Middle East: Nickel Market 2024

Nickel Market Size in the Middle East

The Middle Eastern nickel market was estimated at $X in 2022, flattening at the previous year. The total consumption indicated a noticeable expansion from 2012 to 2022: its value 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. Based on 2022 figures, consumption decreased by -0.9% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Nickel Production in the Middle East

In value terms, nickel production reached $X in 2022 estimated in export price. The total production indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.1% against 2020 indices. The pace of growth was the most pronounced in 2019 with an increase of 34% against the previous year. Over the period under review, production reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Nickel Exports

Exports in the Middle East

Nickel exports reduced notably to X tons in 2022, with a decrease of -22.1% compared with the previous year's figure. Overall, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 149%. As a result, the exports attained the peak of X tons, and then reduced rapidly in the following year.

In value terms, nickel exports fell to $X in 2022. Over the period under review, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2021 with an increase of 240% against the previous year. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

The United Arab Emirates (X tons) and Turkey (X tons) prevails in exports structure, together comprising 95% of total exports. Israel (X tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +25.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest nickel supplying countries in the Middle East were the United Arab Emirates ($X), Turkey ($X) and Israel ($X), together comprising 99% of total exports.

Turkey, with a CAGR of +26.7%, 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

The export price in the Middle East stood at $X per ton in 2022, picking up by 9.2% against the previous year. Export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% 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 +49.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 37% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+5.6%), while the other leaders experienced mixed trends in the export price figures.

Nickel Imports

Imports in the Middle East

In 2022, purchases abroad of nickel (unwrought) decreased by -0.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +95.8% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 78%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, nickel imports reached $X in 2022. In general, imports, however, saw a measured increase. The most prominent rate of growth was recorded in 2020 with an increase of 82% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

The United Arab Emirates (X tons) and Turkey (X tons) dominates imports structure, together creating 92% of total imports. It was distantly followed by Iran (X tons), making up a 6.3% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of +12.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Iran ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 98% share of total imports.

In terms of the main importing countries, Iran, with a CAGR of +11.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, surging by 14% against the previous year. Over the period under review, the import price, however, continues to indicate a mild contraction. The pace of growth appeared the most rapid in 2018 an increase of 17% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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