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With the symbol Ni and atomic number 28, nickel is a chemical element appearing as a silvery-white glistening metal with a slight tinge of gold. It is a hard and ductile transition metal. In its purest form, nickel is chemically reactive. However, big pieces of this metal react slowly under standard conditions of air as a passivation layer of nickel oxide develops on the surface, which averts further oxidation.
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Native nickel in its purest form is discovered in the Earth's outer layer in small amounts, generally in ultramafic rocks, and in the centres of sizable nickel–iron meteorites which were not exposed to oxygen. Nickel is utilised in several distinguishable industrial and consumer goods, such as stainless steel, alnico magnets, coinage, rechargeable batteries, electric guitar strings, microphone capsules, plating on plumbing fixtures, and special alloys such as permalloy.
Indonesia, the Philippines, and Russia are the leading nickel-producing countries, followed by New Caledonia, Australia, Canada, and China.
Key Details About the Nickel Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Nickel price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The Nickel Price chart, including India Nickel price, USA Nickel price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Nickel Price Trend:
Nickel is popularly used in stainless steel, accounting for around three-quarters of the key demand for nickel. Since it improves corrosion resistance in metals, nickel is used in stainless steel, expanding several products' lifespans. Nickel is utilised in various industries via stainless steel, such as in electrical, building and construction, engineering, metal, and tubular goods.
Additionally, it is also employed in the making of non-ferrous alloys that are utilised for coatings, kitchenware, power generation, jewellery, and mobile phones, among others. These alloys are generally employed in electronics, energy, aviation, and shipbuilding sectors. Moreover, base metal is predominantly used to produce hard-wearing coatings called nickel-plating or electroplating. Besides, nickel sulphate is an important constituent in NMC batteries, which is the highly preferred lithium-ion battery chemistry owing to their extreme energy intensity and longer range.
Key Players:
- Umicore N.V.
- American Elements
- Vale S.A.
- MMC Norilsk Nickel PJSC
- Jinchuan Group International Resources Co. Ltd
- Glencore plc
- PT Timah (Persero) Tbk
News & Recent Development:
- March 30, 2023: Jindal Stainless (JSL), the largest stainless steel-producing company in India, began its association with New Yaking to finance, develop, build, and operate a Nickel Pig Iron (NPI) smelter plant in Indonesia. Since India faces a scarcity of nickel ore, this step is the main strategy for JSL to make sure the long-term availability of nickel.
About Us:
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We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and most up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team tracks the prices and production costs of a wide variety of goods and commodities, hence providing you with the latest and consistent data.
To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients, with up-to-date and pioneering practices in the industry, to understand procurement methods, supply chain, and industry trends, so that they can build strategies to achieve maximum growth.
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