HS Code:
Nickel ores and concentrates (HS Code: 260400) encompass raw materials primarily extracted for nickel content, used extensively in the production of stainless steel, batteries, and various alloys. This category includes nickel-bearing ores like pentlandite and garnierite, as well as concentrates obtained through processes like flotation. Nickel is a critical industrial metal, and its trade is influenced by global demand for infrastructure, renewable energy technologies (especially electric vehicle batteries), and geopolitical factors affecting mining regions.
Total Trade Volume
USD 22.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 10.2 billion
45.3% of total trade of total trade
Increasing
USD 4.8 billion
21.3% of total trade of total trade
Increasing
USD 2.1 billion
9.3% of total trade of total trade
Stable
USD 1.9 billion
8.4% of total trade of total trade
Decreasing
USD 1.5 billion
6.7% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing economies)
Lowest Rate
0% (under free trade agreements like APEC and EU-Canada CETA)
Rising demand for nickel in EV batteries
Increased trade volumes and investment in nickel-rich regions, with prices surging by 30% from 2021 to 2022 due to battery production needs.
2022
Shift toward sustainable mining practices
Countries imposing stricter environmental regulations, leading to higher production costs but also opening markets for 'green nickel' with lower carbon footprints.
2021-2023
Geopolitical supply chain disruptions
Sanctions and export restrictions (e.g., Russian nickel indirectly affecting global supply) have caused price volatility and supply chain diversification efforts.
2022
Indonesia extended its export ban on unprocessed nickel ores to encourage domestic smelting and value addition, significantly impacting global supply chains.
January 2023
Increased nickel prices globally and boosted domestic processing industries in Indonesia, while forcing importers like China to seek alternative suppliers.
The European Union classified nickel as a critical raw material, aiming to secure sustainable supply chains through partnerships with nickel-producing countries.
March 2023
Potential for increased trade agreements with nickel exporters and higher scrutiny on environmental standards in mining operations.
The Philippines ramped up nickel ore production to meet growing demand from China, despite environmental concerns over mining practices.
Mid-2022
Strengthened position as a key supplier but raised concerns over sustainability, potentially leading to stricter regulations or trade barriers.