Nickel Price
Global Nickel Price — Historical Chart
$17,588/ton
▲ 17.23% YoYJun 2026
All-Time High
$51,783/ton
All-Time Low
$3,865.8/ton
Data Since
1992
Source: FRED / IMFShaded = NBER recessions
Nickel price in USD per metric ton (IMF). Nickel's story has two chapters: traditional use in stainless steel (still ~70% of demand), and the EV battery revolution. The Russian invasion of Ukraine triggered a short squeeze in March 2022 that sent LME nickel above $100,000/ton in hours — the most violent commodity short squeeze in recorded history — forcing the LME to halt trading and cancel billions in trades.