(MENAFN- GlobeNewsWire - Nasdaq)
LOS ANGELES, Feb. 11, 2022 (GLOBE NEWSWIRE) -- Nickel prices continued rising earlier this year due to solid demand from stainless steel and battery manufacturers , according to a report from marketing firm IndexBox. World Bank's data shows the average price for nickel of 99.8% purity reached $22,355 per tonne in January 2022, picking up 12% from a month earlier. Compared to January 2021, the price rose by 25%. Energy shortages in China, Covid-related restrictions in New Caledonia, as well as supply chain disruptions in Canada due to strikes and in Russia owing to Nornickel's mine flooding, also contributed to the price increase.
This year, the average annual nickel price is forecast to decrease by 4% to approx. $17,750 per tonne , thanks to boosting global production. In 2021, the world's nickel output rose by 8% y/y to 2.7M tonnes of metal contained with new facilities launched in Indonesia.
Global Nickel Powder Imports by Country
Global nickel powder imports dropped markedly to 55K tonnes in 2020, with a decrease of -19.9% compared with 2019 figures. In value terms, purchases totalled $1.1B.
China represented the main importer of nickel powders and flakes globally, with the volume of imports amounting to 20K tonnes, which was approx. 37% of total volume in 2020. South Korea (10K tonnes) occupied the second position in the ranking, distantly followed by Taiwan (Chinese) (4.9K tonnes), Japan (4.1K tonnes) and the U.S. (3.8K tonnes). All these countries together took approx. 42% share of total imports. The following importers - Sweden (2.3K tonnes), Germany (1.5K tonnes), Canada (1.3K tonnes) and Belgium (0.8K tonnes) - together made up 11% of total supplies.
In value terms, the largest nickel powder importing markets worldwide were China ($296M), South Korea ($279M) and Japan ($88M), with a combined 60% share of global imports. The U.S., Taiwan (Chinese), Germany, Sweden, Canada and Belgium lagged somewhat behind, together comprising a further 26%.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
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Companies Mentioned in the Report
Vale, Norilsk Nickel, Jinchuan Group, Glencore, BHP Group, Rio Tinto Group, Victory Nickel, Eagle Mine, Lundin Mining Corp., PolyMet Mining Corp., Sibanye Gold Ltd, Stillwater Mining Co, Votorantim S.A., Terrafame Ltd., Eramet Group, Sumitomo Metal Mining Co., SK Innovation Co., Coral Bay Nickel, Taganito HPAL Nickel, ZAO Rezhnickel
Sources
World - Nickel Powders and Flakes - Market Analysis, Forecast, Size, Trends and Insights
World - Nickel Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights
World - Nickel and Nickel Alloy Bars, Rods, Profiles and Wires - Market Analysis, Forecast, Size, Trends and Insights
World - Nickel and Nickel Alloy Plate, Sheet, Strip and Foil - Market Analysis, Forecast, Size, Trends and Insights
World - Nickel - Market Analysis, Forecast, Size, Trends and Insights
Contact Information
Mekhrona Dzhuraeva
Editor
Tags Nickel Market Nickel price Nickel price forecast Nickel demand Nickel supply Nickel production
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