Nickel prices are holding firm at elevated levels, primarily driven by ongoing supply deficits. Market experts suggest that the tightness in the nickel market is likely to persist, keeping prices supported in the near future.

A key factor contributing to the high nickel prices is the robust demand from the stainless steel industry. Nickel is a crucial component in stainless steel production, and the growing global demand for stainless steel has intensified the pressure on nickel supplies.

Furthermore, disruptions in nickel production from major producing regions have exacerbated the supply shortages. These disruptions, coupled with increasing demand, have created a situation where buyers are willing to pay a premium to secure nickel supplies. Consequently, nickel prices have remained high and volatile.