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.
