In the first half of 2025, the nickel market experienced an overall bearish trend due to a combination of structural oversupply on the supply side and weakening demand in the battery sector.
In particular, the continued expansion of supply from Indonesia, alongside a shift in electric vehicle battery technology toward LFP (lithium iron phosphate)-based chemistries, constrained the growth of nickel consumption.
On the other hand, the nickel sulfate market was shaped by a different dynamic, where rising raw material costs provided cost-based price support, and localized supply tightness helped limit further downward pressure on prices.
This report presents a multifaceted analysis of the nickel and nickel sulfate markets during the first and second quarters of 2025, based on data from leading institutions and media sources including the London Metal Exchange (LME), S&P Global, INSG, Fastmarkets, Rho Motion, Reuters, worldstainless, SMM, BMI, and Macquarie.