Nickel is a chemical element that is used in several items such as stainless steel, batteries, magnets and coins. It is also used in other types of metals such as aluminum, lead and copper. The price of nickel has been steadily on growing, owing to rise in demand. This increase is primarily due to the rising demand for stainless steel, the largest end-use for nickel. Stainless steel production is forecast to reach almost 30MT during 2011.The average cost of nickel in 2011 is $12 per pound. The prices are expected to further rise during the year. The LME nickel price has been soaring since the beginning of the year, crossing the $25,000-mark per ton.