Asia: Nickel Market 2024

Nickel Market Size in Asia

The Asian nickel market contracted to $X in 2022, which is down by -5.9% against the previous year. The total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +51.5% against 2016 indices. The level of consumption peaked at $X in 2021, and then dropped in the following year.

Nickel Production in Asia

In value terms, nickel production contracted to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 -3.2% against 2019 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 42%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Nickel Exports

Exports in Asia

In 2022, nickel exports in Asia contracted remarkably to X tons, with a decrease of -36.8% compared with the previous year's figure. Over the period under review, exports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2021 when exports increased by 76%. 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 contracted rapidly to $X in 2022. In general, exports recorded a perceptible contraction. The pace of growth was the most pronounced in 2021 with an increase of 136%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Taiwan (Chinese) (X tons), Singapore (X tons), Japan (X tons) and China (X tons) was the main exporter of nickel (unwrought) in Asia, achieving 83% of total export. It was distantly followed by India (X tons), making up a 4.7% share of total exports. South Korea (X tons) and the United Arab Emirates (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United Arab Emirates (with a CAGR of +25.7%), while the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), Singapore ($X) and Japan ($X) constituted the countries with the highest levels of exports in 2022, with a combined 72% share of total exports. India, China, South Korea and the United Arab Emirates lagged somewhat behind, together comprising a further 22%.

The United Arab Emirates, with a CAGR of +25.4%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, flattening at the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 34%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.0%), while the other leaders experienced more modest paces of growth.

Nickel Imports

Imports in Asia

Nickel imports fell notably to X tons in 2022, reducing by -21.6% against the previous year. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 41%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, nickel imports totaled $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +86.2% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 85% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) was the key importer of nickel (unwrought), creating 48% of total imports. It was distantly followed by Japan (X tons), South Korea (X tons), India (X tons) and Taiwan (Chinese) (X tons), together making up a 42% share of total imports. The United Arab Emirates (X tons) and Turkey (X tons) held a relatively small share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of nickel (unwrought). At the same time, South Korea (+7.4%), Turkey (+6.0%), Japan (+3.6%), Taiwan (Chinese) (+3.4%) and the United Arab Emirates (+2.6%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of +7.4% from 2012-2022. By contrast, India (-1.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea, Japan and Taiwan (Chinese) increased by +5.4, +4.8 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported nickel (unwrought) in Asia, comprising 51% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by South Korea, with an 11% share.

In China, nickel imports expanded at an average annual rate of +3.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+6.7% per year) and South Korea (+11.1% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, jumping by 28% against the previous year. Import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nickel import price increased by +141.7% against 2016 indices. The pace of growth appeared the most rapid in 2021 an increase of 31% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 South Korea ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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