[SMM Nickel Market Flash] World Bank Sees Nickel Prices Rising 12% in 2026 on Tight Supply

Published: Apr 30, 2026 22:32

Save

According to the World Bank’s April 2026 Commodity Markets Outlook, nickel prices are projected to rise 12% year on year in 2026 and a further 3% in 2027, as global consumption growth is expected to outpace supply expansion. The report said that although new nickel processing capacity will continue to come online in Indonesia, tighter upstream ore availability is likely to constrain utilization rates and keep the market tight. It also noted that further disruptions to sulfur exports from Middle East producers could become an additional upside risk for nickel prices.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Jul 3, 2026 18:19

[SMM Analysis] Weak Nickel Caps Chinese Stainless Steel Futures in a Tight Range as Mill Price Discipline

SMM Weekly Stainless Steel Futures Review — week of June 29 – July 3, 2026. Weak nickel and a softening off-season demand backdrop offset firm mill pricing and low inventories, steadying the benchmark contract near RMB 14,655/mt

Jul 3, 2026 18:19

Jul 3, 2026 17:39

[SMM Analysis] Nickel and Cobalt Salt Prices Weak; Intermediate Product Payables Under Pressure

Jul 3, 2026 17:39

Jul 3, 2026 16:58

[SMM Analysis] Indonesia's nickel ore HMA sharply cut by 7.6%, high inventories in China and Indonesia suppress nickel ore market sentiment

Jul 3, 2026 16:58