What is the highest annual nickel value in this dataset?

$37,230 ($/metric ton) in 2007 annual value. This is the highest annual observation within 1900–2025, rather than a daily market record.

How are inflation-adjusted prices calculated?

Each nominal observation is multiplied by the site’s reference CPI divided by the CPI for that observation’s year. The same inflation calculation is used across commodity charts.

Industrial Metals Series coverage: 1900–2025

Nickel Historical Price Archive

Annual Nickel Price Archive

Cite Data

Nickel is vital for austenitic stainless steel and high-energy-density nickel-manganese-cobalt (NMC) electric vehicle batteries.

Annual Nickel benchmark price: World Bank annual nominal observations from the Pink Sheet workbook. Unit conversions and CPI adjustments are calculated by CommoditiesHistory.com. No incomplete 2026 annual value is included. Before 1960, the series uses USGS nominal unit values. The measure changes to the World Bank benchmark in 1960.

Nickel Interactive Price History (1900–2025)

Inflation-Adjusted (Real 2026 USD)

Drag to pan, scroll to zoom, and hover for annual values.

Loading chart. Annual values are also available in the table below.

Data sources: World Bank, U.S. Geological Survey (USGS) Annual Observations

Nickel Historical Eras & Macro Cycles

Detailed analysis of secular supercycles, wartime allocations, and price shocks

Nickel historical observations

1900–2025

World Bank annual nominal observations from the Pink Sheet workbook. Unit conversions and CPI adjustments are calculated by CommoditiesHistory.com. No incomplete 2026 annual value is included. Before 1960, the series uses USGS nominal unit values. The measure changes to the World Bank benchmark in 1960.

Price Behavior Annual observations range from $661 to $37,230 ($/metric ton).

Key Catalysts

Supply and production
Industrial and consumer demand
International trade

Nickel Complete Historical Price Table (1900–2025)

Nominal vs. Real Inflation-Adjusted Prices in 2026 USD

Year	Nominal Price ($/metric ton)	Real Price (2026 USD)	CPI / Historical Estimate	Historical Context / Market Event
2025	$15,162.00	$15,775.98	321.9	—
2024	$16,814.00	$17,955.22	313.7	Severe Supply Glut & Australian Lateral Mine Closures (BHP Nickel West)
2023	$21,521.00	$23,659.52	304.7	Indonesian HPAL (MHP) Deluge Crushes Class 1 Battery Premiums
2022	$25,834.00	$29,570.22	292.7	March 8 Historic LME Short Squeeze (Trades Breached $100,000/t Before Suspension)
2021	$18,465.00	$22,826.90	271.0	—
2020	$13,787.00	$17,844.56	258.8	EV High-Nickel NMC Battery Narrative Takes Off
2019	$13,914.00	$18,231.11	255.7	—
2018	$13,114.00	$17,494.25	251.1	—
2017	$10,410.00	$14,226.26	245.1	—
2016	$9,595.00	$13,391.83	240.0	China Introduces Rotary Kiln Electric Furnace (RKEF) Pig Iron
2015	$11,863.00	$16,766.17	237.0	—
2014	$16,893.00	$23,903.49	236.7	Indonesia Raw Nickel Ore Export Ban Takes Effect
2013	$15,032.00	$21,615.23	233.0	—
2012	$17,548.00	$25,602.71	229.6	—
2011	$22,910.00	$34,117.66	224.9	—
2010	$21,809.00	$33,503.22	218.1	—
2009	$14,655.00	$22,882.45	214.5	—
2008	$21,111.00	$32,845.63	215.3	—
2007	$37,230.00	$60,148.48	207.3	Historic Pre-GFC Supercycle Peak (Intraday $51,800/t in May 2007)
2006	$24,254.00	$40,300.62	201.6	—
2005	$14,744.00	$25,289.02	195.3	—
2004	$13,823.00	$24,512.59	188.9	—
2003	$9,629.00	$17,530.01	184.0	China Stainless Steel Boom Begins
2002	$6,772.00	$12,609.70	179.9	—
2001	$5,945.00	$11,244.81	177.1	—
2000	$8,638.00	$16,803.47	172.2	—
1999	$6,011.00	$12,086.22	166.6	—
1998	$4,630.00	$9,515.08	163.0	Asian Financial Crisis Industrial Slump
1997	$6,927.00	$14,457.36	160.5	—
1996	$7,501.00	$16,014.56	156.9	—
1995	$8,228.00	$18,085.40	152.4	—
1994	$6,340.00	$14,330.45	148.2	—
1993	$5,293.00	$12,270.24	144.5	—
1992	$7,001.00	$16,715.57	140.3	—
1991	$8,156.00	$20,059.45	136.2	—
1990	$8,864.00	$22,718.15	130.7	—
1989	$13,308.00	$35,950.92	124.0	—
1988	$13,778.00	$39,013.99	118.3	Stainless Steel Scrap Crisis
1987	$4,872.00	$14,366.40	113.6	—
1986	$3,881.00	$11,861.84	109.6	—
1985	$4,899.00	$15,251.55	107.6	—
1984	$4,752.00	$15,320.74	103.9	—
1983	$4,673.00	$15,716.48	99.6	—
1982	$4,837.00	$16,790.66	96.5	—
1981	$5,953.00	$21,937.69	90.9	—
1980	$6,519.00	$26,501.63	82.4	—
1979	$5,986.00	$27,619.70	72.6	LME Commences Nickel Futures Trading
1978	$4,609.00	$23,679.80	65.2	—
1977	$5,118.00	$28,290.89	60.6	—
1976	$4,973.00	$29,276.90	56.9	—
1975	$4,571.00	$28,460.85	53.8	—
1974	$3,825.00	$25,989.83	49.3	—
1973	$3,373.00	$25,447.92	44.4	—
1972	$3,080.00	$24,682.74	41.8	—
1971	$2,932.00	$24,250.90	40.5	—
1970	$2,846.00	$24,570.96	38.8	—
1969	$2,363.00	$21,568.33	36.7	Sudbury Miners Strike Creates Acute Stainless Steel Deficit
1968	$2,075.00	$19,973.66	34.8	—
1967	$1,936.00	$19,416.80	33.4	—
1966	$1,739.00	$17,979.33	32.4	—
1965	$1,735.00	$18,450.49	31.5	—
1964	$1,742.00	$18,823.71	31.0	—
1963	$1,742.00	$19,069.78	30.6	—
1962	$1,761.00	$19,533.11	30.2	—
1961	$1,711.00	$19,168.92	29.9	—
1960	$1,631.00	$18,457.85	29.6	—
1959	$1,630.00	$18,763.48	29.1	—
1958	$1,630.00	$18,893.34	28.9	—
1957	$1,630.00	$19,431.22	28.1	—
1956	$1,430.00	$17,611.08	27.2	—
1955	$1,460.00	$18,248.91	26.8	—
1954	$1,350.00	$16,811.26	26.9	—
1953	$1,320.00	$16,560.81	26.7	—
1952	$1,260.00	$15,927.35	26.5	—
1951	$1,190.00	$15,331.78	26.0	—
1950	$992.00	$13,788.39	24.1	Korean War Jet Turbine Superalloys
1949	$882.00	$12,413.96	23.8	—
1948	$794.00	$11,036.27	24.1	—
1947	$772.00	$11,596.62	22.3	—
1946	$772.00	$13,261.77	19.5	—
1945	$705.00	$13,120.05	18.0	—
1944	$705.00	$13,418.23	17.6	—
1943	$705.00	$13,650.92	17.3	—
1942	$705.00	$14,488.40	16.3	—
1941	$772.00	$17,592.15	14.7	—
1940	$772.00	$18,471.75	14.0	—
1939	$772.00	$18,604.64	13.9	—
1938	$772.00	$18,340.75	14.1	—
1937	$772.00	$17,958.65	14.4	—
1936	$772.00	$18,604.64	13.9	—
1935	$772.00	$18,876.25	13.7	—
1934	$772.00	$19,298.85	13.4	—
1933	$772.00	$19,892.66	13.0	—
1932	$772.00	$18,876.25	13.7	INCO Global Price Stabilization
1931	$772.00	$17,013.46	15.2	—
1930	$772.00	$15,485.30	16.7	—
1929	$772.00	$15,123.07	17.1	—
1928	$816.00	$15,985.01	17.1	—
1927	$772.00	$14,862.33	17.4	—
1926	$794.00	$15,026.79	17.7	—
1925	$728.00	$13,935.17	17.5	—
1924	$661.00	$12,948.64	17.1	—
1923	$794.00	$15,554.04	17.1	—
1922	$838.00	$16,709.12	16.8	—
1921	$926.00	$17,329.13	17.9	—
1920	$926.00	$15,509.57	20.0	—
1919	$882.00	$17,078.17	17.3	—
1918	$904.00	$20,054.43	15.1	—
1917	$926.00	$24,233.71	12.8	—
1916	$926.00	$28,457.93	10.9	—
1915	$904.00	$29,982.37	10.1	WWI Battleship Armor Plating Armor Steel Demand
1914	$904.00	$30,282.19	10.0	—
1913	$926.00	$31,332.47	9.9	—
1912	$882.00	$30,656.22	9.6	—
1911	$882.00	$31,601.21	9.3	—
1910	$882.00	$31,601.21	9.3	—
1909	$882.00	$32,739.64	9.0	—
1908	$992.00	$36,822.82	9.0	—
1907	$992.00	$35,483.96	9.4	—
1906	$882.00	$32,793.42	9.0	—
1905	$882.00	$32,847.75	9.0	—
1904	$882.00	$32,793.42	9.0	—
1903	$882.00	$32,739.64	9.0	—
1902	$992.00	$38,162.08	8.7	—
1901	$1,240.00	$49,712.79	8.4	—
1900	$1,100.00	$44,172.48	8.3	New Caledonia & Sudbury Ontario Mining Hegemony

Frequently Asked Questions: Nickel History

Targeted answers to high-frequency historical and economic queries

What does this nickel chart measure?: Annual Nickel benchmark price. World Bank annual nominal observations from the Pink Sheet workbook. Unit conversions and CPI adjustments are calculated by CommoditiesHistory.com. No incomplete 2026 annual value is included. Before 1960, the series uses USGS nominal unit values. The measure changes to the World Bank benchmark in 1960.
What is the highest annual nickel value in this dataset?: $37,230 ($/metric ton) in 2007 annual value. This is the highest annual observation within 1900–2025, rather than a daily market record.
How are inflation-adjusted prices calculated?: Each nominal observation is multiplied by the site’s reference CPI divided by the CPI for that observation’s year. The same inflation calculation is used across commodity charts.

Cite This Dataset

World Bank: Commodity Price Data (Pink Sheet): Nickel — Data providers: Bloomberg Finance L.P.; Platts Metals Week, Thomson Reuters Datastream; World Bank. — Underlying source data: CC BY 4.0. Source terms and acknowledgment requirements. Unit conversions and inflation adjustments by CommoditiesHistory.com.

U.S. Geological Survey (USGS): Nickel Historical Statistics, Data Series 140

APA (7th Edition)

Commodities History Project. (2026). Nickel Historical Prices and Inflation-Adjusted Series (1900–2025) [Data set]. CommoditiesHistory.com. https://commoditieshistory.com/nickel

BibTeX

@dataset{commoditieshistory_nickel_2026,
  author = {{Commodities History Project}},
  title = {Nickel Historical Prices and Inflation-Adjusted Series (1900–2025)},
  year = {2026},
  publisher = {CommoditiesHistory.com},
  url = {https://commoditieshistory.com/nickel}
}