EU: Nickel Market 2024

Nickel Market Size in the EU

The EU nickel market surged to $X in 2022, growing by 20% against the previous year. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Nickel Production in the EU

In value terms, nickel production rose markedly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 12%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Nickel Exports

Exports in the EU

In 2022, after two years of growth, there was significant decline in overseas shipments of nickel (unwrought), when their volume decreased by -45.9% to X tons. Overall, exports showed a mild decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 85%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank remarkably in the following year.

In value terms, nickel exports dropped sharply to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 59% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then fell dramatically in the following year.

Exports by Country

Finland (X tons) and the Netherlands (X tons) were the major exporters of nickel (unwrought) in 2022, reaching approx. 36% and 34% of total exports, respectively. Germany (X tons) ranks next in terms of the total exports with a 13% share, followed by France (7.5%). Belgium (X tons) and Italy (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Italy (with a CAGR of +3.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest nickel supplying countries in the European Union were the Netherlands ($X), Finland ($X) and Germany ($X), with a combined 83% share of total exports. France, Belgium and Italy lagged somewhat behind, together accounting for a further 14%.

Among the main exporting countries, Italy, with a CAGR of +7.2%, recorded the highest growth rate of 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 export price in the European Union amounted to $X per ton, jumping by 29% against the previous year. Export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +134.7% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Belgium ($X per ton) and Italy ($X per ton), while France ($X per ton) and Finland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.7%), while the other leaders experienced more modest paces of growth.

Nickel Imports

Imports in the EU

In 2022, overseas purchases of nickel (unwrought) decreased by -22.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 22% against the previous year. The volume of import peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, nickel imports expanded sharply to $X in 2022. Over the period under review, imports, however, enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 44%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Germany (X tons) and the Netherlands (X tons) represented roughly 45% of total imports in 2022. Italy (X tons) held the next position in the ranking, followed by France (X tons), Sweden (X tons), Austria (X tons), Belgium (X tons) and Spain (X tons). All these countries together took approx. 51% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Austria (with a CAGR of +6.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest nickel importing markets in the European Union were Germany ($X), the Netherlands ($X) and Italy ($X), with a combined 58% share of total imports. France, Sweden, Belgium, Austria and Spain lagged somewhat behind, together comprising a further 37%.

Austria, with a CAGR of +9.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per ton, rising by 40% against the previous year. In general, the import price saw a moderate increase. 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 2022, major importing countries recorded the following prices: in Belgium ($X per ton) and Sweden ($X per ton), while Austria ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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