Middle East: Nickel Ore Market 2024

Nickel Ore Market Size in the Middle East

The Middle Eastern nickel ore market skyrocketed to $X in 2021, with an increase of 100% against the previous year. Over the period under review, consumption recorded a remarkable increase. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Nickel Ore Production in the Middle East

In value terms, nickel ore production surged to $X in 2021 estimated in export price. In general, production, however, saw notable growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 215% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Nickel Ore Exports

Exports in the Middle East

In 2021, shipments abroad of nickel ores and concentrates decreased by -23.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports continue to indicate a mild decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 835% against the previous year. As a result, the exports reached the peak of X tons, and then reduced notably in the following year.

In value terms, nickel ore exports fell to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 889% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Turkey (X tons) represented roughly 99.9% of total exports in 2021.

Turkey was also the fastest-growing in terms of the nickel ores and concentrates exports, with a CAGR of -1.3% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) also remains the largest nickel ore supplier in the Middle East.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +1.0%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, with an increase of 20% against the previous year. Export price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nickel ore export price increased by +290.3% against 2018 indices. The growth pace was the most rapid in 2019 an increase of 208% against the previous year. Over the period under review, the export prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2012 to 2021, the rate of growth in terms of prices for Turkey amounted to +2.4% per year.

Nickel Ore Imports

Imports in the Middle East

In 2021, after four years of decline, there was growth in overseas purchases of nickel ores and concentrates, when their volume increased by 0.4% to X tons. Overall, imports, however, recorded a precipitous shrinkage. The growth pace was the most rapid in 2016 when imports increased by 34% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, nickel ore imports surged to $X in 2021. Over the period under review, imports, however, showed a sharp slump. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the largest importing country with an import of around X tons, which reached 67% of total imports. Israel (X tons) held a 22% share (based on physical terms) of total imports, which put it in second place, followed by Jordan (8.9%).

From 2012 to 2021, average annual rates of growth with regard to nickel ore imports into the United Arab Emirates stood at -53.0%. Jordan (-5.6%) and Israel (-9.1%) illustrated a downward trend over the same period. While the share of Israel (+22 p.p.) and Jordan (+8.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-32.8 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported nickel ores and concentrates in the Middle East, comprising 76% of total imports. The second position in the ranking was held by Israel ($X), with a 9.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to -34.4%. In the other countries, the average annual rates were as follows: Israel (-25.5% per year) and Jordan (-12.5% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, jumping by 91% against the previous year. In general, the import price continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when the import price increased by 313% against the previous year. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in years to come.

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 the United Arab Emirates ($X per ton), while Israel ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+39.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform