U.S.: Nickel Market 2023

Nickel Market Size in the U.S.

The U.S. nickel market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, saw a perceptible shrinkage. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Nickel Production in the U.S.

In value terms, nickel production expanded modestly to $X in 2021. Overall, production, however, continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2017 when the production volume increased by 24% against the previous year. Nickel production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Nickel Exports

Exports from the U.S.

In 2021, shipments abroad of nickel (unwrought) decreased by -15% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 15%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, nickel exports amounted to $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 25% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico (X tons), France (X tons) and Canada (X tons) were the main destinations of nickel exports from the United States, with a combined 56% share of total exports. China, the UK, Switzerland, Japan, Germany, Poland, Australia, Italy, Brazil and Belgium lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2021, the biggest increases were in Switzerland (with a CAGR of +51.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) emerged as the key foreign market for nickel exports from the United States, comprising 25% of total exports. The second position in the ranking was taken by France ($X), with a 12% share of total exports. It was followed by the UK, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Mexico amounted to +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-13.0% per year) and the UK (-2.9% per year).

Export Prices by Country

In 2021, the average nickel export price amounted to $X per ton, growing by 18% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 42% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Nickel Imports

Imports into the U.S.

In 2021, imports of nickel (unwrought) into the United States fell to X tons, with a decrease of -9.8% compared with the year before. Over the period under review, imports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2014 with an increase of 22%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, nickel imports skyrocketed to $X in 2021. Overall, imports recorded a perceptible descent. The pace of growth was the most pronounced in 2014 when imports increased by 26% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Canada (X tons) constituted the largest supplier of nickel to the United States, with a 52% share of total imports. Moreover, nickel imports from Canada exceeded the figures recorded by the second-largest supplier, Norway (X tons), fourfold. South Africa (X tons) ranked third in terms of total imports with a 9.6% share.

From 2012 to 2021, the average annual growth rate of volume from Canada totaled -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-0.9% per year) and South Africa (+33.6% per year).

In value terms, Canada ($X) constituted the largest supplier of nickel to the United States, comprising 54% of total imports. The second position in the ranking was taken by Norway ($X), with a 13% share of total imports. It was followed by South Africa, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Canada amounted to -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-0.9% per year) and South Africa (+33.2% per year).

Import Prices by Country

In 2021, the average nickel import price amounted to $X per ton, increasing by 29% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Australia ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+0.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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