Nornickel, a major player in the global metals market, has released its fifteenth review of the nickel, copper, and platinum group metals (PGM) markets. The full reports are available on Nornickel’s website.
In 2025, nickel prices have shown resilience despite significant market volatility. Prices have remained steady at around $15,000-16,000 per ton due to improving market fundamentals. This is attributed to strong demand in China and a tight Indonesian nickel ore market. However, potential supply risks remain due to possible lower output from Indonesia.
Copper prices have experienced fluctuations with a partial recovery noted by May 2025. Market tightening was driven by increased shipments to the United States ahead of import tariffs and supply disruptions in key regions. Demand remains stable in China but may slow down later in the year due to trade tensions.
For PGMs, palladium and platinum prices have largely remained stable since December 2024. However, mid-May saw a price surge due to increased Chinese imports and American investor interest amid tariff concerns. Despite expectations regarding US tariffs’ impact on the automotive industry, vehicle manufacturing continues to grow.
Nornickel forecasts varying trends for these metals through 2026 while highlighting ongoing geopolitical uncertainties and structural risks that could affect future supply and demand dynamics.
