Nickel Milan: today’s quotation

Today’s value

In the session of September 7, 2026 the Nickel Milan index stands at 17,736 EUR/t, a change of −0.5% on the previous session. The chart covers the last 64 sessions; the full multi-year history is available to FT Mercati subscribers.

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What it is

Nickel Milan is the reference quotation of nickel on the Milan market, expressed in euro per tonne. Nickel is the metal that makes steel stainless and enters superalloys, copper-nickel alloys such as nickel silver and electroplated coatings: for Italian industry its euro quotation is the reference against which alloy surcharges and price adjustments are assessed.

How it is calculated

The index starts from the LME nickel quotation, converts it into euro and adds the Italian market premiums for physical metal. Daily publication on trading days, with a continuous history.

From ASSOMET to FT Mercati: continuity of the series

Until 31 July 2026 this quotation was part of the "Milan prices" calculated and published by ASSOMET, the Italian national association of non-ferrous metal industries. Since 1 August 2026 FT Mercati has continued its calculation independently with the same criteria: the Nickel Milan index is the continuation of the same series, with the full history preserved.

For those who use it in contracts nothing changes: monthly averages, year-on-year comparisons and price-revision clauses cross 1 August 2026 without a break. It is advisable to update the contractual reference to "FT Mercati Nickel Milan index" and, for existing contracts, to share the transition with the counterparty.

What it is used for

It serves producers and buyers of stainless steels and special alloys, electroplating shops and anyone who has to check the alloy surcharge applied to stainless products; it is also the basis for the value of the nickel contained in the alloys quoted in Milan, such as nickel silver.

Milan index versus LME price: the difference

The LME Nickel price is the exchange quotation of the London Metal Exchange: primary metal in US dollars per tonne, delivered in approved warehouses. The Nickel Milan index starts from that price, expresses it in euro and incorporates the premiums of the Italian market, i.e. the cost separating the exchange price from metal physically available on the Milan market, in the form and conditions used by the industry.

That is why the two numbers move together but never coincide: the difference reflects the physical premium and the euro-dollar exchange rate. Buyers of metal in Italy look at the Milan index; those who want to read the world market look at the LME.

Frequently asked questions

What is the Nickel Milan index?

It is the reference quotation of nickel on the Milan market, calculated and published on every trading day by FT Mercati in EUR/t. It continues the historical series published by ASSOMET until 31 July 2026, with the same criteria and the history preserved.

How is it calculated?

The index starts from the LME nickel quotation, converts it into euro and adds the Italian market premiums for physical metal. Daily publication on trading days, with a continuous history.

Can I use it in contracts that referred to the ASSOMET prices?

Yes: it is the continuation of the same series, so averages and price-revision clauses keep working. It is advisable to update the reference to "FT Mercati Nickel Milan index" and, for existing contracts, to share the transition with the counterparty.

Where can I find the full history?

The website shows the latest published value and the trend of the most recent sessions. FT Mercati subscribers have the daily values, the multi-year history and the tools for contractual use on the platform; you can start with a free trial.

What is the difference from the LME price?

The LME quotes primary metal in US dollars per tonne with delivery in exchange warehouses; the Milan index starts from that price, expresses it in euro and adds the Italian market premiums for physical metal. The two values move together, but the difference — premium and exchange rate — is never zero.

The Milan Indexes are calculated and published by FT Mercati and are reference values of the Italian market, not exchange prices. The value shown is that of the latest published session.