Latin America and the Caribbean: Nickel Market 2025

Nickel Market Size in Latin America and the Caribbean

The Latin American nickel market totaled $X in 2022, leveling off at the previous year. Over the period under review, consumption saw a mild descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Nickel Production in Latin America and the Caribbean

In value terms, nickel production stood at $X in 2022 estimated in export price. Over the period under review, production saw a slight shrinkage. The growth pace was the most rapid in 2018 with an increase of 22%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Nickel Exports

Exports in Latin America and the Caribbean

In 2022, after six years of decline, there was significant growth in overseas shipments of nickel (unwrought), when their volume increased by 23% to X tons. Overall, exports, however, faced a dramatic decline. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, nickel exports surged to $X in 2022. In general, exports, however, faced a sharp reduction. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cuba prevails in exports structure, reaching X tons, which was approx. 87% of total exports in 2022. It was distantly followed by Brazil (X tons), comprising a 7.9% share of total exports. The Dominican Republic (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to nickel exports from Cuba stood at -19.3%. At the same time, the Dominican Republic (+853.3%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +853.3% from 2012-2022. By contrast, Brazil (-40.7%) illustrated a downward trend over the same period. While the share of Cuba (+54 p.p.) and the Dominican Republic (+3.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Brazil (-58.5 p.p.) displayed negative dynamics.

In value terms, Cuba ($X) remains the largest nickel supplier in Latin America and the Caribbean, comprising 91% of total exports. The second position in the ranking was held by Brazil ($X), with a 6.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Cuba totaled -17.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-40.3% per year) and the Dominican Republic (+906.0% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, reducing by -5.2% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the export price increased by 45% against the previous year. The level of export peaked at $X per ton in 2021, and then declined in the following year.

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 Cuba ($X per ton), while the Dominican Republic ($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 Dominican Republic (+5.5%), while the other leaders experienced more modest paces of growth.

Nickel Imports

Imports in Latin America and the Caribbean

In 2022, imports of nickel (unwrought) in Latin America and the Caribbean shrank to X tons, falling by -9.6% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 50% against the previous year. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, nickel imports expanded notably to $X in 2022. Over the period under review, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 67% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

Brazil represented the main importing country with an import of about X tons, which amounted to 68% of total imports. It was distantly followed by Mexico (X tons) and British Virgin Islands (X tons), together constituting a 23% share of total imports. Argentina (X tons) held a relatively small share of total imports.

Brazil was also the fastest-growing in terms of the nickel (unwrought) imports, with a CAGR of +11.7% from 2012 to 2022. Mexico (-4.1%), Argentina (-5.8%) and British Virgin Islands (-14.9%) illustrated a downward trend over the same period. While the share of Brazil (+43 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Argentina (-4.2 p.p.), Mexico (-12.6 p.p.) and British Virgin Islands (-23.4 p.p.) displayed negative dynamics.

In value terms, Brazil ($X) constitutes the largest market for imported nickel (unwrought) in Latin America and the Caribbean, comprising 73% of total imports. The second position in the ranking was held by Mexico ($X), with a 17% share of total imports. It was followed by Argentina, with a 5.4% share.

In Brazil, nickel imports increased at an average annual rate of +15.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (-2.7% per year) and Argentina (-0.7% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by 27% against the previous year. Import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% 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 +109.1% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the import price increased by 28% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while British Virgin Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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