Vietnam: Nickel Ore Market 2024

Nickel Ore Market Size in Vietnam

The Vietnamese nickel ore market stood at $X in 2021, remaining relatively unchanged against the previous year. In general, consumption, however, continues to indicate a tangible increase. Nickel ore consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Nickel Ore Production in Vietnam

In value terms, nickel ore production stood at $X in 2021 estimated in export price. In general, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -27.6% against 2014 indices. The most prominent rate of growth was recorded in 2013 with an increase of 45%. Nickel ore production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Nickel Ore Exports

Exports from Vietnam

In 2021, shipments abroad of nickel ores and concentrates increased by 17% to X tons, rising for the second consecutive year after five years of decline. Over the period under review, exports, however, saw a perceptible decrease. The pace of growth appeared the most rapid in 2013 with an increase of 2,176% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, nickel ore exports rose significantly to $X in 2021. In general, exports continue to indicate temperate growth. The pace of growth was the most pronounced in 2013 with an increase of 5,819%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for nickel ore exports from Vietnam, with a 91% share of total exports. Moreover, nickel ore exports to China exceeded the volume sent to the second major destination, South Korea (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled -5.6%.

In value terms, China ($X) remains the key foreign market for nickel ores and concentrates exports from Vietnam, comprising 96% of total exports. The second position in the ranking was held by South Korea ($X), with a 3.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +2.2%.

Export Prices by Country

The average nickel ore export price stood at $X per ton in 2021, declining by -4.9% against the previous year. Overall, the export price, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2013 when the average export price increased by 160%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to South Korea 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 (+8.2%).

Nickel Ore Imports

Imports into Vietnam

In 2021, purchases abroad of nickel ores and concentrates decreased by -2% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 310% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, nickel ore imports expanded notably to $X in 2021. In general, imports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2013 when imports increased by 198%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Ethiopia (X tons) constituted the largest supplier of nickel ore to Vietnam, accounting for a 71% share of total imports. Moreover, nickel ore imports from Ethiopia exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was taken by South Korea (X tons), with a 5.7% share.

From 2012 to 2021, the average annual growth rate of volume from Ethiopia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+197.5% per year) and South Korea (+4.1% per year).

In value terms, the largest nickel ore suppliers to Vietnam were the United States ($X), Ethiopia ($X) and Singapore ($X), together comprising 83% of total imports.

The United States, with a CAGR of +66.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average nickel ore import price stood at $X per ton in 2021, with an increase of 8.3% against the previous year. Over the period under review, the import price, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2016 an increase of 76% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+62.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform