Belgium: Nickel Market 2024

Nickel Market Size in Belgium

In 2022, the Belgian nickel market increased by 22% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a relatively flat trend pattern. Nickel consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Nickel Production in Belgium

In value terms, nickel production shrank markedly to $X in 2022 estimated in export price. Overall, production continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 487%. Nickel production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Nickel Exports

Exports from Belgium

In 2022, after two years of growth, there was significant decline in overseas shipments of nickel (unwrought), when their volume decreased by -81.8% to X tons. In general, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 585% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, nickel exports dropped significantly to $X in 2022. Overall, exports saw a deep downturn. The growth pace was the most rapid in 2020 with an increase of 506% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

France (X tons), the United States (X tons) and Germany (X tons) were the main destinations of nickel exports from Belgium, with a combined 54% share of total exports. The UK, India, Italy, the Netherlands, South Korea, Turkey, Brazil, China, Mexico and Spain lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +45.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and Germany ($X) constituted the largest markets for nickel exported from Belgium worldwide, with a combined 51% share of total exports. The UK, India, Italy, the Netherlands, South Korea, Turkey, China, Brazil, Mexico and Spain lagged somewhat behind, together accounting for a further 40%.

Among the main countries of destination, India, with a CAGR of +49.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average nickel export price amounted to $X per ton, picking up by 46% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2022: its price 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, nickel export price increased by +74.9% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Nickel Imports

Imports into Belgium

In 2022, after two years of growth, there was significant decline in purchases abroad of nickel (unwrought), when their volume decreased by -55.2% to X tons. Over the period under review, imports showed a pronounced downturn. The growth pace was the most rapid in 2020 with an increase of 172% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted remarkably in the following year.

In value terms, nickel imports reduced rapidly to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 167%. Imports peaked at $X in 2021, and then reduced sharply in the following year.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest nickel supplier to Belgium, accounting for a 77% share of total imports. Moreover, nickel imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold. The third position in this ranking was held by Madagascar (X tons), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands stood at +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+11.8% per year) and Madagascar (-14.9% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of nickel (unwrought) to Belgium, comprising 79% of total imports. The second position in the ranking was taken by Germany ($X), with a 3.4% share of total imports. It was followed by Madagascar, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+9.9% per year) and Madagascar (-9.1% per year).

Import Prices by Country

The average nickel import price stood at $X per ton in 2022, rising by 58% against the previous year. In general, the import price enjoyed a temperate expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Madagascar (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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