Nickel Price History: Monthly Global Price Since 1992

Nickel’s traditional use is stainless steel, but its role in electric-vehicle batteries has made it a strategic energy-transition metal. It is also the most volatile of the major LME base metals. This dataset tracks the IMF Primary Commodity Prices benchmark, the LME nickel cash price, published monthly in US dollars per metric ton and distributed via FRED under the code PNICKUSDM, with continuous coverage since 1992. Indonesia now supplies roughly half of world mine output.

Dataset: Nickel Price (1992–2026) · Updated 2026-03-01

Source: IMF Primary Commodity Prices · International Monetary Fund (via FRED)

Macro Takeaway

Dataset Overview

Dataset Variables

The CSV and Excel files contain the following columns. Each row represents one calendar month.

Column names match the CSV headers exactly.

Download the Complete Dataset

The full dataset is available in CSV and Excel formats — monthly observations covering more than three decades.

FRED Direct CSV Access

The underlying data is published in the Federal Reserve Economic Data (FRED) database under the series code PNICKUSDM, sourced from the IMF Primary Commodity Prices dataset:

https://fred.stlouisfed.org/graph/fredgraph.csv?id=PNICKUSDM

The Eco3min dataset mirrors the same monthly series, packaged in a stable, versionable CSV with consistent column names — designed for direct ingestion in Python, R, or any data pipeline. The URL never changes, making it suitable for automated scripts.

Direct CSV Access — Eco3min Structured Dataset

https://eco3min.fr/dataset/nickel-price.csv

This URL returns the complete dataset in CSV format. It can be used directly in pandas, R, curl, or any data tool.

Using the Dataset in Python

import pandas as pd

url = "https://eco3min.fr/dataset/nickel-price.csv"
df = pd.read_csv(url, parse_dates=["date"])

print(df.head())
print(df["nickel_price"].describe())

df.plot(x="date", y="nickel_price", title="Nickel Price", legend=False)

Using the Dataset in R

library(readr)

url <- "https://eco3min.fr/dataset/nickel-price.csv"
df <- read_csv(url)

head(df)
summary(df$nickel_price)

Both examples load the dataset directly from the URL — no download or API key required.

Methodology

The IMF reports the nickel price in US dollars per metric ton, based on the London Metal Exchange (LME) cash price.

Values are monthly averages, which smooth the intra-month swings visible in daily futures and physical quotes. The series begins in 1992.

This dataset is updated monthly via an automated pull from the FRED API (series PNICKUSDM) by an Eco3min pipeline running on GitHub Actions, which regenerates the cleaned CSV and Excel files and refreshes the page metadata.

Data Quality & Provider Notes

The IMF/benchmark price is a widely cited physical-market reference. A few provider-specific points matter when using this series.

• Release latency. The IMF publishes Primary Commodity Prices monthly, typically in the first week of the following month. FRED ingests the update shortly after, and Eco3min mirrors it with a monthly pull. The series is not a real-time price.
• Monthly average vs futures spot. This series is a monthly average. It will differ from any single exchange settlement, and a monthly average necessarily understates intra-month peaks.
• Revisions. Prices are market-derived and not subject to the vintage revisions of survey-based macro series, though the IMF can restate recent observations.
• Alternative sources. ICE futures and the originating auction or indicator bodies provide higher-frequency or contract-specific quotes.

Common Pitfalls When Using This Series

1. Confusing nominal and real prices. This series is nominal. Comparing an early-1990s reading to a recent one without adjusting for cumulative inflation overstates the real change. Deflating by CPI gives the true purchasing-power move.
2. Reading the monthly average as a market price. Headlines quote exchange futures; this dataset reports the monthly benchmark average. The two diverge most during fast-moving rallies.
3. Unit confusion. This series is the LME cash price in US dollars per metric ton, and the March 2022 squeeze means the monthly average understates the intraday spike above $100,000 per ton.

Historical Regimes

1992–2002 — Low and cyclical. Stainless-steel demand kept nickel in a low range.

2003–2008 — Supercycle peak. Surging stainless demand drove nickel to a then-record near $50,000 per ton in 2007.

2009–2019 — Post-crisis range. Nickel mostly traded between $10,000 and $20,000 per ton as supply caught up.

2020–2021 — Battery demand. Rising EV-battery demand began lifting nickel off its range.

2022 — The LME short squeeze. Russia’s invasion and a massive short position triggered a more than 250% two-day spike above $100,000 per ton in March 2022, the largest move in LME history, prompting the exchange to halt and cancel trades. A monthly average necessarily understates this intraday extreme.

2023–2026 — Indonesian oversupply. A flood of Indonesian and Chinese supply crashed prices back toward $15,000-20,000 per ton.

Related Macroeconomic Datasets

Commodity Price Hub

This dataset is part of the Eco3min commodity price repository — energy, metals, agricultural softs, and grains, all sourced from IMF Primary Commodity Prices via FRED.

Explore the Commodity Price Hub

Sources

• International Monetary Fund — Primary Commodity Prices, Global Price of Nickel
• Federal Reserve Bank of St. Louis — FRED database, series PNICKUSDM
• London Metal Exchange (LME) cash settlement — basis underlying the IMF series

Dataset Reference

Eco3min Research. (2026). Nickel Price — Global Monthly Price (1992-2026). Source: IMF Primary Commodity Prices via FRED.<br> https://eco3min.fr/en/nickel-price-history-dataset/