Europe: Nickel Market 2024

Nickel Market Size in Europe

The Europe nickel market reached $X in 2022, surging by 11% against the previous year. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Nickel Production in Europe

In value terms, nickel production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced reduction. The growth pace was the most rapid in 2018 when the production volume increased by 13%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Nickel Exports

Exports in Europe

Nickel exports dropped significantly to X tons in 2022, which is down by -15.6% against the previous year's figure. Over the period under review, exports continue to indicate a noticeable decrease. The growth pace was the most rapid in 2020 with an increase of 29%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, nickel exports dropped to $X in 2022. In general, exports saw a pronounced slump. The most prominent rate of growth was recorded in 2018 with an increase of 26% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Russia (X tons) and Norway (X tons) were the major exporters of nickel (unwrought) in 2022, reaching approx. 29% and 27% of total exports, respectively. Finland (X tons) held the next position in the ranking, followed by the Netherlands (X tons) and the UK (X tons). All these countries together held near 34% share of total exports. The following exporters - Germany (X tons) and France (X tons) - together made up 7.1% of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +3.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest nickel supplying countries in Europe were Norway ($X), Russia ($X) and the Netherlands ($X), together comprising 65% of total exports. Finland, the UK, Germany and France lagged somewhat behind, together comprising a further 31%.

Germany, with a CAGR of +5.4%, recorded the highest growth rate of the value of exports, among the main exporting countries 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 Europe amounted to $X per ton, rising by 17% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% 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 +121.3% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of 30% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while Russia ($X per ton) was 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 Europe

After two years of growth, supplies from abroad of nickel (unwrought) decreased by -21.8% to X tons in 2022. Overall, imports continue to indicate a mild setback. The growth pace was the most rapid in 2020 when imports increased by 18% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined sharply in the following year.

In value terms, nickel imports expanded significantly to $X in 2022. Over the period under review, imports, however, enjoyed a modest increase. The pace of growth was the most pronounced in 2018 when imports increased by 42% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Germany (X tons) and the Netherlands (X tons) represented the key importers of nickel (unwrought) in Europe, together reaching approx. 42% of total imports. Italy (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by France (11%), Sweden (6.9%), Austria (6.1%), Belgium (5.8%) and Spain (5.6%).

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, Germany ($X), the Netherlands ($X) and Italy ($X) were the countries with the highest levels of imports in 2022, together accounting for 54% of total imports. France, Sweden, Belgium, Austria and Spain lagged somewhat behind, together accounting for a further 35%.

Austria, with a CAGR of +9.6%, recorded the highest rates of growth with regard to the value of imports, among 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 Europe amounted to $X per ton, jumping by 39% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nickel import price increased by +79.1% against 2020 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 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