January 3, 2024
“Nickel Out: An Outlook on the Price of Nickel in 2023!
As of the beginning of 2021, the nickel price had made a strong recovery from the depths it had experienced throughout the previous year. With these raised nickel prices, numerous eyes have been turning to the end of the year to gauge how the nickel markets will continue to persevere. With this in mind, what can we expect from nickel prices for the end of 2023?
To begin with, there has been a fair amount of growth for nickel prices in 2021 thus far, with the price recently surpassing the $17,000 per tonne mark. Even with a drop from this peak, analysts still expect some form of growth to continue for the remainder of 2022. With the increased demand for nickel due to its integral role in the production of stainless-steel, the prices of the commodity are likely to continue growing throughout the year.
However, there is also the potential for the nickel prices to face some flux in the near future. Analysts predict that the nickel price may face a drop towards the middle of 2023, as the effect of COVID wear off and demand potentially drops. Furthermore, there is also the looming risk of a potential increase in global stockpiles that could eventually bring down the nickel prices. Although the bottom of the prices drop is unknown, these analyst estimates make the expected nickel prices for the end of 2023 relatively unknown.
Despite this, the analysts are expecting a strong recovery by the end of the year from this temporary drop in prices. With the increasing need for stainless-steel and technological advancements continuing to be a driving force for the dynamic markets, nickel prices are expected to be higher than the start of 2021 and potentially over the $20,000 mark. This is an important consideration for those seeking to invest in the nickel markets and should be taken with caution.
To conclude, due to the various influencing forces that play into the nickel markets, predicting the exact nickel prices for the end of 2023 is essentially impossible. However, with analysts expecting a strong recovery from a possible temporary drop in nickel prices, it will be interesting to see if the nickel market can reach the peak of $20,000 per tonne come the end of the year. Time will tell.