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World - Nickel - Market Analysis, Forecast, Size, Trends And Insights
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Article Publishing Date: Jul 9, 2021

Nickel Prices Shoot Up Due to Supply Lagging Behind Robust Demand

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IndexBox has just published a new report: 'World - Nickel - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

Nickel prices skyrocketed on the expectations of a shortage on the global market provoked by the increase in demand that outpaces the supply growth. The rebound in the steel industry and rising electric vehicle manufacturing drive nickel consumption. Pandemic-related lockdowns in the first half of 2020 and the related uncertainty led to a decrease in the global nickel mine output by -4% y-o-y. Despite this, refined nickel production increased by +2% y-o-y, boosted by the recovering demand from mid-2020 and the use of secondary smelting. Indonesia, the largest nickel ore producer worldwide, banned exports of the ore and thus achieved a record output of refined nickel. 

Key Trends and Insights

According to World Bank, the average nickel price in the first half of 2021 reached $17,489 per tonne, which was 27% higher than the 2020’s average price of $13,787 per tonne. Rising demand from the recovering steel industry and from emerging electric car manufacturing provokes the price rally, while the supply is expected to be insufficient in the immediate term due to a decrease in the mined output. 

In the first half of 2020, global demand for nickel decreased, following the pronounced slump in steel output. From Q3 2020, it started to recover, driven by the Chinese and Indonesian stainless steel and nickel pig iron sectors. Thanks to this, global refined nickel production grew by 2% in 2020, with the use of recycled nickel enabled to offset the shortage of mined ores. 

Global nickel mine output in 2020 fell from 2.6M to 2.5M tonnes of nickel content, following the pronounced slump in steel output in the first half of the year. The U.S. (+18.5%), Australia (+6.9%), Brazil (+21.6%) and Russia (+0.3%) observed an increase in nickel ore mining in 2020, while in Canada (-17%), the Dominican Republic (-17.4%), and Indonesia (-10.9%), output slumped significantly. 

Indonesia, the leading global producer of nickel ore, reduced its volume of mine production from 853К to 760К tonnes, banned the export of unprocessed nickel ore and increased the refined nickel production to 636K tonnes. This should help Indonesia to emerge as the largest refined nickel producer worldwide, displacing China from the current leader's position. 

Demand from growing stainless steel production will be the main driver of the nickel market in the medium term. Another impact comes from the rapid expansion of the electric vehicle industry. New types of energy-efficient electric vehicle batteries that are being developed use a higher nickel content in the cathode, which will accelerate the consumption growth in this industry. 

Global Refined Nickel Production

In 2020, production of refined nickel decreased by -0.5% to 2.6M tonnes for the first time since 2015, thus ending a four-year rising trend. The total output volume increased at an average annual rate of +4.5% from 2012 to 2020. In value terms, nickel production stood at $38.5B in 2020 estimated in export prices. 

The countries with the highest volumes of refined nickel production in 2020 were China (725K tonnes), Indonesia (636K tonnes) and Russia (236K tonnes), together comprising 61% of global production.

From 2012 to 2020, the most notable rate of growth in terms of refined nickel production, amongst the leading producing countries, was attained by Indonesia (+55.7% per year), while nickel production for the other global leaders experienced more modest paces of growth.

Global Refined Nickel Imports

In 2020, global nickel imports dropped to 691K tonnes, shrinking by -9.7% on 2019 figures. In value terms, nickel imports shrank to $9.4B (IndexBox estimates) in 2020. 

China represented the largest importer of nickel in the world, with the volume of imports accounting for 214K tonnes, which was approx. 31% of total imports in 2020. The U.S. (90K tonnes) held the second position in the ranking, followed by Germany (57K tonnes), the Netherlands (37K tonnes) and Japan (32K tonnes). All these countries together took near 31% share of total imports. The following importers - India (31K tonnes), Italy (30K tonnes), South Korea (27K tonnes), Taiwan (Chinese) (24K tonnes), Sweden (20K tonnes), Belgium (16K tonnes), Austria (15K tonnes) and Spain (14K tonnes) - together made up 26% of total imports.

In value terms, China ($2.7B) constitutes the largest market for imported nickel worldwide, comprising 29% of global imports. The second position in the ranking was occupied by the U.S. ($1.2B), with a 13% share of global imports. It was followed by Germany, with an 8.1% share.

In 2020, the average nickel import price amounted to $13,651 per tonne, shrinking by -3.5% against the previous year. Average prices varied noticeably amongst the major importing countries. In 2020, major importing countries recorded the following prices: in Austria ($14,894 per tonne) and Japan ($14,825 per tonne), while China ($12,827 per tonne) and Sweden ($13,194 per tonne) were amongst the lowest.

Source: IndexBox Platform

Product coverage:

This report provides an in-depth analysis of the global nickel market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.



Data coverage:
• Global market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Global production, split by region and country
• Global trade (exports and imports)
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
CONSUMPTION BY COUNTRY
3.3
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
7.2
PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS

The Largest Importers on The Market and How They Succeed

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS

The Largest Exporters on The Market and How They Succeed

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

11. COUNTRY PROFILES

The Largest Markets And Their Profiles

United States
China
Japan
Germany
United Kingdom
France
Brazil
Italy
Russian Federation
India
Canada
Australia
Republic of Korea
Spain
Mexico
Indonesia
Netherlands
Turkey
Saudi Arabia
Switzerland
Sweden
Nigeria
Poland
Belgium
Argentina
Norway
Austria
Thailand
United Arab Emirates
Colombia
Denmark
South Africa
Malaysia
Israel
Singapore
Egypt
Philippines
Finland
Chile
Ireland
Pakistan
Greece
Portugal
Kazakhstan
Algeria
Czech Republic
Qatar
Peru
Romania
Vietnam
LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption, By Country, 2018–2020
Table 5:
Production, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Physical Terms, By Country, 2007–2020
Table 7:
Imports, In Value Terms, By Country, 2007–2020
Table 8:
Import Prices, By Country Of Destination, 2007–2020
Table 9:
Exports, In Physical Terms, By Country, 2007–2020
Table 10:
Exports, In Value Terms, By Country, 2007–2020
Table 11:
Export Prices, By Country Of Origin, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Consumption, By Country, 2020
Figure 4:
Market Forecast To 2025
Figure 5:
Products: Market Size And Growth, By Type
Figure 6:
Products: Average Per Capita Consumption, By Type
Figure 7:
Products: Exports And Growth, By Type
Figure 8:
Products: Export Prices And Growth, By Type
Figure 9:
Production Volume And Growth
Figure 10:
Exports And Growth
Figure 11:
Export Prices And Growth
Figure 12:
Market Size And Growth
Figure 13:
Per Capita Consumption
Figure 14:
Imports And Growth
Figure 15:
Import Prices
Figure 16:
Production, In Physical Terms, 2007–2020
Figure 17:
Production, In Value Terms, 2007–2020
Figure 18:
Production, By Country, 2020
Figure 19:
Production, In Physical Terms, By Country, 2007–2020
Figure 20:
Imports, In Physical Terms, 2007–2020
Figure 21:
Imports, In Value Terms, 2007–2020
Figure 22:
Imports, In Physical Terms, By Country, 2020
Figure 23:
Imports, In Physical Terms, By Country, 2007–2020
Figure 24:
Imports, In Value Terms, By Country, 2007–2020
Figure 25:
Import Prices, By Country, 2007–2020
Figure 26:
Exports, In Physical Terms, 2007–2020
Figure 27:
Exports, In Value Terms, 2007–2020
Figure 28:
Exports, In Physical Terms, By Country, 2020
Figure 29:
Exports, In Physical Terms, By Country, 2007–2020
Figure 30:
Exports, In Value Terms, By Country, 2007–2020
Figure 31:
Export Prices, 2007–2020

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