South-Eastern Asia: Nickel Market 2024

Nickel Market Size in South-Eastern Asia

The Southeast Asian nickel market totaled $X in 2022, with an increase of 2% against the previous year. In general, consumption enjoyed a buoyant expansion. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Nickel Production in South-Eastern Asia

In value terms, nickel production stood at $X in 2022 estimated in export price. In general, production, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2017 when the production volume increased by 53%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Nickel Exports

Exports in South-Eastern Asia

Nickel exports reduced notably to X tons in 2022, shrinking by -65% on 2021. Over the period under review, exports, however, enjoyed notable growth. The growth pace was the most rapid in 2021 with an increase of 395%. 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 shrank notably to $X in 2022. Overall, exports, however, continue to indicate a temperate increase. The pace of growth appeared the most rapid in 2021 when exports increased by 606% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore dominates exports structure, amounting to X tons, which was approx. 90% of total exports in 2022. It was distantly followed by Malaysia (X tons), comprising a 5.9% share of total exports. Indonesia (X tons) took a little share of total exports.

Exports from Singapore increased at an average annual rate of +3.2% from 2012 to 2022. At the same time, Indonesia (+32.1%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +32.1% from 2012-2022. By contrast, Malaysia (-1.8%) illustrated a downward trend over the same period. While the share of Indonesia (+3.1 p.p.) and Singapore (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-3.4 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) remains the largest nickel supplier in South-Eastern Asia, comprising 92% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore totaled +3.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-0.7% per year) and Indonesia (+27.4% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, with an increase of 2.2% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 43% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.1%), while the other leaders experienced a decline in the export price figures.

Nickel Imports

Imports in South-Eastern Asia

In 2022, approx. X tons of nickel (unwrought) were imported in South-Eastern Asia; jumping by 18% against the year before. Overall, imports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2013 when imports increased by 199% against the previous year. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, nickel imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2013 when imports increased by 156%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Singapore (X tons) was the largest importer of nickel (unwrought), comprising 43% of total imports. It was distantly followed by Malaysia (X tons), Thailand (X tons), Indonesia (X tons) and Vietnam (X tons), together generating a 57% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Indonesia (with a CAGR of +13.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Singapore ($X) constitutes the largest market for imported nickel (unwrought) in South-Eastern Asia, comprising 48% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total imports. It was followed by Thailand, with a 17% share.

In Singapore, nickel imports declined by an average annual rate of -15.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (-10.2% per year) and Thailand (-2.1% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, picking up by 16% against the previous year. Over the period under review, the import price recorded mild growth. The pace of growth was the most pronounced in 2018 an increase of 28%. Over the period under review, import prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

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 Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :