Colombia: Nickel Ore Market 2025

Nickel Ore Market Size in Colombia

In 2021, after two years of decline, there was growth in the Colombian nickel ore market, when its value increased by 0.3% to $X. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Nickel Ore Production in Colombia

In value terms, nickel ore production totaled $X in 2021 estimated in export price. In general, production, however, saw strong growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 37% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; afterwards, it flattened through to 2021.

Nickel Ore Exports

Exports from Colombia

In 2021, overseas shipments of nickel ores and concentrates decreased by -15.4% to X kg, falling for the third year in a row after four years of decline. Overall, exports continue to indicate a noticeable descent. The pace of growth appeared the most rapid in 2014 when exports increased by 54%. As a result, the exports reached the peak of X kg. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, nickel ore exports declined to $X in 2021. Over the period under review, exports continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2013 when exports increased by 39% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Chile (X kg) was the main destination for nickel ore exports from Colombia, with a approx. 98% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Chile amounted to -2.6%.

In value terms, Chile ($X) also remains the key foreign market for nickel ores and concentrates exports from Colombia.

From 2012 to 2021, the average annual rate of growth in terms of value to Chile amounted to -1.7%.

Export Prices by Country

In 2021, the average nickel ore export price amounted to $X per ton, surging by 2.3% against the previous year. Overall, export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nickel ore export price increased by +32.6% against 2017 indices. The most prominent rate of growth was recorded in 2015 when the average export price increased by 46% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to the United States stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+118.7%), while the prices for the other major destinations experienced mixed trend patterns.

Nickel Ore Imports

Imports into Colombia

In 2021, overseas purchases of nickel ores and concentrates decreased by -50% to X kg, falling for the third year in a row after three years of growth. Overall, imports continue to indicate a dramatic slump. The pace of growth was the most pronounced in 2016 with an increase of 440%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, nickel ore imports declined sharply to $X in 2021. In general, imports continue to indicate a dramatic descent. The growth pace was the most rapid in 2016 when imports increased by 801% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X kg) was the main nickel ore supplier to Colombia, accounting for a approx. 100% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled -38.6%.

In value terms, the United States ($X) constituted the largest supplier of nickel ores and concentrates to Colombia.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -33.3%.

Import Prices by Country

In 2021, the average nickel ore import price amounted to $X per ton, growing by 1.8% against the previous year. Over the period under review, the import price continues to indicate prominent growth. The growth pace was the most rapid in 2016 when the average import price increased by 67%. The import price peaked in 2021 and is expected to retain growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +8.6% per year.

Source: IndexBox Platform