Alloy steels, foundry and other uses (catalysts, chemicals) | 7% | about 240 kt Ni a yearbasis | Small nickel additions add toughness to engineering and cryogenic steels and to cast iron. Nickel catalysts are used in hydrogenation of edible oils and in refining. Volumes are small per use but spread across many industries. Wood Mackenzie 2024 via NRCan | Manganese and molybdenum alloying for toughness Cobalt or precious-metal catalysts |
| Electroplating | 5% | about 170 kt Ni a yearbasis | A thin nickel layer gives hard, bright, corrosion-resistant surfaces on taps, car parts, electronics and as an undercoat for chrome plating. It is cheap per part and easy to apply in electrolytic baths. Wood Mackenzie 2024 via NRCan | Zinc and zinc-alloy plating Powder coating and paint Physical vapour deposition finishes |
From mine to user
- 1. Exploration and deposit type Laterites (tropical weathered rock) hold 54% of world resources and magmatic sulphides 35% (USGS 2026). Laterite share of ore supply rose from 68% in 2018 and is heading to 88% by 2030 (SMM, 2025).
- 2. Mining Laterites are dug in shallow open pits in Indonesia and the Philippines; sulphides are mined underground at Norilsk, Sudbury and Voisey's Bay. Indonesia mined about 2.6 Mt Ni in 2025, two-thirds of the world's 3.9 Mt (USGS).
- 3. Ore quota and benchmark pricing Indonesia controls supply through annual RKAB mining quotas (379 Mt wet ore approved for 2025, 260-270 Mt set for 2026) and a government benchmark ore price (HPM) (Benchmark, Feb 2026).
- 4. Smelting or leaching to intermediates Saprolite ore goes to rotary kiln electric furnaces for nickel pig iron (NPI, about 14% Ni) or ferronickel; limonite ore goes to HPAL plants for mixed hydroxide precipitate (MHP). Indonesia made about 1.86 Mt Ni in NPI in 2025 (Mysteel).
- 5. Refining to Class 1 metal or sulphate Sulphide concentrate, matte and MHP are refined to 99.8%+ cathode, briquettes or battery-grade nickel sulphate. Indonesia supplied 73% of world intermediate products in 2025, up from 22% in 2021 (SMM).
- 6. First use Stainless mills take about 64% of primary nickel and battery precursor plants about 15% (2024). India's Jindal Stainless sold 2.56 Mt of stainless in FY2026 (BigMint).
- 7. Recycling Stainless and alloy scrap is remelted with its nickel intact. In the US, nickel from scrap met about 60% of apparent consumption in 2025 (USGS); the EU end-of-life recycling input rate is 16% (EU CRM 2023).
Price movement snapshot 2026-10-25
LME nickel cash settlement 16k US$/t Close 2026-10-23 · Westmetall (LME data) 1 week +3.5% 6 months -15.7% World production 3.70 m tonnes, 2024 Largest producer Indonesia 62.17% of world Reserve life 36 yrs reserves ÷ 2025 outputThree things to know
- Nickel prices rose more than sixfold, from about $5,945 a tonne in 2001 to $37,216 in 2007 (Humphreys).
- Indonesia's share of world nickel mine output reached 62% in 2024 (World Mining Data).
- An EV battery may contain 40-60 kg of nickel, against 1-2 kg in a combustion-engine car (Scheyder).
Top recent news snapshot 2026-10-25, last 30 days
- Q3 2026 Nickel Price ReviewBenchmark Mineral Intelligence · 2026-09-29
- Nickel Extends Rebound on Prospect of Indonesian Production CutsBloomberg.com · 2026-10-21
- Global nickel market set for surplus this year and next, INSG saysMining.com · 2026-10-13
- INSG forecasts global nickel market surplus of 19,000 t in 2026, rising to 70,000 t in 2027BigMint · 2026-10-15
- Investors push for action to end deforestation and human rights risks in nickel miningReuters · 2026-10-22