Nickel Import 2024: Market Surplus

Global Nickel Import Market Landscape

In global trade, Nickel is tracked under HS Code 7502, covering unwrought nickel and nickel alloys. As a critical industrial metal, it fuels stainless steel production, battery manufacturing, and aerospace applications, making it highly sensitive to shifts in industrial demand and commodity cycles.

Strategic Insights

• Market Momentum: Global nickel imports in 2024 saw sharp volatility, peaking at $426M in March before plunging to $119M by November. A persistent market surplus weighed on prices, eroding import momentum despite mid-year recoveries.
• Geographic Power: Supply is monopolistic, with Russia (42.3% export share) and Indonesia (24.9%) dominating. Demand clusters in China (34.7% import share) and India (28.3%), creating concentrated trade flows from resource-rich exporters to industrial hubs.
• Supply Chain Structure: The market is hyper-consolidated, with top suppliers like Mitsui & Co. and Trafigura controlling 97% of export value. Buyers face limited negotiation power, relying on bulk movers (e.g., Norilsk) for leverage.

Global Nickel Import Trend in 2024 Whole Year

Global nickel imports experienced significant volatility in 2024, influenced by a persistent market surplus that pressured prices [Commodity markets – Strategic Report].

• Aggregate Performance: Total import value across observed months showed substantial fluctuations, with March's $426M peak contrasting sharply with September's $155M low.
• Period Dynamics: The year opened strongly at $304M in January but concluded with a weakened November at $119M, indicating deteriorating import momentum despite mid-year recoveries.

Table: Nickel Import Trend in 2024 Whole Year

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Nickel Global Market Structure: Supply vs. Demand

Top Origin Countries & Production Hubs

• Russia dominates supply, commanding 42.29% of global export value ($1.68B) and 46.43% of weight. This indicates a highly concentrated supply base.
• Indonesia is the clear challenger, holding 24.88% value share ($991.23M) and 14.34% weight share.
• The market structure is monopolistic; Russia alone holds over 40% value share. The top two exporters (Russia & Indonesia) control 67.17% of global export value.
• Norway, Canada, and Japan follow distantly, each holding between 5-7% value share. Fragmentation increases significantly beyond the top two.

Top Destination Countries & Consumption Markets

• China Mainland and India are the dominant buyers, capturing 34.69% ($1.28B) and 28.28% ($1.04B) of global import value respectively.
• China's demand appears heavily industrial/processing-focused, evidenced by its massive 26.58% share of total import weight (62.18M tons) despite a lower quantity count. India's demand shows high volume consumption (50.04% quantity share, 33.11M).
• The Netherlands (11.57% value) and Mexico (5.02% value) are significant secondary buyers. Singapore and China Taiwan also feature prominently in value terms, suggesting high-value product flows.
• Vietnam emerges as a major volume buyer (18.96% quantity share, 12.55M), though with lower total value, indicating potential processing for re-export.

Supply-Demand Dynamics

• Highly concentrated supply (monopolistic, led by Russia) meets demand dominated by two major buyers (China and India), with a long tail of smaller importers.
• Key trade flows move primarily from major resource producers (Russia, Indonesia, Canada, Norway) to major Asian industrial and manufacturing hubs (China, India, Vietnam) and significant European markets (Netherlands).
• Pricing power strongly favors major exporters, particularly Russia, due to extreme supply concentration. Russia's overwhelming value share gives it significant leverage over the market.

Table: Global Nickel Import —— Top Destination Countries

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Table: Global Nickel Import —— Top origin Countries

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Global Nickel Import Analysis: Key Suppliers & Buyers

Suppliers Concentration & Strategy

• Highly Consolidated Power: Dominators (74.36% frequency, 97.10% value share) control the market. Mitsui & Co. and Trafigura exemplify this extreme concentration.
• Operational Style: High-frequency shipping dominates (Dominators + Low_Value_High_Frequency = 86.71% frequency share). Bulk, infrequent moves (High_Value_Low_Frequency) are marginal.
• Buyer Risk: Buyers face heavy reliance on a few giants. Negotiation leverage is low. Alternative suppliers are fragmented and handle small volumes.

Oversea Buyers Procurement Patterns

• Procurement Split: Dominators prefer frequent, large restocks (68.14% frequency, 55.70% value). High_Value_Low_Frequency buyers drive bulk stockpiling (6.41% frequency, 43.52% value share).
• Market Tier: Dominators (e.g., Bhairav Metals) lead frequent buying. However, massive project/seasonal buying (e.g., Norilsk Nickel Asia) commands near-equal financial weight despite fewer shipments.

Market Entry & Negotiation Strategy

• New Entrant Supplier Caution: Entering the exporter market is tough. Challenge entrenched giants controlling 97% value. Scale or niche focus is essential.
• New Buyer Strategy: Avoid over-reliance on Dominator suppliers. Pursue spot deals with Bulk Movers like Norilsk for large volumes. Use Retail/JIT players (Low_Value_High_Frequency) for flexible, small orders.
• Buyer Negotiation: Leverage the Bulk Mover segment (43.52% importer value) to counter Dominator supplier pricing power. Split volumes strategically.

Table: Global Nickel Import —— Top Buyers

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Table: Global Nickel Import —— Top Suppliers

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Frequently Asked Questions

What is the HS Code for Nickel?

The HS Code for Nickel is 7502, covering refined nickel and nickel alloys in unwrought forms, including cathodes, ingots, and powders.

Which country is the largest exporter of Nickel in 2024 Whole Year?

Russia is the largest exporter, dominating global supply with $1.68B in export value and 138.15M in weight.

Who are the top importers of Nickel in 2024 Whole Year?

The top importers are China Mainland ($1.28B), India ($1.04B), and the Netherlands ($425.49M). These represent major consumption markets and processing hubs.

Who are the major suppliers and companies trading Nickel in 2024 Whole Year?

Key suppliers include АО Кольская горно-металлургическая компания ($1.62B) and CNGR Ding Xing New Energy ($832.82M), while top buyers are Norilsk Nickel Metals Trading Shanghai Co., Ltd ($884.02M) and CNGR Hong Kong Material Science & Technology Co., Limited ($475.38M).

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

Trade asymmetries arise because export data records the intended destination (FOB value), while import data reflects the actual arrival (CIF value). Discrepancies also occur due to trans-shipments through hubs like Singapore or Netherlands.

How to find reliable Nickel suppliers and exporters in 2024 Whole Year?

Access verified shipment records, bill of lading details, and active supplier lists for HS Code 7502 using the yTrade database, which helps identify partners in key regions like Russia.