The Best ASX Nickel Stocks To Buy Now In April 2026

Nickel stocks present an interesting opportunity for investors focused on the long-term growth story of electric vehicles and green energy – but they require a clear-eyed view of the commodity’s recent price history. After nickel prices on the LME peaked at over US$30,000 per tonne, they crashed and have remained depressed as Indonesian nickel production – much of it backed by Chinese capital – created a significant global oversupply. The crash hit many ASX nickel producers and developers hard: IGO wrote off virtually all of the $1.3bn it paid for Western Areas just 18 months earlier; Panoramic Resources entered administration; Mincor Resources was acquired by Andrew Forrest’s private vehicle Wyloo Metals. In early 2026, there has been a modest recovery with nickel prices briefly rallying above US$18,000 per tonne in January as Indonesia’s planned 2026 production quota cuts generated tightness expectations. However, prices remain range-bound – driven by short-term supply policy shifts rather than broad demand resurgence – as oversupply concerns and weak stainless steel and battery demand in parts of Asia continue to temper any sustained rally.