Prices
Updated: June 9, 2026| Exchange / Source | Price | Unit | Date |
|---|---|---|---|
| LME | $18,540 | USD/t | June 9, 2026 |
| SHFE | ¥136,860 | RMB/t | June 9, 2026 |
Indicative reference snapshot. Official prices at lme.com · shfe.com.cn.
About Nickel
Editorial overviewWhat is nickel?
Nickel is a silvery transition metal used mainly in stainless steel, alloys, and electroplating, with additional use in catalysts and chemicals. It is valued for corrosion resistance, strength, and heat tolerance.
How nickel is priced
Nickel trades on multiple officially regulated exchanges. Each publishes its own daily settlement, fixing or auction reference price for its specific contract — there is no single “world price”. The complete list of active regulated venues for nickel:
- London Metal Exchange (UK) — Nickel (NI), USD, Physical
- Shanghai Futures Exchange (China) — Nickel (NI), CNY, Physical
- Multi Commodity Exchange of India (India) — Nickel (NICKEL), INR, Cash
Principle: One True Source for All. Every officially regulated exchange with an active contract is listed, regardless of geography or sanctions. Cash-settled contracts list both the listing exchange (where the contract clears) and the underlying benchmark index used for final settlement. Fastmarkets, S&P Global Platts and Argus are regulated benchmark administrators under UK/EU BMR, not exchanges. Source: TSM exchanges registry (maintained from public regulatory and exchange filings).
Where nickel comes from
According to the USGS Mineral Commodity Summaries 2026 nickel chapter, nickel mine production is led by Indonesia, followed by the Philippines, Russia, Canada, and New Caledonia; Australia remains a major reserve holder even though its 2025 output was much lower. The same USGS table shows world 2025e mine production at 3.9 million tons and world reserves at more than 140 million tons, so the reserve base is very large relative to annual output. Full breakdown in the production and reserves sections.
Who produces nickel
Major nickel producers include PT Vale Indonesia, Nickel Asia, Norilsk Nickel, Glencore, and BHP, with significant production also coming from Canadian, Philippine, and Indonesian operations. The USGS notes that Indonesia dominated global mine output in 2025, while Canada, Russia, the Philippines, and New Caledonia were also significant producers (USGS Mineral Commodity Summaries 2026 nickel chapter). Full list of producers below.
What nickel is used for
USGS says stainless and alloy steel and nickel-containing alloys typically account for more than 85% of U.S. nickel consumption, with the remainder used in electroplating, catalysts, and chemicals (USGS Mineral Commodity Summaries 2026 nickel chapter). The same chapter reports that recovered scrap supplied about 60% of apparent U.S. nickel consumption in 2025, underscoring how recycling supports end use (USGS Mineral Commodity Summaries 2026 nickel chapter).
Key facts about nickel supply
- USGS MCS 2026: world nickel mine production was 3.9 million tons in 2025e versus reserves of more than 140 million tons, implying roughly 36 years of cover.
- USGS MCS 2026: Indonesia produced 2.6 million tons in 2025e, far ahead of the Philippines at 270,000 tons, Russia at 200,000 tons, and Canada and New Caledonia at 140,000 tons each.
- USGS MCS 2026: Australia held 925 million tons of reserves, the largest country reserve figure in the table, even though 2025e output was only 45,000 tons.
- USGS MCS 2026: nickel recovered from scrap accounted for approximately 60% of apparent U.S. consumption in 2025.
- USGS MCS 2026: U.S. net import reliance was 41% of apparent consumption in 2025, and excluding scrap it would be nearly 100%.
Sources: USGS Mineral Commodity Summaries 2026: Nickel, International Nickel Study Group, BHP, Glencore
Mine Production by Country
Source: USGS MCS 2026| Country | 2024 | 2025e | Reserves |
|---|---|---|---|
| United States | 7,490 | e10,000 | 340,000 |
| Australia | 98,000 | e45,000 | 25,000,000 |
| Brazil | 67,500 | e70,000 | 16,000,000 |
| Canada | 125,000 | e140,000 | 2,200,000 |
| China | e115,000 | e120,000 | 4,400,000 |
| Indonesia | 2,310,000 | e2,600,000 | 62,000,000 |
| New Caledonia | 116,000 | e140,000 | 7,100,000 |
| Philippines | 354,000 | e270,000 | 4,800,000 |
| Russia | 205,000 | e200,000 | 8,300,000 |
| Other countries | 308,000 | e290,000 | >9,100,000 |
| World total (rounded) | 3,710,000 | 3,900,000 | >140,000,000 |
Unit: metric tons. "e" = estimated, "W" = withheld, "NA" = not available. Source: USGS Mineral Commodity Summaries 2026
Reserves by Country (Top 10)
Source: USGS MCS 2026| Country | Reserves (metric tons) |
|---|---|
| Indonesia | 62,000,000 |
| Australia | 25,000,000 |
| Brazil | 16,000,000 |
| Other countries | >9,100,000 |
| Russia | 8,300,000 |
| New Caledonia | 7,100,000 |
| Philippines | 4,800,000 |
| China | 4,400,000 |
| Canada | 2,200,000 |
| United States | 340,000 |
| World Total | >140,000,000 |
Commercial Product Forms
Sources: LME contract specs, USGS MCS 2026Major commercial forms in which this metal is refined, traded and delivered. "LME" indicates the form is deliverable against an LME physical contract.
| Form | Chemical form | Typical grade / spec | Primary end use | LME |
|---|---|---|---|---|
| Class 1 Cathode (full plate / cut) Standard LME-deliverable form |
Ni, ≥99.80% |
LME Nickel contract spec | Stainless steel, super-alloys, Ni sulfate precursor | LME |
| Class 1 Briquettes | Ni, ≥99.80% |
Compacted powder briquettes | Plating, alloys, sulfate feed | LME |
| Class 1 Powder / Pellets Pellets can meet LME spec if sized |
Ni, 99.80–99.99% |
Carbonyl or electrolytic | Metal injection molding, batteries, catalysts | — |
| Nickel Sulfate (NiSO₄·6H₂O) Key battery-grade intermediate |
NiSO₄·6H₂O |
22% Ni contained | NMC / NCA cathode precursor | — |
| Class 2 Ferronickel (FeNi) | Fe-Ni alloy |
20–38% Ni | Stainless steel (300-series) | — |
| Class 2 Nickel Pig Iron (NPI) | Fe-Ni-C |
4–15% Ni | Chinese / Indonesian stainless | — |
| Nickel Matte (high-grade) | Ni₃S₂ / FeS matte |
~75% Ni | Refinery intermediate | — |
| MHP (Mixed Hydroxide Precipitate) | Ni(OH)₂-Co(OH)₂ |
~40% Ni contained | HPAL → sulfate → battery cathode | — |
LME Warehouse Stocks
Report date: 2026-06-08Official daily on-warrant stocks held in LME-approved warehouses worldwide. End-of-day total, not real-time. Use the trend below as a physical-supply signal alongside spot and futures pricing.
| Metric | Value |
|---|---|
| LME on-warrant stocks | 274,218 t |
| Daily change | -18 t |
| Report date | 2026-06-08 |
How to read this
Rising stocks typically signal market surplus or weakening demand. Falling stocks typically signal tightening physical supply or strong end-use demand. Cancelled warrants (metal earmarked for withdrawal) are a leading indicator of future stock draws.
For warehouse location breakdown, cancelled warrants, and historical series, consult the LME official stock reports directly.
Other exchanges (SHFE, COMEX) — official sources
- SHFE publishes weekly on-warrant stocks each Friday in Chinese local time: SHFE Weekly Stock Report.
- CME Group (COMEX) publishes daily warehouse stocks for copper: COMEX Copper Stocks.
TSM Hub does not auto-fetch SHFE or COMEX stocks (SHFE anti-bot challenge; CME Group Terms of Use explicitly prohibit automated access). Links point to originating exchanges for direct consultation.
Sources: London Metal Exchange (originating) via Westmetall (public LME mirror) · Last updated: 2026-06-09 18:13:45 UTC · All warehouse data on hub homepage →
Major Producers (20)
Ranked by latest disclosed Ni-contained productionCompanies ranked by most recently disclosed annual nickel production (Ni-contained, kilotonnes). Each card links to the primary source (annual report, production report, or exchange filing). "Not disclosed" means the company does not publish metal-specific tonnage — common for private Chinese/state-owned groups and pre-production projects.
Indonesia
NCKL
228
kt Ni
FY2024
Refined · Both
Russia
GMKN
205
kt Ni
FY2024
Refined · Class 1
China
603799.SH
193
kt Ni
FY2024
Refined · Intermediate
Indonesia
MBMA
82.2
kt Ni
FY2024
Refined · Class 2
Japan
5713
63.4
kt Ni
FY2024
Refined · Class 1
United Kingdom (operations in Brazil)
AAL.L
39.4
kt Ni
FY2024
Refined · Class 2
#12Ambatovy Minerals S.A. / Dynatec Madagascar S.A.
Madagascar
Private
30.0
kt Ni
FY2024
Refined · Class 1
Canada (operations in Zambia)
TSX:FM
23.2
kt Ni
CY2025
Mined · Class 1
Canada (operations in Cuba and Canada)
TSX:S
12.6
kt Ni
FY2025
Finished Ni · Class 1
China
Unlisted (HKEX:2362 overseas sub)
Undisclosed Output
Not disclosed
2024
Major Chinese SOE nickel producer (Gansu). Group parent unlisted; reports nickel output via Jinchuan International (HKEX:2362) for overseas assets only — China domestic output not separately disclosed.
Philippines
NIKL
Undisclosed Output
Not disclosed
2024
Largest nickel ore producer in the Philippines. 2024: 17.02 million wet metric tons (WMT) of nickel ore sold across four operating mines (saprolite + limonite, avg grade ~1.3-1.5% Ni). Contained-nickel tonnage not separately disclosed. Source: NAC 17-A Annual …
China
2245.HK
Undisclosed Output
Not disclosed
FY2024
Operates Obi Island (Indonesia) HPAL via JV with Harita Group. Reports nickel-in-MHP/sulphate output at group level; standalone Ningbo Lygend mining tonnage not separately broken out in 2245.HK disclosures.
China
Private
Undisclosed Output
Not disclosed
2024
World's largest stainless steel + NPI producer (Indonesia + China). Privately-held; no audited consolidated production disclosure. Industry estimates only.
Australia
Private
Undisclosed Output
Not disclosed
FY2024
Privately-held (Forrest family) — owns Kambalda nickel assets (Australia, on care & maintenance from May 2024) and Eagle Mine (Michigan). No public annual production tonnage disclosure.
Latest News
All metals news →Frequently Asked Questions
Auto-generated from primary-source dataWhat is the current price of nickel?
As of June 9, 2026, Nickel traded at $18,540 USD/t on LME, with parallel quotes on SHFE. Prices update multiple times per business day on TSM Hub from exchange and benchmark feeds.
Which countries produce the most nickel?
The largest nickel producing countries are Indonesia (2,310,000 metric tons), Philippines (354,000 metric tons), Russia (205,000 metric tons). Source: USGS Mineral Commodity Summaries 2026.
Which countries hold the largest nickel reserves?
The countries with the largest reported nickel reserves are Indonesia (62,000,000 metric tons), Australia (25,000,000 metric tons), Brazil (16,000,000 metric tons). Source: USGS Mineral Commodity Summaries 2026.
Who are the largest global producers of nickel?
Among 780+ producers tracked on TSM Hub, the largest disclosed nickel producers include PT Trimegah Bangun Persada Tbk (Harita Nickel) (Indonesia), Nornickel (Russia), Huayou Cobalt (China). Some operating nickel producers do not publish metal-specific tonnage — such as Jinchuan Group (China), Nickel Asia (Philippines), Ningbo Lygend Mining (China) — and are listed with an “Undisclosed Output” badge instead of a rank, in line with our principle of never inventing numbers absent from primary sources. Full ranking with primary-source links is available in the producers section.
Where can I find official nickel price data?
Official nickel prices are published by LME, SHFE. TSM Hub aggregates these feeds under licensed market-data redistributor agreements and updates them twice daily.
What is the primary source for nickel production and reserves data?
Country-level nickel production and reserves figures on TSM Hub are sourced directly from the USGS Mineral Commodity Summaries 2026, the U.S. Geological Survey's authoritative annual reference. Company-level production figures come from each producer's official annual report, production report, or regulated exchange filing.