Turkey: Nickel Market 2024

Nickel Market Size in Turkey

The Turkish nickel market amounted to $X in 2022, therefore, remained relatively stable against the previous year. In general, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +78.9% against 2016 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Nickel Production in Turkey

In value terms, nickel production totaled $X in 2022 estimated in export price. Overall, production, however, showed slight growth. The pace of growth was the most pronounced in 2019 with an increase of 60%. Nickel production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Nickel Exports

Exports from Turkey

For the fourth consecutive year, Turkey recorded growth in shipments abroad of nickel (unwrought), which increased by 17% to X tons in 2022. In general, exports saw significant growth. The growth pace was the most rapid in 2015 with an increase of 89% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, nickel exports surged to $X in 2022. Over the period under review, exports saw a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 83% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Iran (X tons) was the main destination for nickel exports from Turkey, accounting for a 72% share of total exports. Moreover, nickel exports to Iran exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sixfold. Italy (X tons) ranked third in terms of total exports with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iran amounted to +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+346.6% per year) and Italy (+302.6% per year).

In value terms, Iran ($X) remains the key foreign market for nickel (unwrought) exports from Turkey, comprising 76% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 7.8% share of total exports. It was followed by Italy, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value to Iran totaled +24.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+362.4% per year) and Italy (+447.9% per year).

Export Prices by Country

In 2022, the average nickel export price amounted to $X per ton, rising by 30% against the previous year. Over the period under review, the export price continues to indicate a notable expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 46%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+36.1%), while the prices for the other major destinations experienced more modest paces of growth.

Nickel Imports

Imports into Turkey

Nickel imports into Turkey expanded sharply to X tons in 2022, rising by 7.6% on the previous year's figure. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.0% 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 +24.2% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 36% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, nickel imports surged to $X in 2022. In general, imports posted a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), Japan (X tons) and Norway (X tons) were the main suppliers of nickel imports to Turkey, together accounting for 75% of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +33.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest nickel suppliers to Turkey were Russia ($X), Japan ($X) and Norway ($X), together comprising 76% of total imports.

Among the main suppliers, Japan, with a CAGR of +37.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average nickel import price amounted to $X per ton, picking up by 41% against the previous year. Over the period under review, the import price showed a slight expansion. The most prominent rate of growth was recorded in 2018 an increase of 41% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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