Eastern Asia: Nickel Ore Market 2024

Nickel Ore Market Size in Eastern Asia

In 2021, the East Asian nickel ore market increased by 26% to $X, rising for the second consecutive year after two years of decline. Overall, consumption saw a strong increase. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Nickel Ore Production in Eastern Asia

In value terms, nickel ore production expanded notably to $X in 2021 estimated in export price. In general, production posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 146%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Nickel Ore Exports

Exports in Eastern Asia

In 2021, shipments abroad of nickel ores and concentrates decreased by -32% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, saw a resilient increase. The growth pace was the most rapid in 2015 when exports increased by 151%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, nickel ore exports declined markedly to $X in 2021. Over the period under review, exports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2015 when exports increased by 71% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020, and then dropped sharply in the following year.

Exports by Country

In 2021, China (X tons) was the major exporter of nickel ores and concentrates, creating 80% of total exports. It was distantly followed by South Korea (X tons), mixing up a 16% share of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the nickel ores and concentrates exports, with a CAGR of +35.6% from 2012 to 2021. At the same time, South Korea (+25.8%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-25.6%) illustrated a downward trend over the same period. China (+71 p.p.) and South Korea (+13 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -66.5% from 2012 to 2021, respectively.

In value terms, China ($X) remains the largest nickel ore supplier in Eastern Asia, comprising 78% of total exports. The second position in the ranking was taken by South Korea ($X), with an 18% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China totaled +19.2%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+38.7% per year) and Taiwan (Chinese) (-3.1% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, picking up by 13% against the previous year. Overall, the export price saw a strong increase. The most prominent rate of growth was recorded in 2020 an increase of 146% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+30.2%), while the other leaders experienced mixed trends in the export price figures.

Nickel Ore Imports

Imports in Eastern Asia

Nickel ore imports expanded markedly to X tons in 2021, with an increase of 12% against the year before. Over the period under review, imports, however, saw a noticeable curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 65% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, nickel ore imports soared to $X in 2021. In general, imports, however, recorded a mild reduction. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

China dominates imports structure, amounting to X tons, which was approx. 93% of total imports in 2021. It was distantly followed by Japan (X tons), achieving a 6.6% share of total imports.

China was also the fastest-growing in terms of the nickel ores and concentrates imports, with a CAGR of -3.2% from 2012 to 2021. Japan (-4.5%) illustrated a downward trend over the same period. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported nickel ores and concentrates in Eastern Asia, comprising 88% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value in China totaled -1.9%.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, picking up by 37% against the previous year. Import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nickel ore import price increased by +69.3% against 2017 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while Japan amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+2.2%).

Source: IndexBox Platform