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World - Nickel - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Nov 1, 2024

World - Nickel - Market Analysis, Forecast, Size, Trends And Insights

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Jul 9, 2021

Nickel Prices Shoot Up Due to Supply Lagging Behind Robust Demand

IndexBox has just published a new report: 'World - Nickel - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

Nickel prices skyrocketed on the expectations of a shortage on the global market provoked by the increase in demand that outpaces the supply growth. The rebound in the steel industry and rising electric vehicle manufacturing drive nickel consumption. Pandemic-related lockdowns in the first half of 2020 and the related uncertainty led to a decrease in the global nickel mine output by -4% y-o-y. Despite this, refined nickel production increased by +2% y-o-y, boosted by the recovering demand from mid-2020 and the use of secondary smelting. Indonesia, the largest nickel ore producer worldwide, banned exports of the ore and thus achieved a record output of refined nickel.

Key Trends and Insights

According to World Bank, the average nickel price in the first half of 2021 reached $17,489 per ton, which was 27% higher than the 2020's average price of $13,787 per ton. Rising demand from the recovering steel industry and from emerging electric car manufacturing provokes the price rally, while the supply is expected to be insufficient in the immediate term due to a decrease in the mined output.

In the first half of 2020, global demand for nickel decreased, following the pronounced slump in steel output. From Q3 2020, it started to recover, driven by the Chinese and Indonesian stainless steel and nickel pig iron sectors. Thanks to this, global refined nickel production grew by 2% in 2020, with the use of recycled nickel enabled to offset the shortage of mined ores.

Global nickel mine output in 2020 fell from 2.6M to 2.5M tons of nickel content, following the pronounced slump in steel output in the first half of the year. The U.S. (+18.5%), Australia (+6.9%), Brazil (+21.6%) and Russia (+0.3%) observed an increase in nickel ore mining in 2020, while in Canada (-17%), the Dominican Republic (-17.4%), and Indonesia (-10.9%), output slumped significantly.

Indonesia, the leading global producer of nickel ore, reduced its volume of mine production from 853К to 760К tons, banned the export of unprocessed nickel ore and increased the refined nickel production to 636K tons. This should help Indonesia to emerge as the largest refined nickel producer worldwide, displacing China from the current leader's position.

Demand from growing stainless steel production will be the main driver of the nickel market in the medium term. Another impact comes from the rapid expansion of the electric vehicle industry. New types of energy-efficient electric vehicle batteries that are being developed use a higher nickel content in the cathode, which will accelerate the consumption growth in this industry.

Global Refined Nickel Production

In 2020, production of refined nickel decreased by -0.5% to 2.6M tons for the first time since 2015, thus ending a four-year rising trend. The total output volume increased at an average annual rate of +4.5% from 2012 to 2020. In value terms, nickel production stood at $38.5B in 2020 estimated in export prices.

The countries with the highest volumes of refined nickel production in 2020 were China (725K tons), Indonesia (636K tons) and Russia (236K tons), together comprising 61% of global production.

From 2012 to 2020, the most notable rate of growth in terms of refined nickel production, amongst the leading producing countries, was attained by Indonesia (+55.7% per year), while nickel production for the other global leaders experienced more modest paces of growth.

Global Refined Nickel Imports

In 2020, global nickel imports dropped to 691K tons, shrinking by -9.7% on 2019 figures. In value terms, nickel imports shrank to $9.4B (IndexBox estimates) in 2020.

China represented the largest importer of nickel in the world, with the volume of imports accounting for 214K tons, which was approx. 31% of total imports in 2020. The U.S. (90K tons) held the second position in the ranking, followed by Germany (57K tons), the Netherlands (37K tons) and Japan (32K tons). All these countries together took near 31% share of total imports. The following importers - India (31K tons), Italy (30K tons), South Korea (27K tons), Taiwan (Chinese) (24K tons), Sweden (20K tons), Belgium (16K tons), Austria (15K tons) and Spain (14K tons) - together made up 26% of total imports.

In value terms, China ($2.7B) constitutes the largest market for imported nickel worldwide, comprising 29% of global imports. The second position in the ranking was occupied by the U.S. ($1.2B), with a 13% share of global imports. It was followed by Germany, with an 8.1% share.

In 2020, the average nickel import price amounted to $13,651 per ton, shrinking by -3.5% against the previous year. Average prices varied noticeably amongst the major importing countries. In 2020, major importing countries recorded the following prices: in Austria ($14,894 per ton) and Japan ($14,825 per ton), while China ($12,827 per ton) and Sweden ($13,194 per ton) were amongst the lowest.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global nickel market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 24451100 - Nickel, unwrought
  • Prodcom 24451110 -
  • Prodcom 24451120 -

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Company coverage:

Vale, Norilsk Nickel, Jinchuan Group, Glencore, BHP Group, Rio Tinto Group, Victory Nickel, Eagle Mine, Lundin Mining Corp., PolyMet Mining Corp., Sibanye Gold Ltd, Stillwater Mining Co, Votorantim S.A., Terrafame Ltd., Eramet Group, Sumitomo Metal Mining Co., SK Innovation Co., Coral Bay Nickel, Taganito HPAL Nickel, ZAO Rezhnickel

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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