India: Nickel Market 2025

Nickel Market Size in India

The Indian nickel market reduced to $X in 2022, waning by -5.2% against the previous year. Overall, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +43.3% against 2020 indices. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Nickel Production in India

In value terms, nickel production shrank slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 0.1%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Nickel Exports

Exports from India

In 2022, shipments abroad of nickel (unwrought) increased by 4,496% to X tons, rising for the second year in a row after five years of decline. Overall, exports, however, faced a abrupt shrinkage. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, nickel exports soared to $X in 2022. In general, exports, however, recorded a deep reduction. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), Singapore (X tons) and China (X tons) were the main destinations of nickel exports from India, with a combined 77% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +174.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for nickel exported from India were the Netherlands ($X), Singapore ($X) and China ($X), with a combined 78% share of total exports.

In terms of the main countries of destination, China, with a CAGR of +200.2%, saw the highest rates of growth with regard to 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

The average nickel export price stood at $X per ton in 2022, picking up by 64% against the previous year. Over the period under review, export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.8% 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 +75.5% against 2020 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 for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Netherlands ($X per ton) and Belgium ($X per ton), while the average price for exports to China ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Nickel Imports

Imports into India

In 2022, the amount of nickel (unwrought) imported into India fell to X tons, which is down by -10.1% compared with the year before. In general, imports continue to indicate a mild reduction. The pace of growth was the most pronounced in 2015 when imports increased by 28% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, nickel imports expanded rapidly to $X in 2022. Over the period under review, imports, however, continue to indicate a modest expansion. The growth pace was the most rapid in 2021 when imports increased by 68%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), Norway (X tons) and South Africa (X tons) were the main suppliers of nickel imports to India, with a combined 47% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +63.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest nickel suppliers to India were the Netherlands ($X), Norway ($X) and South Africa ($X), with a combined 48% share of total imports.

The Netherlands, with a CAGR of +67.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average nickel import price stood at $X per ton in 2022, with an increase of 26% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% 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 +66.9% against 2018 indices. The growth pace was the most rapid in 2021 when the average import price increased by 34% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the UK ($X per ton) and Norway ($X per ton), while the price for China ($X per ton) and the United Arab Emirates ($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 UK (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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