Country Report

Global nickel industry cost summary

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Our current update of the Nickel Industry Cost Service estimates that industry costs will decline by 3% to average $14,979/t Ni on a C1 + sustaining capital basis in 2025. Favorable exchange rates (-US$189/t) and lower realization costs (-US$193/t) outweigh cost inflation (+US$154/t), and lower revenue from by-product credits (+US$159/t Ni). For the sulphide producers, mixed effects from higher copper (+2%) and gold (+5%) prices offset falls in cobalt (-12%).

Table of contents

  • Updated data and analysis, Q1 2025

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What's included

This report contains:

  • Document

    Appendix Technology Nickel

    PDF 419.84 KB

  • Document

    Woodmac Global Nickel Industry Cost Summary (Q1 2025).pdf

    PDF 1.64 MB