According to a report by nickel Asia Corporation (NAC), a listed company, on March 7, 2025, nickel prices are expected to face upward pressure driven by the growth in demand from the stainless steel and electric vehicle industries, coupled with potential supply constraints. The company stated in a report released later on Wednesday that “the visibility of nickel supply beyond 2027 is limited considering the availability of ore, regulatory challenges, and execution risks of processing projects.” Previously, NAC had indicated that its ore sales revenue decreased by 8.5% year-on-year to 195.6 billion pesos from 213.8 billion pesos due to the decline in ore prices from $23.30 per wet metric ton last year to $20.04 per wet metric ton (a drop of 14%). The latest analysis by the Philippine Nickel Industry Association (PNIA) shows that global nickel production is expected to increase by 3.8% in 2025, while consumption will grow by 5% to 3.514 million tons driven by demand from stainless steel and renewable energy. The report suggests that nickel prices, which recently hit a four-year low, are likely to maintain an average price of $16,750 per ton in 2025, with the possibility of surging to $20,000 per ton at the beginning of the year.