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Nikhil Shah

Principal Analyst View profile

CRU’s Nickel services include market analysis and forecasts, price assessments and cost services, providing you with a global view of the latest nickel industry news and its relationship to other base metals.

CRU’s market analysis gives an in-depth examination of supply, demand, trade and prices of nickel worldwide. We offer a five-year forecast on production, consumption, market balance, prices and stainless steel output.

Our price assessments for nickel cover premia in Europe, North America and Asia, supported by regular updates on how market events are affecting prices. We also provide a weekly assessment of the nickel sulphate price in China. Our Battery Value Chain Service offers granular data on market supply and demand dynamics, enabling you to stay ahead of technological changes and market developments. CRU’s robust and transparent methodology allows you to rely on our prices. Our new acquisition of Exawatt gives us further insight and expertise into critical commodities and electrification technologies, resulting in a united force to reshape the future of sustainable energy solutions on a global scale.

As part of the Nickel Market Outlook, we also provide three supplementary reports:

  • Nickel sulphate: The nickel sulphate supplement provides a supply/demand balance for the next five years and a price forecast for nickel sulphate. This report is provided on an annual basis.
  • Battery Metals Market Outlook: Alongside analysis of key themes in the battery markets, it provides a forecast for automotive sales by powertrain, battery chemistries and a database of global precursor, cathode and battery manufacturers. This is updated on a half-yearly basis.
  • Long-term outlook:  Looking at the nickel supply gap in the long-term and what nickel price is required to bring new capacity to the market. This is report provided on an annual basis. We offer a comprehensive cost service for nickel, with an independent breakdown of production costs for nickel sulphide and laterite operations. Our insights into the Chinese market examine costs for 100% of production.

Our analysts are recognised as world experts on nickel and related commodities and can be contacted directly to share industry knowledge and discuss market developments in more depth.


  • Nickel


Find out more about CRU’s Analysis services

CRU's unique services are the product of both our in-depth understanding of the markets and close contact with our customers. We want to hear from you.

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  • Nikhil Shah | CRU Principal Analyst

    Nikhil Shah

    Principal Analyst London
  • Panos Kotseras

    Panos Kotseras

    Head of Stainless Steel Raw Materials London
  • Frank Nikolic

    Vice President, North America - Base and Battery Metals Pittsburgh
  • Linda Zhang

    Battery Material APAC Lead Singapore
  • Sam Adham

    Head of Battery Materials London

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