HS Code:
The Nickel content category, typically classified under HS Code 75 (Nickel and articles thereof), includes raw nickel, nickel alloys, and various nickel-based products such as bars, rods, wire, plates, sheets, and tubes. Nickel is a critical industrial metal used primarily in stainless steel production, batteries (especially for electric vehicles), and other high-performance alloys. Its trade is influenced by mining output, industrial demand, and geopolitical factors.
Total Trade Volume
Approximately $25 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
$6.5 billion USD
26% of global trade of total trade
Increasing
$4.8 billion USD
19% of global trade of total trade
Decreasing
$3.2 billion USD
13% of global trade of total trade
Stable
$2.9 billion USD
12% of global trade of total trade
Increasing
$1.8 billion USD
7% of global trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
15% (imposed by certain developing countries on raw nickel imports)
Lowest Rate
0% (under free trade agreements like EU-Canada CETA or within ASEAN)
Rising demand for nickel in EV batteries
Significant increase in trade volume as electric vehicle production ramps up globally, particularly driving demand for high-purity nickel.
2021-2023
Shift towards sustainable mining practices
Increased costs for producers due to stricter environmental regulations, influencing trade flows to countries with certified sustainable practices.
2020-2023
Geopolitical disruptions affecting supply chains
Sanctions and trade restrictions on Russian nickel have led to supply shortages and price volatility, redirecting trade to alternative suppliers like Indonesia.
2022-2023
Indonesia reinforced its ban on raw nickel ore exports to boost domestic processing, leading to a surge in processed nickel exports and investments in smelting facilities.
January 2023
Increased global prices for raw nickel and higher trade volumes of processed nickel from Indonesia.
The European Union imposed sanctions on Russian nickel exports as part of broader measures following geopolitical tensions, affecting supply chains in Europe.
March 2022
European countries seeking alternative suppliers, leading to increased imports from Canada and Indonesia.
A historic price spike occurred due to supply fears and speculative trading, briefly halting trading on the LME and exposing vulnerabilities in the nickel market.
March 2022
Increased volatility in nickel trade, prompting buyers to secure long-term contracts and diversify supply sources.