For the Quarter Ending March 2026
Nickel Oxide Prices in North America
- In the United States, the Nickel Oxide Price Index remained stable quarter-over-quarter in Q1 2026, balancing expanded supply and inflation.
- The Nickel Oxide Production Cost Trend faced pressure as producer prices increased 4.0% year-over-year in March 2026.
- The Nickel Oxide Demand Outlook saw headwinds as consumer inflation reached 3.3% year-over-year in March 2026.
- Industrial production grew 0.7% year-over-year in March 2026, and the Manufacturing Index expanded, supporting steady industrial consumption.
- Retail sales rose 4.0% year-over-year and unemployment held at 4.3% in March 2026, sustaining baseline consumer purchasing.
- Consumer confidence registered 91.8 in March 2026, while United States EV battery manufacturing stabilized in February 2026.
- United States natural gas energy feedstock costs for Nickel Oxide calcining weakened during the Q1 2026 period.
- United States imports of Indonesian Nickel Oxide feedstocks strengthened following a finalized trade pact in February 2026.
Why did the price of Nickel Oxide change in March 2026 in North America?
- Indonesian supply of Nickel Oxide feedstocks expanded after export restrictions were removed in February 2026.
- Logistics and transportation costs fluctuated due to Middle East geopolitical tensions during the Q1 2026 period.
- The Nickel Oxide Price Forecast stabilized as weakened natural gas costs offset broader inflation in Q1 2026.
Nickel Oxide Prices in APAC
- In China, the Nickel Oxide Price Index fell quarter-over-quarter in Q1 2026, driven by elevated stockpiles.
- The Nickel Oxide Production Cost Trend rose in March 2026 as PPI increased 0.5% year-over-year.
- Industrial production grew 5.7% year-over-year in March 2026, supporting the baseline Nickel Oxide Demand Outlook.
- The Manufacturing Index expanded in March 2026, indicating a recovery in broad industrial activity and orders.
- Retail sales grew 1.7% and CPI increased 1.0% year-over-year in March 2026, reflecting subdued consumer demand.
- The urban unemployment rate reached 5.4% in March 2026, dampening discretionary spending on automotive applications.
- Demand from the downstream ternary battery sector experienced a marked decline during the first quarter of 2026.
- Nickel ore feedstock availability tightened in Q1 2026 due to Indonesian quota controls, elevating costs.
- China's imports and exports of nickel ore decreased significantly between January 2026 and February 2026.
- The Nickel Oxide Price Forecast remained subdued in March 2026 as high inventories exerted pressure.
Why did the price of Nickel Oxide change in March 2026 in APAC?
- Elevated stockpiles and high inventory levels continued to pull the market lower by March 2026.
- Downstream ternary battery sector demand experienced a marked decline during the first quarter of 2026.
- Weak stainless steel demand during the traditional off-season pressured the market in early Q1 2026.
Nickel Oxide Prices in Europe
- In Germany, the Nickel Oxide Price Index rose quarter-over-quarter in Q1 2026, driven by surging feedstock costs.
- The Nickel Oxide Production Cost Trend increased in March 2026 as CPI rose 2.7%, despite PPI falling -0.2%.
- The Manufacturing Index expanded in March 2026, while industrial production remained flat at 0.0% in February 2026.
- Retail sales grew 0.7% and unemployment stayed at 4.2% in February 2026, supporting the Nickel Oxide Demand Outlook.
- Consumer confidence dropped to -24.7 in March 2026, reflecting cautious household spending on durable goods.
- German stainless steel production and electric vehicle battery sales strengthened during Q1 2026, boosting consumption.
- Nickel ore feedstock costs surged and global supply tightened following production quota reductions in Q1 2026.
- European buyers shifted procurement toward regional mills as Asian import availability tightened in Q1 2026.
- The Nickel Oxide Price Forecast indicated an upward trajectory in Q1 2026 due to elevated energy costs.
Why did the price of Nickel Oxide change in March 2026 in Europe?
- Nickel ore feedstock and regional energy costs surged significantly during Q1 2026, driving prices upward.
- Demand from the stainless steel and electric vehicle battery sectors strengthened notably throughout Q1 2026.
- Regional availability of refined imports tightened, forcing European buyers toward local mills in Q1 2026.
For the Quarter Ending December 2025
Nickel Oxide Prices in North America
- In United States, the Nickel Oxide Price Index rose quarter-over-quarter in Q4 2025, driven by rising production costs and robust industrial demand.
- Nickel Oxide production costs increased during October-December 2025, influenced by rising U.S. natural gas feedstock costs.
- The Producer Price Index (PPI) increased 3.0% year-over-year in November 2025, indicating higher input costs for Nickel Oxide producers.
- Industrial production rose 2.0% year-over-year in December 2025, signaling expanding manufacturing activity and boosting Nickel Oxide demand.
- Retail sales increased 3.3% year-over-year in November 2025, indirectly supporting Nickel Oxide demand in consumer-driven sectors.
- Consumer confidence, at 89.1 in December 2025, supported discretionary spending, benefiting Nickel Oxide end-use applications.
- The Consumer Price Index (CPI) rose 2.7% year-over-year in December 2025, contributing to elevated operational expenses for Nickel Oxide.
- U.S. natural gas spot prices gradually rose in the final months of 2025, impacting Nickel Oxide production expenses.
Why did the price of Nickel Oxide change in December 2025 in North America?
- Rising U.S. natural gas feedstock costs in the final months of 2025 increased Nickel Oxide production expenses.
- A 3.0% year-over-year increase in the Producer Price Index in November 2025 indicated higher input costs.
- Industrial production expanded 2.0% year-over-year in December 2025, driving increased demand for Nickel Oxide.
Nickel Oxide Prices in APAC
- In China, the Nickel Oxide Price Index fell quarter-over-quarter in Q4 2025, influenced by significantly weakened nickel metal prices. In China, the Nickel Oxide 99.99% Price in December 2025 stood at 17080 USD/MT.
- Nickel Oxide production costs declined in Q4 2025, as producer prices for industrial products fell 1.9% year-on-year in December 2025.
- Demand for Nickel Oxide faced headwinds in Q4 2025 due to a shift from NMC to LFP batteries in China's EV sector.
- Industrial demand for Nickel Oxide was supported by a 5.2% year-on-year increase in industrial production in December 2025.
- The Manufacturing Index expanded in December 2025, indicating growth in the manufacturing sector, supporting Nickel Oxide demand.
- Overall consumer demand remained weak in December 2025, with retail sales growing 0.9% year-on-year, impacting end-use applications.
- Nickel Oxide supply surged in Q4 2025, with LME nickel stockpiles increasing and domestic refined nickel production growing.
- The Nickel Oxide Price Forecast suggests continued pressure from ample inventories and global oversupply during Q4 2025.
Why did the price of Nickel Oxide change in December 2025 in APAC?
- Nickel metal/compound prices weakened significantly in Q4 2025, directly impacting Nickel Oxide production costs.
- LME nickel stockpiles surged throughout 2025, reflecting an oversupply in the global nickel market.
- Weak consumer demand, indicated by 0.8% CPI year-on-year in December 2025, dampened end-product demand.
Nickel Oxide Prices in Europe
- In Germany, the Nickel Oxide Price Index fell quarter-over-quarter in Q4 2025, influenced by ample global supplies and slow demand.
- German industrial production expanded 0.8% year-on-year in October 2025, indicating slight manufacturing activity growth.
- The Producer Price Index in Germany declined -2.5% year-on-year in December 2025, easing input costs for producers.
- LME nickel stockpiles significantly increased by the end of November 2025, contributing to an oversupplied global market.
- Demand from major nickel-consuming sectors, including stainless steel and batteries, remained slow in Q4 2025.
- The Consumer Price Index in Germany rose 1.8% year-on-year in December 2025, reflecting moderate inflation.
- Retail sales in Germany grew 0.8% year-on-year in October 2025, while consumer confidence declined to -12.0% in December 2025.
- Energy costs were impacted by a rising CO2 levy and increased gas storage neutrality charge in Germany during 2025.
Why did the price of Nickel Oxide change in December 2025 in Europe?
- Ample global nickel supplies and significantly increased LME stockpiles by November 2025 exerted downward price pressure.
- The Producer Price Index in Germany declined -2.5% year-on-year in December 2025, reducing manufacturing input costs.
- Slow demand from major nickel-consuming sectors in Q4 2025 contributed to the overall decline in Nickel Oxide prices.
For the Quarter Ending September 2025
North America
- In the United States, the Nickel Oxide Price Index rose quarter-over-quarter in Q3 2025, driven by increasing production costs.
- Nickel Oxide production costs increased, influenced by a 2.6% PPI rise in August 2025 and 3.0% CPI in September 2025.
- The Nickel Oxide demand outlook was mixed, with robust retail sales contrasting with weak industrial production.
- Nickel Oxide price forecast suggests continued elevation due to persistent inflationary pressures on input costs.
- US manufacturing production strengthened in July 2025 and inched up in August 2025, supporting some industrial demand.
- Overall industrial production showed very slow growth at 0.1% year-over-year in September 2025, dampening demand.
- Retail sales increased by 5.42% year-over-year in September 2025, indicating strong consumer-driven demand for end products.
- The unemployment rate of 4.3% in September 2025 supported consumer spending, but consumer confidence declined to 94.2.
Why did the price of Nickel Oxide change in September 2025 in North America?
- Rising producer input costs, indicated by a 2.6% PPI increase in August 2025, pressured Nickel Oxide prices upward.
- General inflation, with CPI up 3.0% year-over-year in September 2025, contributed to higher operational expenses.
- Mixed demand signals, including strong retail sales but weak industrial production, created market uncertainty.
Europe
- In Germany, the Nickel Oxide Price Index rose quarter-over-quarter in Q3 2025, driven by tight feedstock supply.
- Nickel Oxide production costs rose in September 2025 from elevated nickel feedstock and energy.
- Nickel Oxide demand dampened as Germany's industrial production contracted 1.0% in September 2025.
- Manufacturing Index contracted in Q3 2025, indicating slower industrial activity and demand.
- Consumer Price Index rose 2.4% year-over-year in September 2025, impacting producer operational costs.
- Producer Price Index fell 1.7% year-over-year in September 2025, easing manufacturing input costs.
- LME nickel stockpiles trended upward in Q3 2025, but regional European supply remained tight.
- Retail sales rose 0.2% year-over-year in September 2025, slightly supporting consumer demand.
- Unemployment at 6.3% and stable consumer confidence in September 2025 suggest cautious demand.
- The Nickel Oxide price forecast remains uncertain given mixed macroeconomic and supply-demand signals.
Why did the price of Nickel Oxide change in September 2025 in Europe?
- Nickel feedstock costs faced upward pressure in Europe due to tight supply in September 2025.
- Germany's industrial production contracted 1.0% in September 2025, dampening demand.
- The Manufacturing Index contracted in Q3 2025, signaling a broader industrial slowdown.
APAC
- In China, the Nickel Oxide Price Index rose quarter-over-quarter in Q3 2025, driven by higher nickel ore prices.
- Production costs faced upward pressure in Q3 2025 due to nickel ore supply constraints from the Philippines' rainy season.
- Demand from the electric vehicle battery sector strengthened in Q3 2025, with nickel deployment increasing in July 2025.
- New Energy Vehicle sales in China significantly increased year-on-year during the January-September 2025 period.
- China's industrial production expanded by 6.5% year-on-year in September 2025, supporting raw material demand.
- Retail sales grew 3.0% year-on-year in September 2025, indirectly supporting consumer-linked demand for Nickel Oxide.
- Negative Producer Price Index (-2.3%) and Consumer Price Index (-0.3%) in September 2025 indicated deflationary pressures.
- A 5.2% unemployment rate and subdued consumer confidence (89.6) in September 2025 tempered overall demand.
- Combined LME and SHFE nickel stocks continued an upward trend in Q3 2025, reflecting unabsorbed market supply.
Why did the price of Nickel Oxide change in September 2025 in APAC?
- Rising nickel ore prices and production costs in Q3 2025 exerted upward pressure on Nickel Oxide.
- Robust electric vehicle battery demand strengthened nickel consumption, despite a contracting Manufacturing Index.
- Persistent global oversupply and negative PPI (-2.3%) in September 2025 limited further price increases.
