Commodity
Nickel
Nickel has two quite separate markets: the stainless steel it has always gone into, and the battery chemistry that now competes for it. The two use different grades and do not price identically.
Price
What it is used for
- Stainless steel
- Lithium-ion battery cathodes
- Alloys for aerospace and energy
- Plating
Supply
Class 1 nickel suitable for batteries is a smaller pool than headline production figures suggest, and Indonesian supply growth has reshaped the market.
Principal producing countries: Indonesia, Philippines, Russia, New Caledonia, Australia, Canada.
Producer list from United States Geological Survey, Mineral Commodity Summaries, checked 10 September 2026.