Africa: Nickel Market 2025

Nickel Market Size in Africa

The African nickel market was estimated at $X in 2022, picking up by 1.7% against the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.1% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Nickel Production in Africa

In value terms, nickel production totaled $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.7% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 35%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Nickel Exports

Exports in Africa

In 2022, exports of nickel (unwrought) in Africa declined to X tons, dropping by -10.9% against 2021. Overall, exports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 168%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, nickel exports totaled $X in 2022. Over the period under review, exports, however, showed prominent growth. The pace of growth appeared the most rapid in 2021 when exports increased by 165% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, South Africa (X tons) was the largest exporter of nickel (unwrought), constituting 64% of total exports. It was distantly followed by Madagascar (X tons), constituting a 36% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Madagascar (with a CAGR of +18.9%).

In value terms, South Africa ($X) remains the largest nickel supplier in Africa, comprising 71% of total exports. The second position in the ranking was taken by Madagascar ($X), with a 28% share of total exports.

In South Africa, nickel exports increased at an average annual rate of +21.1% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, growing by 14% against the previous year. In general, the export price posted a modest increase. The pace of growth appeared the most rapid in 2021 an increase of 40%. The level of export peaked in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Madagascar stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+3.0%).

Nickel Imports

Imports in Africa

Nickel imports soared to X tons in 2022, picking up by 203% against the previous year. Overall, imports enjoyed strong growth. The pace of growth appeared the most rapid in 2016 when imports increased by 337%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, nickel imports skyrocketed to $X in 2022. In general, imports, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2016 with an increase of 215% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, South Africa (X tons) was the key importer of nickel (unwrought), comprising 75% of total imports. Egypt (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Tunisia (6.5%). Senegal (X tons) and Algeria (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to nickel imports into South Africa stood at +5.4%. At the same time, Senegal (+105.6%), Algeria (+34.2%), Tunisia (+7.2%) and Egypt (+2.3%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Africa, with a CAGR of +105.6% from 2012-2022. While the share of Senegal (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Egypt (-3.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X), Egypt ($X) and Tunisia ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 91% of total imports. Algeria and Senegal lagged somewhat behind, together accounting for a further 4.4%.

In terms of the main importing countries, Senegal, with a CAGR of +78.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Africa amounted to $X per ton, reducing by -41% against the previous year. Overall, the import price saw a drastic downturn. The growth pace was the most rapid in 2019 an increase of 19%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Egypt ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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