The overall value of nickel imports for all importing countries expanded by an average 51.5% since 2018 when nickel purchases were valued at $4.07 billion.
Worldwide spending on imported nickel grew by 4.9% from $5.88 billion for 2021.
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 98.1% of the world’s total purchases of imported nickel during 2022.
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 $5.2 billion or 84.4% of the worldwide total. In second place were nickel importers in North America at 8.2% with another 7.2% going to importers in Europe.
Tinier percentages were sold to buyers in Latin America (0.13%) excluding Mexico but including the Caribbean, then Australia and New Zealand only in Oceania (0.11%), then customers in Africa (also 0.03%).
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 2022.
- China: US$4.5 billion (73.5% of total nickel imports)
- Canada: $503.8 million (8.2%)
- South Korea: $382.4 million (6.2%)
- Finland: $346.3 million (5.6%)
- Japan: $285.7 million (4.6%)
- North Macedonia: $58.4 million (0.9%)
- Ukraine: $15.4 million (0.3%)
- Cyprus: $11 million (0.2%)
- Australia: $6.5 million (0.1%)
- Belgium: $4.5 million (0.1%)
- Germany: $3.94 million (0.1%)
- Dominican Republic: $3.88 million (0.1%)
- Brazil: $3.8 million (0.1%)
- Indonesia: $2.3 million (0.04%)
- South Africa: $2 million (0.03%)
By value, the listed 15 countries purchased 99.9% of all nickel imported in 2022.
Among the above countries, the fastest-growing markets for nickel from 2021 to 2022 were: Indonesia (up 23,080%), Brazil (up 426.9%), Australia (up 254.5%) and Belgium (up 55.5%).
Major buyer countries that posted declines in their imported nickel purchases were led by: Ukraine (down -73.8% from 2021), Cyprus (down -53.3%), North Macedonia (down -45.7%) and Dominican Republic (down -31.3%).
Nickel Imported into China
Below are the top suppliers from which China imported the highest dollar value worth of nickel during 2022. Within parenthesis is the percentage change in value for each supplying country.
- Philippines: US$2.6 billion (down -13.9% from 2021)
- Australia: $432.5 million (up 97%)
- Russia: $414.6 million (up 30.8%)
- New Caledonia: $356.2 million (up 16.8%)
- Ivory Coast: $220.4 million (up 3,466%)
- Guatemala: $165.2 million (up 122.5%)
- Brazil: $127.2 million (down -31%)
- Zambia: $108.2 million (up 166%)
- Indonesia: $54.8 million (up 13.9%)
- Canada: $19.6 million (2021 data unavailable)
- Türkiye: $18.6 million (down -48.5%)
- Tanzania: $14.9 million (up 2361.2%)
- Zimbabwe: $14.4 million (down -81.5%)
- Vietnam: $258,000 (2021 data unavailable)
- Ethiopia: $155,000 (up 2483.3%)
By value, the listed 15 countries shipped 99.9999% of nickel imported by mainland China in 2022.
Among the above countries, the fastest-growing suppliers of nickel to China from 2021 to 2022 were: Ivory Coast (up 3465.9%), Ethiopia (up 2483.3%), Tanzania (up 2361.2%) and Zambia (up 166%).
Four major suppliers that experienced declines in the value of their nickel supplied to Chinese importers included: Zimbabwe (down -81.5% from 2021), Türkiye (down -48.5%), Brazil (down -31%) and Philippines (down -13.9%).
Overall, the value of China’s imported nickel were up by an average 2.6% from all supplying countries since 2021 when nickel purchased cost $4.4 billion.
Nickel Imported into Canada
Below are the top suppliers from which Canada imported the highest dollar value worth of nickel during 2022. Within parenthesis is the percentage change in value for each supplying country.
- United States: US$324 million (up 32% from 2021)
- Brazil: $81.2 million (2021 data unavailable)
- South Africa: $36.7 million (up 35,157%)
- Finland: $31.1 million (2021 data unavailable)
- Russia: $30.7 million (up 122.2%)
- Canada: $68,000 (2021 data unavailable)
- Madagascar: $1,000 (2021 data unavailable)
By value, the listed countries shipped 100% of nickel imported by Canada in 2022.
Among the above countries, the fastest-growing supplier of nickel to Canada from 2021 to 2022 was South Africa via an astounding 35,157% gain.
Overall, the value of Canada’s imported nickel rose by an average 36.2% from all supplying countries since 2021 when nickel purchased cost $370 million.
Nickel Imported into South Korea
Below are the top suppliers from which South Korea imported the highest dollar value worth of nickel during 2022. Within parenthesis is the percentage change in value for each supplying country.
- New Caledonia: US$348.8 million (up 5.7% from 2021)
- Guatemala: $13.5 million (2021 data unavailable)
- Philippines: $12.3 million (up 16.4%)
- Ivory Coast: $7.8 million (2021 data unavailable)
- United States: $1,000 (2021 data unavailable)
By value, the listed countries shipped 100% of nickel imported by South Korea in 2022.
Overall, the value of South Korea’s imported nickel increased by an average 12.3% from all supplying countries since 2021 when nickel purchased cost $340.7 million.
Nickel Imported into Finland
Below are the top suppliers from which Finland imported the highest dollar value worth of nickel during 2022. Within parenthesis is the percentage change in value for each supplying country.
- Canada: US$182.6 million (up 37.9% from 2021)
- Brazil: $153.2 million (up 183.9%)
- South Africa: $5.4 million (down -84.4%)
- Norway: $2.8 million (down -37.1%)
- Zambia: $2.3 million (2021 data unavailable)
- United States: $66,000 (up 3,200%)
By value, the listed countries shipped 100% of nickel imported by Finland in 2022.
Among the above countries, the fastest-growing supplier of nickel to Finland from 2021 to 2022 was the United States of America propelled by a 205.8% gain year over year.
Overall, the value of Finland’s imported nickel grew by an average 46.6% from all supplying countries since 2021 when nickel purchased cost $236.1 million.
Top Nickel Importers Ranked by Shipment Weight
Worldwide imports of nickel totaled 46.52 million tons in 2022, down by -12.2% from 53 million tons in 2018.
The shipment weight of globally imported nickel shrank by -17.8% from 56.6 million tons during 2021.
- China: 40,018,209 tons (down -8.1% from 2021)
- South Korea: 2,653,287 tons (down -16.6%)
- Japan: 2,506,670 tons (down -19.2%)
- North Macedonia: 614,632 tons (down -54.8%)
- Ukraine: 346,719 tons (down -71.9%)
- Finland: 148,399 tons (up 10%)
- Cyprus: 114,814 tons (down -57.9%)
- Canada: 49,125 tons (up 20.3%)
- Dominican Republic: 36,518 tons (down -50.8%)
- Indonesia: 22,503 tons (up 2,250,200%)
- Australia: 2,670 tons (up 316.5%)
- Belgium: 2,263 tons (up 28.7%)
- Brazil: 1,904 tons (up 319.4%)
- Germany: 1,227 tons (down -38.5%)
- South Africa: 1,027 tons (down -25.3%)
By shipment weight for nickel, the strongest percentage gainers from 2021 to 2022 were importers located in Indonesia (up 2,250,200%), Brazil (up 319.4%) then Australia (up 316.5%).
The leading decliners year over year were buyers in Ukraine (down -71.9% from 2021), Cyprus (down -54.8%), North Macedonia (down -54.8%), Dominican Republic (down -50.8%) and Germany (down -38.5%).
Average Prices for Nickel by Major Import Country
In 2022, the world’s overall average unit price paid for imported nickel was US$133 per ton.
That average price per ton inflated by 84.8% compared to the average $72 per ton in 2018. On an annual basis, the increase in average price was 19.9% versus the $111 per ton for globally imported nickel during 2021.
Listed below are the average unit prices paid by the 15 top importers nickel ranked by volume of nickel bought in 2022.
- China: US$113 per ton (up 10.8% from 2021)
- South Korea: $144 per ton (up 34.6%)
- Japan: $114 per ton (up 22.6%)
- North Macedonia: $95 per ton (up 20.3%)
- Ukraine: $44 per ton (down -8.3%)
- Cyprus: $96 per ton (up 10.3%)
- Canada: $10,255 per ton (up 13.2%)
- Dominican Republic: $106 per ton (up 39.5%)
- Indonesia: $103 per ton (down -99%)
- Australia: $2,437 per ton (down -14.9%)
- Belgium: $1,985 per ton (up 20.9%)
- Brazil: $1,993 per ton (up 25.7%)
- Germany: $3,213 per ton (up 45.8%)
- South Africa: $1,947 per ton (up 46.4%)
- Singapore: $613 per ton (down -8.9%)
The lowest average unit prices per ton were paid by importers in Ukraine, North Macedonia, Cyprus and Indonesia.
Highest average prices were paid by nickel importers in Canada, Germany 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 October 11, 2023
International Trade Centre, Trade Map. Accessed on October 11, 2023
Wikipedia, Nickel. Accessed on October 11, 2023
