SPC:CC - Top 5 Canadian Nickel Stocks of 2025

2025-11-03 17:00:00 ET

Nickel prices have experienced volatility in the past few years due to supply and demand uncertainty.

While demand has been consistent, prices have been mainly influenced by structural oversupply stemming from high output from Indonesia, which rapidly increased output in recent years to become the world’s top nickel producer.

Low prices led several companies to curtail production in 2024 and 2025, and ultimately prompted Indonesia to lower its mining quota in February. While prices haven't recovered, they stabilized above US$15,000 per metric ton through the second half of the year.

Demand from the electric vehicle (EV) industry is one reason nickel's outlook looks bright further into the future. Battery nickel demand is poised to triple by 2030, according to Benchmark Mineral Intelligence .

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