Africa: Nickel Ore Market 2024

Nickel Ore Market Size in Africa

In 2021, the African nickel ore market increased by 13% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption continues to indicate a noticeable decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Nickel Ore Production in Africa

In value terms, nickel ore production surged to $X in 2021 estimated in export price. In general, production, however, showed a pronounced downturn. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Nickel Ore Exports

Exports in Africa

For the fourth year in a row, Africa recorded growth in shipments abroad of nickel ores and concentrates, which increased by 18% to X tons in 2021. In general, exports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2015 when exports increased by 47%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, nickel ore exports skyrocketed to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Botswana (X tons) represented the main exporter of nickel ores and concentrates, achieving 59% of total exports. Zimbabwe (X tons) ranks second in terms of the total exports with a 13% share, followed by Cote d'Ivoire (11%) and Zambia (11%). Mozambique (X tons) held a little share of total exports.

Exports from Botswana increased at an average annual rate of +20.0% from 2012 to 2021. At the same time, Cote d'Ivoire (+43.3%) and Mozambique (+20.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Africa, with a CAGR of +43.3% from 2012-2021. Zambia experienced a relatively flat trend pattern. By contrast, Zimbabwe (-10.7%) illustrated a downward trend over the same period. Botswana (+41 p.p.), Cote d'Ivoire (+10 p.p.) and Mozambique (+3 p.p.) significantly strengthened its position in terms of the total exports, while Zambia and Zimbabwe saw its share reduced by -7.1% and -43.9% from 2012 to 2021, respectively.

In value terms, Botswana ($X) remains the largest nickel ore supplier in Africa, comprising 47% of total exports. The second position in the ranking was taken by Zimbabwe ($X), with an 18% share of total exports. It was followed by Zambia, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Botswana amounted to +20.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Zimbabwe (-15.6% per year) and Zambia (+7.5% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2021, picking up by 18% against the previous year. Overall, the export price, however, showed a deep setback. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Zambia ($X per ton), while Botswana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Zambia (+8.2%), while the other leaders experienced mixed trends in the export price figures.

Nickel Ore Imports

Imports in Africa

In 2021, approx. X tons of nickel ores and concentrates were imported in Africa; growing by 15% compared with 2020. Overall, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of 2,450% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, nickel ore imports soared to $X in 2021. In general, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 1,800%. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Botswana (X tons) was the major importer of nickel ores and concentrates, mixing up 86% of total imports. It was distantly followed by Mozambique (X tons), comprising a 12% share of total imports. South Africa (X tons) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to nickel ore imports into Botswana stood at +27.1%. At the same time, Mozambique (+72.6%) displayed positive paces of growth. Moreover, Mozambique emerged as the fastest-growing importer imported in Africa, with a CAGR of +72.6% from 2012-2021. By contrast, South Africa (-24.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Botswana and Mozambique increased by +53 and +12 percentage points, respectively.

In value terms, Botswana ($X) constitutes the largest market for imported nickel ores and concentrates in Africa, comprising 88% of total imports. The second position in the ranking was taken by Mozambique ($X), with an 11% share of total imports.

In Botswana, nickel ore imports expanded at an average annual rate of +28.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Mozambique (+53.8% per year) and South Africa (-27.2% per year).

Import Prices by Country

In 2021, the import price in Africa amounted to $X per ton, approximately equating the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 47%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Botswana ($X per ton), while South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Botswana (+1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform