Price for Nickel; Unwrought, Not Alloyed in South Korea - 2022

Contents:

1. Price for Nickel; Unwrought, Not Alloyed in South Korea (CIF) - 2022
2. Price for Nickel; Unwrought, Not Alloyed in South Korea (FOB) - 2022
3. Imports of Nickel; Unwrought, Not Alloyed in South Korea
4. Exports of Nickel; Unwrought, Not Alloyed in South Korea

Price for Nickel; Unwrought, Not Alloyed in South Korea (CIF) - 2022

In December 2022, the average nickel; unwrought, not alloyed import price amounted to $25,275 per ton, picking up by 6.9% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +1.9%. The growth pace was the most rapid in May 2022 an increase of 15% month-to-month. Over the period under review, average import prices hit record highs at $30,833 per ton in June 2022; however, from July 2022 to December 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In December 2022, the countries with the highest prices were Madagascar ($27,531 per ton) and South Africa ($26,257 per ton), while the price for Canada ($24,284 per ton) and Finland ($24,390 per ton) were amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Madagascar (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Nickel; Unwrought, Not Alloyed in South Korea (FOB) - 2022

The average nickel; unwrought, not alloyed export price stood at $27,482 per ton in December 2022, surging by 19% against the previous month. Over the period under review, export price indicated a moderate expansion from December 2021 to December 2022: its price increased at an average monthly rate of +2.5% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, nickel; unwrought, not alloyed export price increased by +18.5% against November 2022 indices. The growth pace was the most rapid in April 2022 an increase of 33% m-o-m. As a result, the export price reached the peak level of $32,040 per ton. From May 2022 to December 2022, the the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In December 2022, the countries with the highest prices were China ($32,538 per ton) and Vietnam ($32,478 per ton), while the average price for exports to Japan ($22,083 per ton) and the United States ($25,800 per ton) were amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nickel; Unwrought, Not Alloyed in South Korea

In 2022, imports of nickel; unwrought, not alloyeds into South Korea declined to 34K tons, almost unchanged from the year before. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 29%. As a result, imports reached the peak of 35K tons, leveling off in the following year.

In value terms, nickel; unwrought, not alloyed imports soared to $878M in 2022. Over the period under review, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 69%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Top Suppliers of Nickel; Unwrought, Not Alloyed to South Korea in 2022:

1. Australia (10.5K tons)
2. Canada (6.9K tons)
3. Finland (6.3K tons)
4. Norway (5.4K tons)
5. Madagascar (3.7K tons)
6. South Africa (1.0K tons)

Exports of Nickel; Unwrought, Not Alloyed in South Korea

Nickel; unwrought, not alloyed exports from South Korea skyrocketed to 3.4K tons in 2022, jumping by 37% on the previous year's figure. Over the period under review, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 38% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, nickel; unwrought, not alloyed exports surged to $87M in 2022. Overall, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Top Export Markets for Nickel; Unwrought, Not Alloyed from South Korea in 2022:

1. China (1611.3 tons)
2. India (567.0 tons)
3. Vietnam (520.2 tons)
4. Japan (343.9 tons)
5. United States (198.0 tons)
6. Pakistan (61.0 tons)
7. Taiwan (Chinese) (0.3 tons)

Source: IndexBox Market Intelligence Platform