EU: Nickel Ore Market 2024

Nickel Ore Market Size in the EU

In 2021, the EU nickel ore market decreased by -5.7% to $X, falling for the third consecutive year after three years of growth. Overall, consumption, however, posted a measured increase. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Nickel Ore Production in the EU

In value terms, nickel ore production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed prominent growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 161%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Nickel Ore Exports

Exports in the EU

Nickel ore exports skyrocketed to X tons in 2021, increasing by 35% against the previous year. In general, exports continue to indicate a temperate increase. The most prominent rate of growth was recorded in 2013 when exports increased by 188%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, nickel ore exports surged to $X in 2021. Over the period under review, exports saw resilient growth. The growth pace was the most rapid in 2013 with an increase of 149% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Finland dominates exports structure, recording X tons, which was near 98% of total exports in 2021. Belgium (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to nickel ore exports from Finland stood at +6.0%. At the same time, Belgium (+28.7%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +28.7% from 2012-2021. While the share of Finland (+24 p.p.) and Belgium (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Finland ($X) remains the largest nickel ore supplier in the European Union, comprising 98% of total exports. The second position in the ranking was held by Belgium ($X), with a 0.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Finland stood at +17.1%.

Export Prices by Country

In 2021, the export price in the European Union amounted to $X per ton, with an increase of 20% against the previous year. Overall, the export price enjoyed prominent growth. The pace of growth appeared the most rapid in 2017 an increase of 134% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Belgium amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+10.5%).

Nickel Ore Imports

Imports in the EU

In 2021, purchases abroad of nickel ores and concentrates decreased by -6.1% to X tons, falling for the second year in a row after two years of growth. In general, imports showed a abrupt contraction. The growth pace was the most rapid in 2019 with an increase of 49%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, nickel ore imports surged to $X in 2021. Overall, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2014 with an increase of 45% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Finland prevails in imports structure, resulting at X tons, which was near 89% of total imports in 2021. It was distantly followed by the Netherlands (X tons), comprising an 8.2% share of total imports.

Imports into Finland decreased at an average annual rate of -6.9% from 2012 to 2021. At the same time, the Netherlands (+36.8%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the European Union, with a CAGR of +36.8% from 2012-2021. While the share of the Netherlands (+7.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Finland (-9.3 p.p.) displayed negative dynamics.

In value terms, Finland ($X) constitutes the largest market for imported nickel ores and concentrates in the European Union, comprising 91% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 5.4% share of total imports.

In Finland, nickel ore imports shrank by an average annual rate of -6.6% over the period from 2012-2021.

Import Prices by Country

In 2021, the import price in the European Union amounted to $X per ton, jumping by 25% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by 39%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Finland ($X per ton), while the Netherlands totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+0.3%).

Source: IndexBox Platform

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