Fitch Solutions: Nickel Prices to Witness Steady Rise Beyond 2024

The nickel prices had witnessed a brief rally earlier during the current year. However, the prices witnessed decline henceforth.

SEATTLE (Scrap Monster): Fitch Solutions-owned BMI Research, in its latest market report, stated that global nickel prices are predicted to witness steady surge beyond 2024. Meantime, it maintained the nickel price forecast for 2024 unchanged at $18,000 per tonne, mainly driven by excess supply of the metal.

It must be noted that nickel prices had recorded notable decline last year with annual average prices dropping by more than 15% to $21,688 per tonne, compared with average prices of $25,618 per tonne in 2022. The oversaturated markets, along with waning demand, had led to substantial dip in prices in 2023. The price growth in 2024 too will be capped, mainly due to production surges in key nickel-producing countries such as China and Indonesia, the Fitch report said.

The nickel prices had witnessed a brief rally earlier during the current year. However, the prices witnessed decline henceforth. The year-to-date nickel prices are still up by 4.3% in 2024, but are likely to face pressures in the forthcoming months. Fitch anticipates global nickel market to post a surplus of 253,000 tonnes in 2024, higher from the surplus of 209,000 tonnes recorded in 2023.

Beyond 2024, Fitch expects nickel prices to rise steadily to $215,000 per tonne by 2028, on hopes of narrowed market surplus.

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