The overall value of nickel imports for all importing countries expanded by an average 4.8% compared to 5 years earlier in 2019 when nickel purchases were valued at $4.96 billion.
Year over year, worldwide spending on imported nickel fell by -15.5% starting from $6.15 billion for 2022.
Shiny and silvery-white in color with a slight golden tinge, nickel is a hard but pliable metal that can be formed into wires.
Nickel is mainly used to create stainless steel but also nonferrous alloys, electroplating and alloy steel. Consumer products comprised partly of nickel include magnets, coins, rechargeable batteries, electric guitar strings, and plaiting for plumbing fixtures since nickel helps prevent corrosion.
Key Geographic Insights for Nickel Imports
The biggest 5 spenders on imported nickel are mainland China, Canada, South Korea, Finland and Japan. Altogether, that quintet of major nickel importers is responsible for 97.4% of the world’s total purchases of imported nickel during 2023.
Such a high percentage indicates an intensely concentrated subset of major import customers. In fact, there were just 42 countries that imported nickel in the latest reporting period.
From a continental perspective, Asian countries bought the highest dollar worth of nickel imported from foreign markets with purchases costing a total $4 billion or 76.6% of the worldwide total. In second place were nickel importers in North America at 16.2% with another 5.9% going to importers in Europe.
Tinier percentages were sold to buyers in Africa (0.9%), Latin America (0.3%) excluding Mexico but including the Caribbean, then customers in Australia in Oceania (0.1%).
For research purposes, the 4-digit Harmonized Tariff System code prefix is 2604 for nickel ores and concentrates.
Nickel Imports by Country
Below are the 15 countries that imported the highest dollar value worth of nickel during 2023.
- mainland China: US$3.5 billion (68% of total nickel imports)
- Canada: $841.5 million (16.2%)
- South Korea: $324.9 million (6.2%)
- Finland: $258.3 million (5%)
- Japan: $107.4 million (2.1%)
- Namibia: $45.9 million (0.9%)
- North Macedonia: $23.9 million (0.5%)
- Indonesia: $16.1 million (0.3%)
- Dominican Republic: $11.5 million (0.2%)
- Germany: $7.8 million (0.1%)
- Belgium: $6.3 million (0.1%)
- Cyprus: $6.27 million (0.1%)
- Australia: $4.6 million (0.1%)
- Spain: $2.7 million (0.05%)
- South Africa: $1.9 million (0.04%)
By value, the listed 15 countries purchased 99.8% of all nickel imported in 2023.
Among the above countries, the fastest-growing markets for nickel from 2022 to 2023 were: Spain (up 33,538%), Indonesia (up 592.7%), Dominican Republic (up 196.9%) and Germany (up 93.7%).
Major buyer countries that posted declines in their imported nickel purchases were led by: Japan (down -62.4% from 2022), North Macedonia (down -59%), Cyprus (down -43.2%) and Australia (down -28.7%).
Nickel Imported into China
Below are the top suppliers from which mainland China imported the highest dollar value worth of nickel during 2023. Within parenthesis is the percentage change in value for each supplying country.
- Philippines: US$2.1 billion (down -19.9% from 2022)
- Russia: $386.5 million (down -6.8%)
- New Caledonia: $315.1 million (down -11.5%)
- Australia: $256.1 million (down -40.8%)
- Ivory Coast: $218.5 million (down -0.9%)
- Brazil: $88 million (down -30.8%)
- Guatemala: $81 million (down -51%)
- Vietnam: $38.7 million (up 14,903%)
- Zambia: $37.2 million (down -65.6%)
- Tanzania: $17.5 million (up 17.7%)
- Indonesia: $13.2 million (down -75.9%)
- Solomon Islands: $5.4 million (2022 data unavailable)
- Canada: $3.1 million (down -84.4%)
- Botswana: $859,000 (2022 data unavailable)
- Kazakhstan: $228,000 (2022 data unavailable)
By value, the listed 15 countries shipped 99.997% of nickel imported by mainland China in 2023.
Among the above countries, the growth suppliers of nickel to China from 2022 to 2023 were Vietnam (up 14,903%) and Tanzania (up 17.7%).
Countries that experienced declines in the value of their nickel supplied to Chinese importers included: Canada (down -84.4% from 2022), Indonesia (down -75.9%), Zambia (down -65.6%) and Guatemala (down -51%).
Overall, the value of China’s imported nickel fell by an average -22.1% from all supplying countries since 2022 when nickel purchased cost $4.5 billion.
Nickel Imported into Canada
Below are the top suppliers from which Canada imported the highest dollar value worth of nickel during 2023. Within parenthesis is the percentage change in value for each supplying country.
- United States: US$361.5 million (up 11.6% from 2022)
- Australia: $143.5 million (2022 data unavailable)
- Finland: $134.7 million (up 333.5%)
- Brazil: $62.3 million (down -23.2%)
- Switzerland: $60.5 million (2022 data unavailable)
- South Africa: $51.6 million (up 40.8%)
- Zambia: $20.2 million (2022 data unavailable)
- Italy: $7.1 million (2022 data unavailable)
- United Kingdom: $3,000 (2022 data unavailable)
- Germany: $1,000 (2022 data unavailable)
- New Caledonia: $1,000 (2022 data unavailable)
By value, the listed countries shipped 100% of nickel imported by Canada in 2023.
Among the above countries, the growth suppliers of nickel to Canada from 2022 to 2023 were: Finland (up 333.5%), South Africa (up 40.8%) and the United States of America (up 11.6%).
Brazil experienced a decline in the value of nickel supplied to Canadian importers, recording a -23.2% setback from 2022.
Overall, the value of Canada’s imported nickel rose by an average 67% from all supplying countries since 2022 when nickel purchased cost $503.8 million.
Nickel Imported into South Korea
Below are the top suppliers from which South Korea imported the highest dollar value worth of nickel during 2023. Within parenthesis is the percentage change in value for each supplying country.
- New Caledonia: US$290 million (down -16.9% from 2022)
- Guatemala: $19.6 million (up 44.7%)
- Philippines: $15.1 million (up 22.5%)
- South Africa: $148,000 (2022 data unavailable)
- Japan: $67,000 (2022 data unavailable)
- Tanzania: $11,000 (2022 data unavailable)
- mainland China: $2,000 (2022 data unavailable)
- United States of America: $1,000 (2022 data unavailable)
By value, the listed countries shipped 100% of nickel imported by South Korea in 2023.
Overall, the value of South Korea’s imported nickel reduced by an average -15.1% from all supplying countries since 2022 when nickel purchased cost $382.4 million.
Nickel Imported into Finland
Below are the top suppliers from which Finland imported the highest dollar value worth of nickel during 2023. Within parenthesis is the percentage change in value for each supplying country.
- Brazil: US$160.6 million (up 16.8% from 2022)
- Canada: $51.2 million (down -71.4%)
- South Africa: $34.3 million (up 529.9%)
- Australia: $10.6 million (2022 data unavailable)
- Norway: $1.6 million (down -41.8%)
By value, the listed countries shipped 100% of nickel imported by Finland in 2023.
Overall, the value of Finland’s imported nickel slowed by an average -21% from all supplying countries since 2022 when nickel purchased cost $327.2 million.
Top Nickel Importers Ranked by Shipment Weight
Worldwide imports of nickel totaled 49.94 million tons in 2023, up by 4.4% from 47.8 million tons in 2020 (2019 data was unavailable).
The shipment weight of globally imported nickel expanded by 7.4% from 46.5 million tons during 2022.
- mainland China: 44,668,303 tons (up 11.6% from 2022)
- South Korea: 3,035,544 tons (up 14.4%)
- Japan: 1,123,198 tons (down -55.2%)
- Indonesia: 374,468 tons (up 1564.1%)
- North Macedonia: 237,290 tons (down -61.4%)
- Finland: 122,608 tons (down -0.9%)
- Dominican Republic: 115,056 tons (up 215.1%)
- Canada: 105,527 tons (up 114.8%)
- Cyprus: 68,589 tons (down -40.3%)
- Albania: 41,383 tons (2022 data unavailable)
- Namibia: 28,326 tons (2022 data unavailable)
- Ukraine: 7,238 tons (down -97.9%)
- Belgium: 3,550 tons (up 56.9%)
- Australia: 2,714 tons (up 1.6%)
- Germany: 1,760 tons (up 41.8%)
By shipment weight for nickel, the strongest percentage gainers from 2022 to 2023 were importers located in Indonesia (up 1,564%), Dominican Republic (up 215.1%) then Canada (up 115.8%).
The leading decliners year over year were buyers in Ukraine (down -97.9% from 2022), North Macedonia (down -61.4%), Japan (down -55.2%) and Cyprus (down -40.3%).
Average Prices for Nickel by Major Import Country
In 2023, the world’s overall average unit price paid for imported nickel was US$104 per ton.
That average price per ton inflated by 25.3% compared to the average $83 per ton in 2020 (2019 data was unavailable). On an annual basis, the increase in average price was down -21.2% versus the $132 per ton for globally imported nickel during 2022.
Listed below are the average unit prices paid by the 15 top importers nickel ranked by tonnage of nickel bought in 2023.
- mainland China: US$79 per ton (down -30.1% from 2022)
- South Korea: $107 per ton (down -25.7%)
- Japan: $96 per ton (down -15.8%)
- Indonesia: $43 per ton (down -58.3%)
- North Macedonia: $101 per ton (up 6.3%)
- Finland: $2,107 per ton (down -20.3%)
- Dominican Republic: $100 per ton (down -5.7%)
- Canada: $7,975 per ton (down -22.2%)
- Cyprus: $91 per ton (down -5.2%)
- Albania: $39 per ton (2022 data unavailable)
- Namibia: $1,620 per ton (2022 data unavailable)
- Ukraine: $36 per ton (down -18.2%)
- Belgium: $1,774 per ton (down -10.6%)
- Australia: $1,711 per ton (down -29.8%)
- Germany: $4,410 per ton (up 36.5%)
The lowest average unit prices per ton were paid by importers in Ukraine, Albania, Indonesia and mainland China.
Highest average prices were paid by nickel importers in Canada, Germany, Finland, Belgium and Australia.
See also Top Nickel Exporters by Country, Top Tin Exporters, Copper Ore Exports by Country and China’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Field Listing: Imports – Commodities. Accessed on November 25, 2024
International Trade Centre, Trade Map. Accessed on November 25, 2024
Wikipedia, Nickel. Accessed on November 25, 2024