Nickel Import 2023: Market Surplus

Global Nickel Import Market Landscape

In global trade, Nickel is tracked under HS Code 7502, covering unwrought nickel, nickel powders, and other primary forms. As a critical industrial metal, it serves as a key input for stainless steel, batteries, and alloy production, making its trade flows highly sensitive to manufacturing demand and energy transition trends.

Strategic Insights

• Market Momentum: Global nickel imports surged in 2023, peaking at $617.69M in August before retreating to $242.27M by December, reflecting volatile demand amid a persistent market surplus exceeding 200 kt.
• Geographic Power: Russia dominates supply (40.37% value share), feeding industrial hubs like India (33.85% value) and the Netherlands (29.61% value). The market is structurally monopolistic, with Russia wielding outsized pricing power.
• Supply Chain Structure: Trade is controlled by a handful of giants—VS TRADING SA and VALE AMERICAS INC lead, handling 93.03% of total value. Buyers face high supplier concentration, necessitating long-term contracts to mitigate volatility.

Global Nickel Import Trend in 2023 Whole Year

Global Nickel imports exhibited significant volatility in 2023, influenced by a persistent market surplus exceeding 200 kt [Strategic report].

• Aggregate Performance: Import value demonstrated strong growth, peaking mid-year before moderating, with total observed value reaching elevated levels.
• Period Dynamics: Trade momentum accelerated from $160.93M in January to a peak of $617.69M in August, then declined to $242.27M by December.

Table: Nickel Import Trend in 2023 Whole Year

Get Nickel Data Latest Updates

Nickel Global Market Structure: Supply vs. Demand

Top Origin Countries & Production Hubs

• Russia dominates supply, holding 40.37% value share and 77.39% weight share. Its position is overwhelmingly strong.
• Supply is highly consolidated. Top 3 exporters (Russia, Finland, Norway) control over 62% of export value. Market structure is monopolistic.
• Finland (14.15% value) and Norway (8.19% value) are key challengers but lack scale to counter Russia. Canada (6.54% value) and Japan (5.02% value) hold smaller, stable positions.

Top Destination Countries & Consumption Markets

• India (33.85% value) and Netherlands (29.61% value) are the primary buyers, together absorbing over 60% of import value.
• Demand is industrial, driven by processing and manufacturing. India's massive 54.23% quantity share signals heavy industrial use. Netherlands' high value/volume ratio suggests premium product imports. Brazil (22.34% value) reinforces this industrial focus.
• Mexico (3.30% value) and Vietnam (2.06% value) emerge as significant processing hubs, indicated by high quantity shares (9.42% and 21.01% respectively).

Supply-Demand Dynamics

• Extreme supply concentration meets oligopolistic demand. Russia's near-monopoly faces three major buyers (India, Netherlands, Brazil).
• Flows move from resource-rich exporters to industrializing giants. Nickel travels primarily from Russia/Scandinavia/Canada to Asia (India, Vietnam) and Europe (Netherlands), with significant volumes to the Americas (Brazil, Mexico).
• Pricing power sits firmly with Russia. Its supply dominance and lack of comparable alternatives give it critical leverage over the market.

Table: Global Nickel Import —— Top Destination Countries

Check Nickel Import Detailed Country Profile

Table: Global Nickel Import —— Top origin Countries

Check Nickel Import Detailed Country Profile

Global Nickel Import Analysis: Key Suppliers & Buyers

Suppliers Concentration & Strategy

• Power Center: Highly consolidated. Dominators (71.67% of shipments) control 93.03% of total nickel value. Two players (VS TRADING SA, VALE AMERICAS INC) lead.
• Operational Style: High-frequency shipping dominates. 84.62% of total shipments (High Freq clusters) move most volume (98.08% value share).
• Risk/Opportunity: Buyers face high reliance on few giants. Limited options outside Dominators. Bulk Movers offer infrequent large-volume alternatives.

Oversea Buyers Procurement Patterns

• Procurement Behavior: Dominant buyers (63.45% frequency, 94.82% value) prefer steady, large-volume contracts. Bulk stockpiling (High Value Low Freq) is minor (4.49% value).
• Market Tier: Driven by giants. Dominators (63.45% of shipments) secure 94.82% of total nickel value. Fragmented SME activity is marginal.

Market Entry & Negotiation Strategy

• New suppliers must target Dominator buyers. Expect tough negotiation; emphasize volume reliability.
• New buyers: Secure long-term contracts with Dominator suppliers. Spot market options are limited and high-risk.
• Niche players: Focus on specialized low-volume segments ignored by giants. Avoid direct competition on volume.

Table: Global Nickel Import —— Top Buyers

Access Nickel Trade Company Profile

Table: Global Nickel Import —— Top Suppliers

Access Nickel Trade Company Profile

Frequently Asked Questions

What is the HS Code for Nickel?

HS Code 7502 covers unwrought nickel, nickel powders, flakes, and other primary forms used in alloys, batteries, and industrial applications.

Which country is the largest exporter of Nickel in 2023 Whole Year?

Russia dominated global nickel exports in 2023, with shipments valued at $1.51B, accounting for the highest supply volume among all origins.

Who are the top importers of Nickel in 2023 Whole Year?

India ($1.27B) and the Netherlands ($1.11B) were the leading importers, driven by India’s industrial demand and the Netherlands’ role as a European trade hub.

Who are the major suppliers and companies trading Nickel in 2023 Whole Year?

Key players include top buyer МЕТАЛ ТРЭЙД ОВЕРСИЗ АГ ($618M) and leading supplier АО КОЛЬСКАЯ ГОРНО-МЕТАЛЛУРГИЧЕСКАЯ КОМПАНИЯ ($1.17B).

Why do Nickel import rankings sometimes differ from export destination lists?

Trade asymmetries occur because export data reflects intended destinations (FOB value), while imports record actual arrivals (CIF value). Intermediary hubs like the Netherlands also cause discrepancies due to trans-shipments.

How to find reliable Nickel suppliers and exporters in 2023 Whole Year?

Access verified shipment records, bill of lading details, and active suppliers for HS Code 7502 via the yTrade database, covering key regions like Russia.