Investing

Investing in Nickel

The investment landscape for Nickel offers 4 primary vehicles for exposure, ranging from equities of mining and processing companies to ETFs and commodity instruments. With prices currently around 17,000-18,000 $/tonne, the Nickel market reflects both structural demand growth and ongoing supply chain challenges.

Investment Vehicles

Key investment vehicles providing exposure to Nickel:

Key Companies

The Nickel value chain includes these publicly listed and major private companies:

Market Drivers

Nickel investment performance is driven by demand growth in stainless steel production and lithium-ion battery cathodes, supply concentration in Indonesia (55% share), new project development timelines, and government policies including export restrictions and strategic stockpiling programs.

Risk Factors

Investing in Nickel carries risks including commodity price volatility (see price history below), geopolitical risk in producing regions, regulatory uncertainty, and potential substitution.

Recent Price History

Nickel prices stabilized in the $15,000-16,000/tonne range through late 2025 after a turbulent few years. The market was reshaped by Indonesia's massive expansion of nickel pig iron (NPI) and high-pressure acid leach (HPAL) processing capacity, which flooded the market with Class 2 nickel and drove prices down from the 2022 short-squeeze peak above $100,000/tonne. However, growing demand for battery-grade Class 1 nickel - particularly nickel sulfate for NMC cathodes - has created a two-tier market. Western mines have struggled with profitability at lower prices, leading to closures in Australia and New Caledonia. Indonesia's export restrictions and environmental concerns around laterite processing add ongoing uncertainty.