Nickel facts

Nickel and its compounds are essential in manufacturing the stainless steel that is used in countless products we rely on in our daily lives. Nickel is also used increasingly to manufacture batteries for electric vehicles (EV), which are a key technology in the clean energy transition.

Learn more about nickel

Uses

Stainless steel is the largest end use for nickel, accounting for just under two-thirds of total consumption. Nickel is used as an alloying agent in the manufacture of both metal products that contain iron and those that do not.

It is also used in electroplating, in which a thin layer of nickel is coated onto a metal object as a decorative feature or to provide resistance to corrosion and wear.

While nickel is well known as a component in the manufacture of nickel-cadmium batteries, an important evolving use is in production of lithium-ion batteries for EVs.

Production

In 2022, Canada produced 143,266 tonnes of nickel in concentrate, which is 10% less than the previous year. Ontario produced 50% of Canada’s mined nickel, and Quebec produced 27%, with the rest from Newfoundland and Labrador and Manitoba.

Canada produces refined nickel at three refineries in Fort Saskatchewan, Alberta; Sudbury, Ontario; and Long Harbour, Newfoundland and Labrador.

Ontario-based Electra Battery Materials is developing a cobalt and nickel sulfate production plant and a lithium-ion battery recycling plant north of Toronto.

Consult a map of producing Canadian mines

International context

Global mine production of nickel in 2022 was estimated at 3.3 million tonnes, which is an increase of 20% from 2021. Indonesia was the largest producer at 1.6 million tonnes, or 49% of global mined production. Canada ranked sixth, producing 4% of the global total.

World reserves

In 2022, total world nickel reserves were estimated to be greater than 102 million tonnes by the U.S. Geological Survey. The largest known reserves are in Indonesia (21%), Australia (21%), and Brazil (16%). Canada has an estimated 2.2 million tonnes of nickel reserves, representing 2% of the world reserves, and ranking seventh globally.

In 2022, nickel resources globally were estimated at more than 300 million tonnes, with 60% in laterite deposits and 40% in magmatic sulphide deposits. Nickel has also been found in seafloor crusts and nodules.

Trade

Canada's total trade in nickel and nickel-based products in 2022 was valued at $7.5 billion. Exports of nickel and nickel-based products were valued at $6.8 billion, and imports were valued at $726.0 million.

Canada exported 105,621 tonnes of unwrought nickel valued at $3.5 billion in 2022. The United States imported close to 40% of these exports by volume, while 12% was destined for China. A further 12% went to the Netherlands, 7% went to Japan, and the remainder was shipped to 18 other countries.

Prices

The price of nickel has fluctuated significantly over the last decade. The average monthly price per tonne peaked at US$20,394 in February 2012 and then declined to US$15,032 in 2013. The price recovered in 2014 to US$16,893 before again decreasing in 2015 and 2016 to US$9,595. The price rose for the next three years to reach US$13,914 in 2019 before decreasing slightly in 2020 to US$13,787 because of the impacts of COVID-19. The price subsequently recovered to US$18,465 in 2021 and climbed further to US$25,834 in 2022.

In March 2022, the price of nickel briefly surged to US$33,924 following fears of the nickel supplies being disrupted by the Russian invasion of Ukraine. The London Metal Exchange briefly suspended the trading of nickel on March 8 after prices more than doubled over a few hours.

Prices for nickel have historically been linked with the demand for stainless steel, but the growing use in batteries has increased demand and raised prices since 2017.