Hong Kong SAR, China: Nickel Market 2024

Nickel Market Size in Hong Kong SAR, China

The Hong Kong nickel market rose sharply to $X in 2022, picking up by X% against the previous year. In general, consumption, however, saw a buoyant increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Nickel Production in Hong Kong SAR, China

In value terms, nickel production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. Nickel production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Nickel Exports

Exports from Hong Kong SAR, China

In 2022, the amount of unwrought nickel exported from Hong Kong SAR contracted rapidly to X tons, which is down by X% against 2021 figures. Over the period under review, exports showed a significant decline. The pace of growth appeared the most rapid in 2015 with an increase of X%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, nickel exports contracted rapidly to $X in 2022. In general, exports faced a dramatic curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for nickel exports from Hong Kong SAR, with a X% share of total exports. Moreover, nickel exports to China exceeded the volume sent to the second major destination, Australia (X tons), threefold. Vietnam (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Vietnam (X% per year).

In value terms, China ($X) remains the key foreign market for unwrought nickel exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was taken by Australia ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Vietnam (X% per year).

Export Prices by Country

In 2022, the average nickel export price amounted to $X per ton, with an increase of X% against the previous year. In general, the export price enjoyed a measured increase. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Indonesia ($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 Singapore (X%), while the prices for the other major destinations experienced more modest paces of growth.

Nickel Imports

Imports into Hong Kong SAR, China

Nickel imports into Hong Kong SAR declined markedly to X tons in 2022, with a decrease of X% on the previous year. Overall, imports recorded a sharp decline. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, nickel imports plummeted to $X in 2022. In general, imports continue to indicate a sharp reduction. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X tons), Finland (X tons) and Norway (X tons) were the main suppliers of nickel imports to Hong Kong SAR, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, Japan ($X), Finland ($X) and Norway ($X) constituted the largest nickel suppliers to Hong Kong SAR, together comprising X% of total imports.

In terms of the main suppliers, Japan, with a CAGR of X%, 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 a decline.

Import Prices by Country

In 2022, the average nickel import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nickel import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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