Philippines: Nickel Ore Market 2024

Nickel Ore Market Size in the Philippines

For the third consecutive year, the Philippine nickel ore market recorded decline in sales value, which decreased by -21.3% to $X in 2021. In general, consumption saw a pronounced decline. Nickel ore consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Nickel Ore Production in the Philippines

In value terms, nickel ore production rose slightly to $X in 2021 estimated in export price. Over the period under review, production faced a abrupt decrease. The pace of growth was the most pronounced in 2014 with an increase of 12%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Nickel Ore Exports

Exports from the Philippines

In 2021, approx. X tons of nickel ores and concentrates were exported from the Philippines; picking up by 10% on the previous year's figure. Over the period under review, total exports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +77.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 67%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, nickel ore exports skyrocketed to $X in 2021. Overall, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 73% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for nickel ore exports from the Philippines, accounting for a 97% share of total exports. Moreover, nickel ore exports to China exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +5.5%.

In value terms, China ($X) remains the key foreign market for nickel ores and concentrates exports from the Philippines, comprising 95% of total exports. The second position in the ranking was held by Japan ($X), with a 4.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +10.4%.

Export Prices by Country

In 2021, the average nickel ore export price amounted to $X per ton, jumping by 24% against the previous year. In general, the export price continues to indicate a noticeable expansion. The pace of growth was the most pronounced in 2014 when the average export price increased by 84%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+4.6%).

Nickel Ore Imports

Imports into the Philippines

In 2021, after two years of decline, there was significant growth in supplies from abroad of nickel ores and concentrates, when their volume increased by 2,413% to X tons. Over the period under review, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 4,442% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

In value terms, nickel ore imports skyrocketed to $X in 2021. In general, imports posted a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 4,984% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of nickel ore to the Philippines, accounting for a 36% share of total imports. Moreover, nickel ore imports from Germany exceeded the figures recorded by the second-largest supplier, Poland (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume from Germany amounted to +1,161.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (0.0% per year) and Singapore (-2.6% per year).

In value terms, Germany ($X) constituted the largest supplier of nickel ores and concentrates to the Philippines, comprising 35% of total imports. The second position in the ranking was taken by Poland ($X), with an 8.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Germany stood at +1,291.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (0.0% per year) and Singapore (+7.7% per year).

Import Prices by Country

The average nickel ore import price stood at $X per ton in 2021, picking up by 13% against the previous year. In general, the import price posted a resilient expansion. The most prominent rate of growth was recorded in 2019 when the average import price increased by 114% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+46.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform