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Nickel Price in 2023

In 2023, the price of nickel averaged $21,521 per tonne, down 16.7% from the year before. This page covers the 2023 average, high, low, and year-end close, the events that moved the market, and what that nickel would be worth in today's dollars.

2023 Average

$21,521

LME annual average, USD/tonne

Change vs 2022

-16.7%

from $25,834 in 2022

What happened to the nickel price in 2023

Nickel averaged $21,521 per tonne in 2023, sliding 16.7% from the $25,834 average of 2022. The notable development of 2023: USGS confirms LME cash $21,495..

A 2022 short squeeze briefly sent nickel above $100,000 intraday and forced the LME to halt and cancel trades; the annual average reached about $25,800 before Indonesian oversupply drove a multi-year decline.

Adjusted for inflation, nickel's 2023 average of $21,521 equals about $22,764 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.

Frequently Asked Questions

What was the price of nickel in 2023?
Nickel averaged $21,521 per tonne in 2023, based on World Bank and LME annual average data. That average was down 16.7% from $25,834 in 2022.
What is a 2023 nickel price worth in today's dollars?
Adjusted with the US Consumer Price Index, nickel's 2023 average of $21,521 works out to roughly $22,764 in today's dollars, using 2025 as the CPI base year. The conversion uses BLS CPI-U annual averages, so treat it as a close approximation rather than an exact figure.
What moved the nickel price in 2023?
The defining story of 2023: USGS confirms LME cash $21,495.. Against that backdrop, the annual average fell 16.7%, from $25,834 in 2022 to $21,521.

Annual averages are World Bank and LME nickel prices per tonne in US dollars (LME cash and settlement basis). Values before the LME nickel contract launched in April 1979 are producer and reference prices, and the 2025 figure is preliminary. Where daily data exists, the per-year high, low, and close come from MetalCharts historical data. Inflation adjustments use BLS CPI-U annual averages.