Nickel prices appear to have shot up from their week-ago levels and hit a new record for 2021, Kallanish learns from the London Metal Exchange. 

At the end of last week, cash nickel prices closed at $18,599/tonne - or up about 6% from their 4 February level of $17,535/t. 

Nickel prices rose sharply in the first week of 2021 from 2020’s closing price of $16,540/t, reaching their most recent high on 21 January of $18,370/t.

The vast majority of global nickel production is consumed by the stainless steel industry, with a lesser - but growing - amount destined for electric vehicle batteries. Nickel provides the primary pricing component for austenitic stainless steel surcharges, with surcharges typically being calculated on a one-to-two-month rolling average.