ASEAN: Nickel Market 2025

Nickel Market Size in ASEAN

The ASEAN nickel market rose modestly to $X in 2022, with an increase of 2% against the previous year. Over the period under review, consumption recorded a prominent increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Nickel Production in ASEAN

In value terms, nickel production expanded modestly to $X in 2022 estimated in export price. In general, production, however, recorded a prominent expansion. The growth pace was the most rapid in 2017 with an increase of 53%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Nickel Exports

Exports in ASEAN

In 2022, approx. X tons of nickel (unwrought) were exported in ASEAN; with a decrease of -65% on the year before. In general, exports, however, saw a perceptible increase. The most prominent rate of growth was recorded in 2021 when exports increased by 395%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, nickel exports contracted significantly to $X in 2022. Over the period under review, exports, however, recorded a tangible increase. The pace of growth appeared the most rapid in 2021 with an increase of 606% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Singapore prevails in exports structure, resulting at X tons, which was approx. 90% of total exports in 2022. It was distantly followed by Malaysia (X tons), comprising a 5.9% share of total exports. Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to nickel exports from Singapore stood at +3.2%. At the same time, Indonesia (+32.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +32.1% from 2012-2022. By contrast, Malaysia (-1.8%) illustrated a downward trend over the same period. While the share of Indonesia (+3.1 p.p.) and Singapore (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-3.4 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) remains the largest nickel supplier in ASEAN, comprising 92% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 5% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Singapore stood at +3.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-0.7% per year) and Indonesia (+27.4% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, increasing by 2.2% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 43% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.1%), while the other leaders experienced a decline in the export price figures.

Nickel Imports

Imports in ASEAN

In 2022, nickel imports in ASEAN skyrocketed to X tons, with an increase of 18% compared with 2021. In general, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 199%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, nickel imports soared to $X in 2022. Overall, imports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2013 when imports increased by 156% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Singapore (X tons) represented the key importer of nickel (unwrought), mixing up 43% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 26% share, followed by Thailand (13%), Indonesia (11%) and Vietnam (7.4%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Indonesia (with a CAGR of +13.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Singapore ($X) constitutes the largest market for imported nickel (unwrought) in ASEAN, comprising 48% of total imports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total imports. It was followed by Thailand, with a 17% share.

From 2012 to 2022, the average annual growth rate of value in Singapore totaled -15.8%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (-10.2% per year) and Thailand (-2.1% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, surging by 16% against the previous year. In general, the import price saw a slight expansion. The pace of growth appeared the most rapid in 2018 when the import price increased by 28% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

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 Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform