Historical Nickel Prices (1983-2013) (30 Years)Posted: October 15, 2013
Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile. Pure nickel shows a significant chemical activity that can be observed when nickel is powdered to maximize the exposed surface area on which reactions can occur, but larger pieces of the metal are slow to react with air at ambient conditions due to the formation of a protective oxide surface. Even then, nickel is reactive enough with oxygen that native nickel is rarely found on Earth’s surface, being mostly confined to the interiors of larger nickel–iron meteorites that were protected from oxidation during their time in space. On Earth, such native nickel is always found in combination with iron, a reflection of those elements’ origin as major end products ofsupernova nucleosynthesis. An iron–nickel mixture is thought to compose Earth’s inner core.
The use of nickel (as a natural meteoric nickel–iron alloy) has been traced as far back as 3500 BC. Nickel was first isolated and classified as a chemical element in 1751 by Axel Fredrik Cronstedt, who initially mistook its ore for a copper mineral. The element’s name comes from a mischievous sprite of German miner mythology, Nickel (similar to Old Nick), that personified the fact that copper-nickel ores resisted refinement into copper. An economically important source of nickel is the iron ore limonite, which often contains 1-2% nickel. Nickel’s other important ore minerals include garnierite, and pentlandite. Major production sites include the Sudbury region in Canada (which is thought to be of meteoricorigin), New Caledonia in the Pacific, and Norilsk in Russia.
Because of nickel’s slow rate of oxidation at room temperature, it is considered corrosion-resistant. Historically, this has led to its use: i) for platingmetals such as iron and brass ii) in chemical apparatus and iii) in certain alloys that retain a high silvery polish, such as German silver. About 6% of world nickel production is still used for corrosion-resistant pure-nickel plating. Nickel was once a common component of coins, but has largely been replaced by cheaper iron for this purpose, especially since the metal is a skin allergen for some people. It was reintroduced into UK coins in 2012 despite objections from dermatologists.
Nickel is one of four elements that are ferromagnetic around room temperature. Alnico permanent magnets based partly on nickel are of intermediate strength between iron-based permanent magnets and rare-earth magnets. The metal is chiefly valuable in the modern world for thealloys it forms; about 60% of world production is used in nickel-steels (particularly stainless steel). Other common alloys, as well as some newsuperalloys, make up most of the remainder of world nickel use, with chemical uses for nickel compounds consuming less than 3% of production. As a compound, nickel has a number of niche chemical manufacturing uses, such as a catalyst for hydrogenation. Enzymes of some microorganisms and plants contain nickel as an active site, which makes the metal an essential nutrient for them.
Nickel prices declined 3087.00 USD/MT or 18.13 percent during the last 12 months. Historically, from 1993 until 2013, Nickel averaged 13479.5 USD/MT reaching an all time high of 54050.0 USD/MT in May of 2007 and a record low of 3730.5 USD/MT in December of 1998. Nickel high melting point and resistance to corrosion have contributed to its diversified use. Nickel is mainly used in the production of stainless steel and other alloys and can be found in food preparation equipment, mobile phones, medical equipment, transport, buildings, power generation. The biggest producers of nickel are Russia, Canada, New Caledonia, Australia, Indonesia, Cuba, China, South Africa, Dominican Republic, Botswana, Columbia, Greece and Brazil. Nickel futures are available for trading in The London Metal Exchange (LME). The standard contact has a weight of 6 tonnes. This page contains – Nickel – actual values, historical data, forecast, chart, statistics, economic calendar and news. 2013-10-16
Historic Nickel Prices 1997 – 2013
Historical Nickel Prices 1983 -2013 (30 years)