Brazil: Nickel Market 2024

Nickel Market Size in Brazil

The Brazilian nickel market reduced to $X in 2022, declining by -3.6% against the previous year. Over the period under review, consumption recorded a slight downturn. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Nickel Production in Brazil

In value terms, nickel production contracted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a deep reduction. The pace of growth was the most pronounced in 2014 with an increase of 6.7% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Nickel Exports

Exports from Brazil

In 2022, exports of nickel (unwrought) from Brazil soared to X tons, picking up by 78% compared with the previous year. Overall, exports, however, saw a precipitous contraction. The pace of growth appeared the most rapid in 2021 with an increase of 199% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, nickel exports surged to $X in 2022. Over the period under review, exports, however, recorded a significant contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 183%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Argentina (X tons) was the main destination for nickel exports from Brazil, with a 78% share of total exports. Moreover, nickel exports to Argentina exceeded the volume sent to the second major destination, the United States (X tons), fivefold.

From 2012 to 2022, the average annual growth rate of volume to Argentina totaled -15.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-43.7% per year) and Paraguay (+48.8% per year).

In value terms, Argentina ($X) remains the key foreign market for nickel (unwrought) exports from Brazil, comprising 74% of total exports. The second position in the ranking was held by the United States ($X), with a 9.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Argentina totaled -15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-45.8% per year) and Paraguay (+45.5% per year).

Export Prices by Country

The average nickel export price stood at $X per ton in 2022, increasing by 25% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 143%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the average price for exports to the United States ($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 the Netherlands (-0.4%), while the prices for the other major destinations experienced a decline.

Nickel Imports

Imports into Brazil

Nickel imports into Brazil dropped to X tons in 2022, reducing by -12.7% on 2021. Over the period under review, imports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2016 with an increase of 178% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, nickel imports skyrocketed to $X in 2022. In general, imports, however, recorded buoyant growth. The growth pace was the most rapid in 2021 when imports increased by 109% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Norway (X tons) constituted the largest supplier of nickel to Brazil, with a 47% share of total imports. Moreover, nickel imports from Norway exceeded the figures recorded by the second-largest supplier, Finland (X tons), threefold. The third position in this ranking was held by Russia (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Norway amounted to +18.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (+65.3% per year) and Russia (+44.6% per year).

In value terms, Norway ($X) constituted the largest supplier of nickel (unwrought) to Brazil, comprising 48% of total imports. The second position in the ranking was taken by Finland ($X), with a 14% share of total imports. It was followed by Russia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Norway stood at +23.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (+70.4% per year) and Russia (+48.0% per year).

Import Prices by Country

The average nickel import price stood at $X per ton in 2022, growing by 38% against the previous year. Over the period under review, the import price enjoyed a perceptible increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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