Nickel facts

Nickel is a versatile metal valued for its strength, corrosion resistance, and ability to withstand extreme temperatures. Primarily used in stainless steel production, it supports a wide range of industries and everyday products. More recently, nickel’s role has expanded into advanced technologies, particularly in batteries for electric vehicles (EV), as the market for EVs and renewable energy accelerates. Its growing importance in sustainable technologies has made nickel a cornerstone of the green transition, positioning it at the forefront of innovation and the shift toward a low-carbon economy.

Learn more about nickel

Uses

Stainless steel is the largest end use for nickel, accounting for nearly two thirds of total consumption. Nickel improves stainless steel by increasing its strength, toughness, corrosion resistance, and ability to withstand both high and low temperatures. It is also used as an alloying agent in other ferrous and non-ferrous metals, where it enhances durability, heat resistance, and overall performance in demanding applications such as aerospace, energy, and chemical processing.

Nickel is also used in electroplating, where a thin layer of nickel is applied to a metal object for decorative purposes and to enhance resistance to corrosion and wear.

Although nickel has long been used in nickel-cadmium batteries, its growing role in lithium-ion battery production for EVs is an important shift in its applications.

Production

In 2024, Canadian mines produced 125,364 tonnes of nickel in concentrate, a slight 1% decrease from the previous year. Ontario produced the most (40%), Quebec contributed 37%, Newfoundland and Labrador accounted for 14%, and Manitoba produced 9%.

Canada has three key nickel 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 facility along with a lithium-ion battery recycling plant north of Toronto.

Consult a map of producing Canadian mines

International context

Global nickel mine production in 2024 was estimated at 3.6 million tonnes, a 2% increase from 2023. Indonesia was the largest producer, accounting for 2.2 million tonnes or about 61% of global output. Canada ranked fourth, contributing about 4% of the global total.

World reserves

In 2024, global nickel reserves were estimated at over 130 million tonnes. The largest reserves are in Indonesia (42%), Australia (18%), and Brazil (12%). Canada holds an estimated 2.2 million tonnes, representing 2% of global reserves, and ranks eighth globally.

Global nickel resources in 2024 were estimated at more than 350 million tonnes, with 54% found in laterite deposits and 35% in magmatic sulfide deposits. Nickel has also been found in seafloor crusts and nodules.

Trade

Canada’s total trade in nickel and nickel-based products was valued at $5.4 billion in 2024, consisting of $4.5 billion in exports and $887 million in imports — a 19% decline from 2023. This decrease was driven mainly by lower nickel prices, as trade volumes remained relatively stable.

Canada exported 98,199 tonnes of unwrought nickel valued at $2.4 billion in 2024. By volume, 43% of these exports went to the United States, 15% to the Netherlands, 9% to Belgium, and 8% to China, with the remaining share distributed among 16 other countries.

Prices

Nickel prices have experienced significant volatility over the past decade. The average monthly price per tonne fell to a decade low of US$8,299 in February 2016, before gradually recovering to US$17,657 in September 2019. Prices then declined because of the impacts of the COVID-19 pandemic but rose again to a decade high of US$25,834 in 2022, before dropping 17% to US$21,521 in 2023.

In 2024, the average monthly price fell a further 22%, reaching US$16,814, the lowest level since 2020. This decline was driven primarily by a growing nickel surplus from Indonesia, continuing a trend that began in 2023. Indonesia has significantly expanded production of nickel intermediates such as nickel matte and mixed hydroxide precipitate (MHP), which are processed into battery-grade nickel sulfate, primarily in China. Indonesia also produces nickel pig iron (NPI) for stainless steel, though demand for NPI has recently weakened.