Salient Nickel Statistics

This table presents key statistics on nickel production, consumption, trade, stocks, and pricing in the United States, along with global mine production figures. It provides a comprehensive overview of nickel supply and demand dynamics, including primary production from concentrates, secondary recovery from scrap, imports and exports, and yearend stock levels. This data is crucial for understanding the nickel market’s role in industrial applications such as stainless steel manufacturing, battery production for electric vehicles, and other alloy uses. Tracking these metrics helps policymakers, industry stakeholders, and analysts assess market trends, supply security, and economic impacts related to this strategic metal.

Analysis of the data reveals that U.S. nickel concentrate production peaked at 18,400 metric tons in 2021 before declining to 16,400 metric tons in 2023. Secondary recovery from ferrous scrap also decreased from a high of 149,000 metric tons in 2021 to 133,000 metric tons in 2023, indicating a contraction in scrap-based nickel supply. Exports of secondary nickel surged to 56,900 metric tons in 2023, the highest in the five-year span, while imports of primary nickel dropped from 127,000 metric tons in 2022 to 112,000 metric tons in 2023. Total reported nickel consumption in the U.S. remained relatively stable around 250,000 metric tons in 2023, with a slight decline from the 260,000 metric tons reported in 2022. Notably, the average annual price of nickel on the London Metal Exchange fell from a peak of $25,815 per metric ton in 2022 to $21,495 in 2023, reflecting market volatility. Globally, mine production showed a steady increase, reaching an estimated 3.75 million metric tons in 2023, underscoring the expanding scale of nickel mining worldwide.