The nickel demand from the global aerospace industry has surged due to the excellent properties of nickel, such as high corrosion resistance and mechanical strength. Coupled with high nickel demand from sectors of electric vehicles, energy infrastructure, and stainless steel, the supply of nickel becomes limited, which results in higher prices.

Since the first quarter of this year, due to the limited supply for smaller orders, the prices of high-nickel superalloys have doubled.
In addition, on account of the ongoing geopolitical tensions, defense spending was expected to increase in 2023, besides material procurement for commercial aircraft.

With mills’ longer lead times, prices will only rise further in spite of low prices of materials. Therefore, buyers are better to arrange their procurement as early as possible in order to save costs and meet deadlines.