THE WORLD NICKEL FACTBOOK 2024

About INSG Australia Brazil Cuba

The International Nickel Study Group (INSG) was conceptual- European Union Finland France
ized at the United Nations Conference on Nickel in 1985 and
was officially founded as an intergovernmental organization Germany Norway Italy
affiliated with the United Nations in 1990. INSG members are
governments of countries having an interest in nickel produc- Japan Sweden Portugal
tion, usage, and trade. Representatives of nickel mining,
smelting-refining, using, importing and exporting and recycling Russian United
companies from private and public sectors participate in INSG Federation Kingdom
work and meetings as industry advisers to government dele-
gations.

The main objectives of the Group are: ➢ Provide a forum for discussions on nickel issues of inter-
est to nickel-producing and using (consuming) countries
➢ Collect and publish detailed statistics on global nickel
and their industries, including environmental issues.
markets including mining, smelting, refining, using, recy-
➢ Undertake economic analysis of nickel markets and re-
cling, stocks, and prices to improve market transparency.
lated topics.
➢ Publish other information on nickel, such as data on in-
dustry facilities and environmental regulations.

INTERNATIONAL NICKEL STUDY GROUP 1

 THE WORLD NICKEL FACTBOOK 2024

About INSG 1 Chapter 4 Nickel Usage 26 World Nickel Matte Trade 51

INSG Officers and Secretariat 3 Nickel Usage Trends 27 Oxide Sinter/Other Intermediate Trade 52
INSG Activities and Publications 4 Nickel Usage Breakdown 28 Selected Nickel Chemicals Trade 53
Concentration of Nickel Usage 29 Unwrought Nickel, Alloyed/Unalloyed 54
Chapter 1 Nickel Basics 5 Nickel Usage Per Capita 30 Nickel Waste & Scrap Trade 55
Demography & Nickel Usage 31
Refined Nickel Exports (class I) 56
Chapter 2 Nickel Resources 6 Usage by Sector 32
Refined Nickel Imports (class I) 57
Nickel Reserves 7 Nickel Supply Value Chain 33
Exports Origin in 2015 and 2023 58
Nickel Content Range in Ores 9 Stainless Steel Production 34
Nickel Content in Different SS 35 Major Importers 2015 and 2023 59
Nickel Mining Countries 10
Stainless Production by Grade 36 Indonesia´s share in Ferro Nickel Trade 60
Mine Production by Continent 11
Nickel Mine Production Trends 12 300 Series SS Production 37 Imports Structure of Charge Nickel 61
Top 10 Nickel Mining Countries 13 200 Series SS Production 38 Change of Charge Nickel Trade 62
Top 5 Nickel Mining Countries 14 Duplex SS Production 39 Nickel Price Trends 63
Nickel Mine Production in Indonesia 15 Nickel Scrap Input in SS Production 40 Nickel Stock Trends 64
Nickel Mine Companies in Indonesia 16 Nickel in Batteries 41
Accumulated Primary Ni Usage 17 Nickel Intensity in Batteries 42 Chapter 6: EHS of Nickel 65
World EV Sales 43 General Consideration as Metal 66
Chapter 3 Nickel Production 18 EV Sales Share in Major Markets 44
Workplace Exposure 67
Primary Ni Producing Countries 18 EV Stock Share in Major Markets 45
Environmental Exposure 68
World Primary Nickel Production 19 Nickel Plating & Coating 46
Consumer Exposure 69
Ni Production Breakdown 20 Nickel High Alloys & Super Alloys 47
INSG EHS Publication 70
Ni Production Trends 21
Top 10 Production Countries 22 Chapter 5 Nickel Market & Trade 48
Production in China and Indonesia 23 Nickel Ore and Concentrate Trade 49
Production in Selected Countries 24 Global Ferro Nickel Trade 50

INTERNATIONAL NICKEL STUDY GROUP 2

 THE WORLD NICKEL FACTBOOK 2024
INSG OFFICERS AND SECRETARIAT ENVIRONMENTAL AND ECONOMICS COMMITTEE
Chairperson Mr. Michael Szurlies (Germany)
INTERNATIONAL NICKEL STUDY GROUP
Chairperson Mr. Titas Anuskevicius (European Union)
SECRETARIAT
Secretary-General Mr. Paul White
STANDING COMMITTEE
Director of Market Research & Statistics Mr. Ricardo Ferreira
Chairperson Mr. Peter Åkerhammar (Sweden)
Director of Economics & Environment Mr. Jianbin Meng
Vice Chairperson Mr. Hiroki Yokote (Japan)
Manager of Statistical Analysis Mr. Francisco Pinto
Vice Chairperson Dr. Enir Sebastiao Mendes (Brazil)
Secretary Ms. Inês Lopes
Finance Member Mr. José Miguel Martins (Portugal)

CONTACT
STATISTICS COMMITTEE
Rua Almirante Barroso,
Chairperson Mr. Denis Sharypin (Russian Federation)
38 - 5th, 1000-013
Lisbon, Portugal
phone: (351) 21 359 2420
INDUSTRY ADVISORY PANEL
fax: (351) 21 359 2429
Chairperson Mr. Jim Lennon (United Kingdom)
[email protected]
Vice Chairperson Mr. Jérôme Baudelet (France)

INTERNATIONAL NICKEL STUDY GROUP 3

 THE WORLD NICKEL FACTBOOK 2024
INSG ACTIVITIES AND PUBLICATIONS Carbon Emissions from Nickel Mining, Refining &
Recycling: A Study on the Implications for the En-
MEETINGS
ergy Transition 2024
The International Nickel Study Group meets twice a year The Nickel Market in China 2024
usually in April and October. All INSG meetings are pri- Report on the Carbon Emission from Nickel Mining,
vate and open only to governments and industry repre- Smelting/Refining and Recycling: A Study on the
sentatives from member countries. Non-member coun- Implications for the Green Transition 2024
tries with significant interests in nickel are occasionally Report on the Nickel Market in Indonesia and The
invited to observe INSG meetings to encourage them to Philippines 2023
join. Permanent industry association observers and in- Report on Lithium-ion Market Study – Focus on
vited observing organizations may also attend. Nickel 2023

PUBLICATIONS: Environment, Health and Safety (EHS) Regulations

Relating to Nickel 2022
World Nickel Statistics Yearbook
Nickel Production and Usage in Indonesia 2020
World Nickel Statistics Monthly
Joint Report on Solid Wastes in Base Metal Mining,
World Directory of Nickel Production Facilities 2024
Smelting and Refining: A Comprehensive Study for
The World Nickel Factbook 2024
the Copper, Lead, Zinc and Nickel Industries 2019
Joint Study on Current Responsible Sourcing Initia-
tives along Minerals and Metals Supply Chains 2019

INTERNATIONAL NICKEL STUDY GROUP 4

 THE WORLD NICKEL FACTBOOK 2024
CHAPTER 1 NICKEL BASICS
➢ Deposited by electroplating
Properties of Nickel Metal:
➢ Catalytic properties
Name: NICKEL
Chemical Symbol: Ni
Atomic Number: 28
Atomic Weight: 58.71
Melting Point: 1453 ºC
Boiling Point: 2730 ºC
Curie Temperature: 354 ºC
Density: 8.90 g/cm3 at 25 ºC

➢ A lustrous, silvery-white metal

➢ Discovered in 1751

➢ Corrosion and oxidation resistance

➢ Very ductile

➢ Alloys readily

➢ Magnetic at room temperature

INTERNATIONAL NICKEL STUDY GROUP 5

 THE WORLD NICKEL FACTBOOK 2024
CHAPTER 2 NICKEL RESOURCES

Nickel occurs in nature principally as an oxide, sulfide, or silicate. Nickel is the fifth most common element on earth with its
highest concentrations found in the earth´s core and the lowest in the crust. Plenty of nickel nodules could be found lying
on seabed sediment. Nickel ores are mined in about 25 countries on all continents, and are smelted or refined in about 26
countries in 2024. Primary nickel is produced and used in the form of ferronickel, nickel oxide, nickel pig iron (NPI), nickel
sulfate, and other chemicals, and as more or less pure nickel metal. Nickel is also readily recycled in many of its applica-
tions, and large tonnages of secondary or "scrap" nickel are used to supplement newly mined ores.

INTERNATIONAL NICKEL STUDY GROUP 6

 THE WORLD NICKEL FACTBOOK 2024
Global Nickel Ore Reserves Distribution (2023)

Source: SMM

INTERNATIONAL NICKEL STUDY GROUP 7

 THE WORLD NICKEL FACTBOOK 2024

Million Tonnes World Nickel Reserves Estimation

60.00
55.00

50.00

40.00

30.00
24.00

20.00 16.00
Source: USGS Jan. 2024
8.30 9.10
10.00 7.10
4.80 4.20
2.20 0.34

0.00
Australia Brazil Russia New the Indonesia Canada China United Other
Caledonia Philippines States Countries
(France)

INTERNATIONAL NICKEL STUDY GROUP 8

 THE WORLD NICKEL FACTBOOK 2024

Typical Nickel Content Range in Different Ore Types

%
3.5

2.5

1.5

0.5 Source: INSG

0
Nickel Sulfide Nickel Laterite Limonitic Laterite Saprolitic Laterite

INTERNATIONAL NICKEL STUDY GROUP 9

 THE WORLD NICKEL FACTBOOK 2024

➢ INSG recorded 25 countries with nickel mining activities in 2023

INTERNATIONAL NICKEL STUDY GROUP 10

 THE WORLD NICKEL FACTBOOK 2024

Nickel Mine Production by Continent 2019-2023

Source: INSG
Africa The Americas Asia Europe Oceania
11% 3% 9%
INSG statistics show nickel mine production:
➢ is taking place across the 5 continents
7% ➢ in Africa has been decreasing in share
but slightly increasing in volume
4% ➢ in Asia has been increasing driven
16% 17%
mainly by the production growth in In-
11% donesia
➢ in Europe, the Americas and Oceania
Year 2019 has been stable in volume but declining
in share
52%

70%

Year 2023

INTERNATIONAL NICKEL STUDY GROUP 11

 THE WORLD NICKEL FACTBOOK 2024
World Nickel Mine Production Trends

4000
000´ tonnes INSG statistics show that world nickel
3500
mine production:
➢ increased from 2000 to 2013
3000
Source: INSG ➢ was on a downward trend from
2500
2014 to 2016
➢ recovered in the year 2017 and
2000 maintained this momentum until it
was briefly interrupted by the
1500 COVID-19 pandemic in 2020
➢ resumed its growth from 2021 on-
1000 wards

500

INTERNATIONAL NICKEL STUDY GROUP 12

 THE WORLD NICKEL FACTBOOK 2024

000´ tonnes Top 10 Nickel Mining Countries 2023 (nickel content)

Indonesia
2000

Source: INSG

1500

1000
New Cal. (France)

The Philippines Russian Fed.

500 China, P.R.

Australia Canada
Brazil Colombia Finland
0

INTERNATIONAL NICKEL STUDY GROUP 13

 THE WORLD NICKEL FACTBOOK 2024

Nickel Ore Production Trends in Indonesia, the Philippines, the Russia

Federation, Australia and New Caledonia (France)
2019 2020 2021 2022 2023
000´ tonnes
2000 Source: INSG

1500

1000

500

0
Indonesia The Philippines Russian Fed. Australia New Cal. (France)

➢ Among the top 5 nickel ore producers in 2023, only Indonesia saw a significant growth for the period 2019-2023
with production in the other four countries relatively stable over the same period.

INTERNATIONAL NICKEL STUDY GROUP 14

 THE WORLD NICKEL FACTBOOK 2024

Indonesian Nickel Mine Production 2014-2023

000´ tonnes
2028

1579

1069
853
767
606
355
177.1 204
129.6

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ Indonesia has emerged as the driving force for the growth in the world nickel mining industry. Nickel mine output
in Indonesia has increased by a factor of 10 over the past 10 years. This fast-paced growth and unparalleled
production scale have helped to consolidate Indonesia´s leading role in the global nickel mining industry.

INTERNATIONAL NICKEL STUDY GROUP 15

 THE WORLD NICKEL FACTBOOK 2024
Location of Nickel Mining Companies in Indonesia (2023)

Source: APNI

INTERNATIONAL NICKEL STUDY GROUP 16

 THE WORLD NICKEL FACTBOOK 2024

000´ tonnes Aggregate Primary Nickel Usage 1995-2023

3500
INSG statistics show:
3000 ➢ The accumulated world primary nickel usage since 1995 is
close to 48 million tonnes
2500
➢ the primary usage accumulation provides resources for sec-
ondary use facilitated by the high recyclability of nickel

2000
Source: INSG
1500

1000

500
47.854 Million
0

INTERNATIONAL NICKEL STUDY GROUP 17

 THE WORLD NICKEL FACTBOOK 2024
CHAPTER 3 PRIMARY NICKEL PRODUCTION

INSG recorded 27 countries with primary nickel production activities in 2022-2023

INTERNATIONAL NICKEL STUDY GROUP 18

 THE WORLD NICKEL FACTBOOK 2024

World Primary Nickel Production 1995-2023

2023
2021
2019
2017
2015
2013
2011
2009 Source: INSG
2007
2005
000´ tonnes
1995
0 500 1000 1500 2000 2500 3000 3500

INSG statistics show:

➢ world primary nickel production has been on a growth trajectory since 1995 with minor disruptions following the global
financial crisis in 2008 and stagnation following the Euro debt crisis in 2012, its growth has shown strong resilience unfet-
tered by the outbreak of the COVID-19 Pandemic in 2020.
➢ production growth has accelerated in recent years spurred by the demand from renewable energy generation, energy
storage, and EV adoption.

INTERNATIONAL NICKEL STUDY GROUP 19

 THE WORLD NICKEL FACTBOOK 2024
World Primary Nickel Production Breakdown by Continent
Source: INSG
2010 2% 2015 2020 2%
5%

10% 7% 11%
10%
16%
15%
17%
24%
35%

37%
46%
63%

2023
Africa America Asia Europe Oceania INSG statistics show:
5% 2% ➢ world primary nickel production has moved east in line with the
7%
10% increased industrialization in Asia with its share of the world
production more than doubled to 76% in 2023
➢ Europe´s share of output dropped significantly from 35% to
10% for the observed period
➢ The share taken by the Americas also saw a decline from 16%
to 7% for the same period
76%

INTERNATIONAL NICKEL STUDY GROUP 20

 THE WORLD NICKEL FACTBOOK 2024

000´ tonnes Annual Primary Nickel Production by Continent

3000 Source: INSG

2500

2000

1500

1000

500

0
Africa America Asia Europe Oceania

1995 2000 2005 2010 2015 2020 2023

INTERNATIONAL NICKEL STUDY GROUP 21

 THE WORLD NICKEL FACTBOOK 2024

Top 10 Primary Nickel Producers 2023

000´ tonnes
Source: INSG
1410

INSG statistics show:

970
➢ the output of the top 10 producing countries accounted for 93% of
total world production in 2023
➢ Indonesia witnessed further production growth of 20.8% in 2023 and
has been the largest primary nickel-producing country since 2021
when its output surpassed that of China.

148 126 113 95 92 72 57 56

Indonesia P.R. China Japan Russian Canada Norway Australia New Cal. Brazil Finland
Fed. (France)

INTERNATIONAL NICKEL STUDY GROUP 22

 THE WORLD NICKEL FACTBOOK 2024

Primary Nickel Production Trends in China and Indonesia

Source: INSG
000´ tonnes
2016 2017 2018 2019 2020 2021 2022 2023
1600
1400
1200
1000
800
600
400
200
0
China, P.R. Indonesia

➢ Primary nickel production in China dropped in 2020 and 2021 partly due to the disruptions caused by the COVID-
19 pandemic but mainly as a result of restrained ore availability resulting from Indonesia´s growing domestic
demand and ore export ban. Production in China resumed its growth trajectory after COVID-19 lockdown was
lifted in early 2022.
➢ Primary nickel production in Indonesia increased by a factor of 12 over the period 2016-2023. This can be at-
tributed to Indonesia´s policy of moving up the value chain, incentives to attract foreign investment in the nickel
processing sector, and restrictions on ore exports.

INTERNATIONAL NICKEL STUDY GROUP 23

 THE WORLD NICKEL FACTBOOK 2024

Primary Nickel Production Trends in Canada, Japan, and the Russian Federation
Source: INSG
000´ tonnes 2016 2017 2018 2019 2020 2021 2022 2023
250

200

150

100

50

0
Canada Japan Russian Fed.

➢ Primary nickel production in Canada has been on a downward trend since 2016 despite a slight pickup in 2022
➢ Primary nickel production in Japan dropped a quarter over the observed period
➢ After a drop of 20% in 2017, primary nickel production in Russia had been stable in subsequent years. The
swings seen in recent 3 years reflect both market instability and worsening geopolitical tensions

INTERNATIONAL NICKEL STUDY GROUP 24

 THE WORLD NICKEL FACTBOOK 2024

Primary Nickel Production Trends in Brazil, Finland, Norway, Australia, and New
Caledonia (France)
Source: INSG
2016 2017 2018 2019 2020 2021 2022 2023
000´ tonnes
140

120

100

80

60

40

20

0
Brazil Finland Norway Australia New Cal. (France)

INTERNATIONAL NICKEL STUDY GROUP 25

 THE WORLD NICKEL FACTBOOK 2024
CHAPTER 4 NICKEL USAGE

Nickel is used in over 300,000 products in the form of

over 3000 alloys.

It is a high-end material used in construction, automo-

biles, petrochemicals, fabrication and welding, power
and renewable energy, electronics, transportation, and
water sectors.

Major nickel-containing materials include stainless steels,

super alloys, low expansion magnetic and shape
memory alloys, alloy steels, cast iron and cast alloys,
copper alloys, pure nickel and other alloys, plating and
electroforming, and nickel chemicals.

The stainless steel industry is the biggest user of primary

nickel and scrap nickel followed by batteries, alloys, spe-
cial steel, plating, and foundries. It is estimated that in
2023, the stainless steel industry accounted for approxi-
mately 65% of all primary nickel usage and also con-
sumed nearly 972,000 tonnes of nickel contained in
stainless scrap. The battery industry accounted for 16%
with the remainder used by the other above-mentioned
industries.

INTERNATIONAL NICKEL STUDY GROUP 26

 THE WORLD NICKEL FACTBOOK 2024
World Primary Nickel Usage 1995-2023

3000 000´ tonnes

2500
Source: INSG
2000

1500

1000

500

0
1996

2007

2017
1995

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

2008
2009
2010
2011
2012
2013
2014
2015
2016

2018
2019
2020
2021
2022
2023
➢ World primary nickel usage growth was interrupted in the lead-up to and aftermath of the global financial
crisis
➢ World primary nickel usage rose above 1 million tonnes in 1997 followed by accelerated growth from 2000. It
took 20 years (1997-2016) to grow by a further million tonnes but only 8 years (2016-2023) for the third million
tonnes to be added

INTERNATIONAL NICKEL STUDY GROUP 27

 THE WORLD NICKEL FACTBOOK 2024
Primary Nickel Usage Breakdown by Region

➢ China´s continuous growth and Indonesia´s emerging primary nickel demand have given Asia the largest share in global usage.
The decrease in Europe and the Americas can be partly attributed to their increased reliance on nickel-containing scrap.

INTERNATIONAL NICKEL STUDY GROUP 28

 THE WORLD NICKEL FACTBOOK 2024

Primary Nickel Usage is Highly Concentrated

100%
REST
90%

80%
KOREA, REP.
70% USA
JAPAN
60%
INDONESIA
50%

40%

30%
CHINA
20%

10%

0%
2019 2020 2021 2022 2023

➢ Global primary nickel usage is highly concentrated in the five largest using countries with four of them in Asia.
China´s share further topped 63% in 2023 after fluctuating between 50-60% for several years. The usage volumes
in the Republic of Korea, the US, and Japan have been stable. Indonesia roughly doubled its usage over the
indicated period.

INTERNATIONAL NICKEL STUDY GROUP 29

 THE WORLD NICKEL FACTBOOK 2024

Primary Nickel Usage 2023 per Capita (kg per thousand people)

563

Source: UN, INSG

380

130

55
5.5

Asia Europe the Americas Oceania Africa

INTERNATIONAL NICKEL STUDY GROUP 30
 THE WORLD NICKEL FACTBOOK 2024

Primary Nickel Usage vs Global Population Distribution

Primary Nickel Usage Proportion Global Population Breakdown

Source: INSG Source: UN
5%
9%
0.6%
13.0%

9.2%

18.2%
86% 59.1%

Asia Africa Europe the Americas Oceania

➢ Primary nickel usage in Africa is very low relative to the size of its population.

INTERNATIONAL NICKEL STUDY GROUP 31

 THE WORLD NICKEL FACTBOOK 2024

Estimated Usage Distribution of Primary Nickel by Sector 2023

Other

➢ Stainless steel production accounted

Batteries for about 65% of world primary
nickel usage in 2023. The battery
sector accounted for about 16% and
Plating is expected to become increasingly
significant over the next few years.
Non-ferrous Stainless steel
Alloys

Alloy steel &

Casting

Source: Estimation made by INSG based on

projections from various sources including
Benchmark, SMM, and Antaike

INTERNATIONAL NICKEL STUDY GROUP 32

 THE WORLD NICKEL FACTBOOK 2024
Nickel Supply Value Chain

Source: SMM

INTERNATIONAL NICKEL STUDY GROUP 33

 THE WORLD NICKEL FACTBOOK 2024
Stainless Steel - A Nickel-Intensive Industry

World Stainless Steel Production

million tonnes
Source: Worldstainless
65
60
55
50
45
40
35
30
25
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ The continued growth of stainless steel output from 2010 to 2019 strongly supported nickel demand. In 2022, world
stainless steel production experienced a decrease of 5.2% due to the COVID-19 pandemic but then regained the lost
ground via an increase of 5.7% in 2023.

INTERNATIONAL NICKEL STUDY GROUP 34

 THE WORLD NICKEL FACTBOOK 2024

30
% Content Range of Nickel in Different Stainless Steel Grades

25 25

20

15
8

10

5.5
6
5
4.5 Negligible Nickel
Content
1
0
% 300 Series Duplex 200 Series 400 Series
Source: INSG

INTERNATIONAL NICKEL STUDY GROUP 35

 THE WORLD NICKEL FACTBOOK 2024

100% Proportion of Stainless Steels Containing Nickel

Source: Worldstainless
90%
300 series Total 200 series Total Duplex Total
80%

70%

60%

50%

40%

30%

20%

10%

0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ In recent years, nickel-containing stainless steel production has experienced a gradual uptick and
currently hovers around 80% of the global total.

INTERNATIONAL NICKEL STUDY GROUP 36

 THE WORLD NICKEL FACTBOOK 2024

World 300 Series Stainless Steel Production

000´ tonnes
33,050 32,612
Source: Worldstainless 32,005
27,546 27,519 27,787
26,396
23,417
20,583 21,063

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ Production of 300 series stainless steel has continued to increase. In 2015, the volume of increase slowed to
half a million tonnes compared to more than 1 million tonnes in previous years. However, this slowdown was
reversed thereafter when production rose by a significant 2.4 million tonnes, 2.9 million tonnes, and 5.2 million
tonnes in 2016, 2017, and 2021 respectively. In 2022, against the backdrop of an overall stainless steel produc-
tion drop of 4.2%, the share of 300 series increased by 0.6% despite a fall in output.

INTERNATIONAL NICKEL STUDY GROUP 37

 THE WORLD NICKEL FACTBOOK 2024

World 200 Series Stainless Steel Production

000´ tonnes
2023 13,851
2022 12,567
2021 12,299
2020 11,807
2019 13,002
2018 11,059
2017 9,712
2016 9,299
2015 8,237
2014 8,238
2011 5,388 Source: Worldstainless

➢ After years of continued growth, 200 series stainless steel output fell by 9.2% in 2020 followed by
small but continuous pickups from 2021 onwards. The rate of increase over the period 2011-2023
was more than 157% eclipsing an also impressive 96% in the case of 300 series.

INTERNATIONAL NICKEL STUDY GROUP 38

 THE WORLD NICKEL FACTBOOK 2024

000´ tonnes World Duplex Stainless Steel Production

700
650
600
550
500
450
400
350
Source: Worldstainless
300
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ Production of duplex stainless steel rose above 400 thousand tonnes in 2014 and remained over this
level in 2015. However, in 2016 and 2017 production retreated to 370 thousand tonnes and 337
thousand tonnes respectively. This was followed by a strong rebound to 446 thousand tonnes in 2018
and 574 thousand tonnes in 2019. Output dropped 20% to 458 thousand tonnes in 2020 before
climbing above 600 thousand tonnes in 2022.

INTERNATIONAL NICKEL STUDY GROUP 39

 THE WORLD NICKEL FACTBOOK 2024

000´ tonnes Estimated Nickel Scrap Input for Stainless Steel Production million tonnes
1200 70
nickel scrap (nickel content) stainless steel production
60
1000

50
800

40
600
30

400
20

200
10

0 0
2015 2016 2017 2018 2019 2020 2021 2022 2023
Source: Estimation made using INSG calculation model

INTERNATIONAL NICKEL STUDY GROUP 40

 THE WORLD NICKEL FACTBOOK 2024
Nickel in Batteries

The quantity of nickel used in the battery sector is growing rapidly. Nickel is used in various battery types including Nickel-
cadmium, Nickel-metal-hydride, Nickel-iron, Nickel-zinc, and Nickel-hydrogen. Nickel used in Lithium-ion batteries has
seen significant growth in recent years thanks to the high energy density of nickel-containing cathodes. This growth is
expected to continue with the increasing adoption of high-nickel-intensity chemistries.

% Evovling Importance of Nickel in Battery Cathode

100
80
60
40
20
0

Nickel content Other elements Source: Industry Data

INTERNATIONAL NICKEL STUDY GROUP 41

 THE WORLD NICKEL FACTBOOK 2024

Types of Nickel-containing Cathode Used in Lithium -ion Batteries

Approximate Nickel Intensity: kg/Kwh 0.8

0.7
NCM811

0.6 NCA

NCM622
0.5 NCM523

0.4 NCM433

NCM111 With the knowledge of the approximate nickel intensity per kWh, if we
0.3 know the battery type and battery energy intensity equipped in an elec-
tric vehicle, an estimation of the total weight of nickel contained in the
0.2 EV battery pack can be made. It should be noted, however, that nickel
intensity per kWh may differ among different battery producers.

0.1
Source: Industry Data
0

INTERNATIONAL NICKEL STUDY GROUP 42

 THE WORLD NICKEL FACTBOOK 2024

World EV Sales (Cars: BEV/PHEV)

14,000,000 EV Sales Share 19.00%
(Cars) 18.00%
17.00%
12,000,000 16.00%
15.00%
14.00%
10,000,000
13.00%
12.00%
8,000,000 11.00%
10.00%
9.00%
6,000,000 8.00%
7.00%
6.00%
4,000,000 EV Stock Share 5.00%
(Cars) 4.00%
2,000,000 3.00%
2.00%
1.00%
0 0.00%
2015 2016 2017 2018 2019 2020 2021 2022 2023
Data Source: IEA

INTERNATIONAL NICKEL STUDY GROUP 43

 THE WORLD NICKEL FACTBOOK 2024

EV Sales Share in Major Markets 2019-2023 (Cars: BEV/PHEV)

40.00%

35.00%

30.00%

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%
EU27 USA China World
Data Source: IEA
2019 2020 2021 2022 2023

INTERNATIONAL NICKEL STUDY GROUP 44

 THE WORLD NICKEL FACTBOOK 2024

EV Stock Share in Major Markets 2019-2023 (BEV/PHEV)

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%
2019 2020 2021 2022 2023
EU27 USA China World
Data Source: IEA

INTERNATIONAL NICKEL STUDY GROUP 45

 THE WORLD NICKEL FACTBOOK 2024
Nickel Plating and Coating

Nickel is used as a premium material for plating and coating of base metal materials to improve resistance to corrosion
and wear, and enhance the properties of hardness, superior strength and ductility. Different nickel plating processes also
provide decorative effects for base metal materials with semi-bright and full-bright to matte, pearl, and satin finishes. Nickel
can be plated on materials through electroplating or electroless plating independently and combined with other materials
such as chromium, cadmium, tin, boron and palladium. Based on the finished effect, nickel plating can be categorized as
bright nickel plating, black nickel plating or satin nickel plating.

INTERNATIONAL NICKEL STUDY GROUP 46

 THE WORLD NICKEL FACTBOOK 2024
Nickel in Nickel-Based Corrosion and High Temperature Alloys

High-temperature and nickel super alloys provide superior corrosion, heat resistance and strength for applications in ex-
treme and critical circumstances as required in industries such as petrochemicals, aerospace, military, power and energy.

INTERNATIONAL NICKEL STUDY GROUP 47

 THE WORLD NICKEL FACTBOOK 2024
CHAPTER 5: NICKEL MARKET AND TRADE

Nickel is a globally traded commodity. In 2023, 35 countries and regions reported primary nickel exports and 32 countries
and regions reported primary nickel imports.

INTERNATIONAL NICKEL STUDY GROUP 48

 THE WORLD NICKEL FACTBOOK 2024

million tonnes Trend in Nickel Ores and Concentrates Trade (Gross Weight)
90

80

70

60

50

40

30

20
Data Source: ITC
10

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ Global Nickel ores and concentrates trade rapidly accelerated when China mass adopted the NPI route to gain nickel units
beginning 2006-2007. Trade volumes plummeted as a result of laws restricting the export of nickel ores from Indonesia
over 2012-2014. The recovery seen in 2017-2019 was due to the granting of permission to export ores containing less than
1.7% nickel. This recovery diminished when Indonesia completely banned exports of nickel ore in January 2020.

INTERNATIONAL NICKEL STUDY GROUP 49

 THE WORLD NICKEL FACTBOOK 2024

Trend of Global Ferro Nickel Trade (Gross Weight)

10
Millions Tonnes

9
8
7
6
5
4
3
2
1
Data Source: UN Comtrade, ITC
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Global Imports Trade Volume Indonesia Export Volume

➢ Supported by strong exports from Indonesia, global ferro nickel trade including NPI has been steadily rising. The narrowing
space between the lines shows Indonesia´s increasing dominance of global ferro-nickel trade.

INTERNATIONAL NICKEL STUDY GROUP 50

 THE WORLD NICKEL FACTBOOK 2024

Tonnes World Nickel Matte Imports 2019-2023

800000
Source: INSG, UN Comtrade, ITC
700000
China Norway Japan Finland France Rest of the World
600000

500000

400000

300000

200000

100000

0
2019 2020 2021 2022 2023

➢ Global nickel matte trade has grown significantly over the past five years. China emerged as the biggest importing country
in 2022 due to Indonesia´s ban on ore exports and China´s robust domestic demand. Global nickel matte imports are a
highly concentrated business with the top five importing countries accounting for 98.5% of the world total in 2023.

INTERNATIONAL NICKEL STUDY GROUP 51

 THE WORLD NICKEL FACTBOOK 2024

World Nickel Oxide Sinter and Other Intermediate Products of Nickel

Metallurgy, excl. Matte Imports 2019-2023
Source: INSG, UN Comtrade, ITC
1800
Thousands tonnes

China Japan Canada United Kingdom Korea, Republic of Rest of the World
1600
1400
1200
1000
800
600
400
200
0
2019 2020 2021 2022 2023

➢ World import trade in terms of volume in 2023 tripled compared to that in 2019 with China holding the leading spot with
imports of more than 1.3 million tonnes in 2023 from 36 thousand tonnes in 2019.

INTERNATIONAL NICKEL STUDY GROUP 52

 THE WORLD NICKEL FACTBOOK 2024

Import Trade of Selected Nickel Chemicals

260
Thousands tonnes

2018 2019 2020 2021 2022 Data Source: ITC

210

160

110

60

10
Nickel oxides and hydroxides Nickel Sulphates nickel chlorides

INTERNATIONAL NICKEL STUDY GROUP 53

 THE WORLD NICKEL FACTBOOK 2024

Not Alloyed Thousands Tonnes

Imports Trade of Unwrought Nickel Alloyed and Unalloyed
1200 90000

Alloyed. Tonnes
80000
1000 Source: INSG, ITC
70000

800 60000

50000
600
40000

400 30000

20000
200
10000

0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Nickel, not alloyed, unwrought Unwrought nickel alloys

➢ The import trade of unwrought unalloyed nickel increased to historical highs in 2015-2016 led by China´s significant import
growth. The sudden shock brought by COVID-19-related shutdowns in 2020 resulted in a temporary dip in trade, and a
lackluster recovery in 2022 and 2023 diminished the appetite for imports.
➢ The import trade of unwrought nickel alloys has seen a general downward trend over the past ten years with a small re-
covery seen since 2022.

INTERNATIONAL NICKEL STUDY GROUP 54

 THE WORLD NICKEL FACTBOOK 2024

Global Trade of Waste and Scrap Containing Nickel

6068759
5755813
2018 2019 2020 2021 2022 2023

5515148
Tonne
Source: INSG, Eurostat, UN Comtrade

4961026
4933825

4697980
Global nickel waste and scrap trade has been
relatively stable over the observed period.
Global trade of stainless steel waste and scrap
should have been stable if the reported figure
for Spain was complete. The Increase seen in
2021 was a result of a higher reported figure
by Türkiye.

176558
150962
148512
132013

116577

114505

WASTE AND SCRAP OF NICKEL WASTE AND SCRAP OF STAINLESS STEEL

INTERNATIONAL NICKEL STUDY GROUP 55

 THE WORLD NICKEL FACTBOOK 2024
Refined Nickel Export (class I)
000´ tonnes
1000
950
900
850
800
750
700
650
600
Data based on the 25 countries and regions reporting to INSG
550
500
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ Following a peak in 2015, the export volumes of class I nickel have witnessed a steady downward
trend primarily due to increased usage in domestic markets.

INTERNATIONAL NICKEL STUDY GROUP 56

 THE WORLD NICKEL FACTBOOK 2024
Imports of Refined Nickel (Class I)
000´ tonnes
1200

1100

1000

900

800

700
data based on 33 countries and regions reporting to INSG
600
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ After peaking at over 1 million tonnes in 2015, import volumes then shrank due to tight market sup-
ply, increased prices, and reduced trade volumes from trade hubs such as Malaysia and Singapore.
➢ The V-shape drop and recovery reflect the impact of the COVID-19.

INTERNATIONAL NICKEL STUDY GROUP 57

 THE WORLD NICKEL FACTBOOK 2024
Export Origin Comparison 2015 and 2023

➢ INSG statistics show that nickel warehouse host countries and trade hubs had emerged as major exporters in
2015. In 2023, the majority of the exports were from major refining countries with the exception of the Neth-
erlands.

INTERNATIONAL NICKEL STUDY GROUP 58

 THE WORLD NICKEL FACTBOOK 2024
Major Importers in 2015 and 2023

➢ INSG statistics for 2015 show that warehouse host countries had become more involved in refined
nickel imports. In 2023, with the exception of the Netherlands, the top four importers were major
users of nickel.
➢ Similar to the export trend shown on the previous page, import volumes both in aggregation and by
individual country dropped significantly over the shown period.

INTERNATIONAL NICKEL STUDY GROUP 59

 THE WORLD NICKEL FACTBOOK 2024
Recent Trends in Trade of Charge Nickel (Class II)

Indonesia´s Share in the Global Ferro Nickel Trade (Gross Weight)

Indonesia Rest of the World Source: INSG, UN Comtrade
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

➢ Over the ten years 2014-2023, global trade volume of Ferro Nickel including NPI has grown from around 1 million
tonnes to 9 million tonnes per year. Indonesia has dominated this growth with its share increasing from under 10%
to more than 90%.

INTERNATIONAL NICKEL STUDY GROUP 60

 THE WORLD NICKEL FACTBOOK 2024

Imports Structure of Charge Nickel (Class II)

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

P.R.China Rest of the World

➢ China is now the most important destination for charge nickel. China´s imports have been in excess of 50% of the world
total since 2015 and reached 95% in 2023 after a number of years of continuous growth.
➢ China´s dominance is due to the wide use of NPI in the country´s stainless steel production.

INTERNATIONAL NICKEL STUDY GROUP 61

 THE WORLD NICKEL FACTBOOK 2024

000´ tonnes Charge Nickel Trade Variations

3900
Source: INSG
3400
2900
2400
1900
1400
900
400
-100
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
-600

World Charge Nickel Imports China´s Charge Nickel Imports Indonesia´s Charge Nickel Exports

➢ Since 2017, China has been responsible for all growth in charge nickel imports
➢ Indonesia´s has cemented its leading role in the world charge nickel export market in recent years.

INTERNATIONAL NICKEL STUDY GROUP 62

 THE WORLD NICKEL FACTBOOK 2024

Average LME Nickel Price 2014-2023

25638

21507
18478
USD/TON

16868
13907 13372
13118
11835
10407
9598

Source: LME

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

INTERNATIONAL NICKEL STUDY GROUP 63

 THE WORLD NICKEL FACTBOOK 2024

Nickel Stocks 2014-2023

LME Stock SHFE Stocks
000´ Tonnes
500
Source: LME, SHFE
450
400
350
300
250
200
150
100
50
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

INTERNATIONAL NICKEL STUDY GROUP 64

 THE WORLD NICKEL FACTBOOK 2024

CHAPTER 6: ENVIRONMENT, HEALTH AND SAFETY ISSUES

Nickel is an essential material for our daily life and a critical industry which has a potential impact on the environment and
the health of people in the form of either nickel compounds or physical metal. Exposure to nickel can come from the
processes of mining, smelting, refining, industrial utilization such as in plating and alloys as well as the use of nickel-
containing products and recycling.

The nickel industry and stakeholders are well advanced in addressing potential EHS issues in collaboration with regulators
and academia by complying with existing regulations and developing even stricter standards compared with those required.

INTERNATIONAL NICKEL STUDY GROUP 65

 THE WORLD NICKEL FACTBOOK 2024

Nickel: General Consideration for Metals

Metals are naturally present in the earth’s crust, which sets them apart from other materials such as organic chemicals.
Because they are naturally occurring, metal risk assessment needs to consider the natural occurrence of metals in water,
soil, and air, and to recognize that these concentrations will vary depending on the underlying regional geology and local
conditions. Metals do have other characteristics that need to be taken into account, including their essentiality for humans
and/or for plants. This means that a too-high dose can be toxic, but a too-low dose can also cause adverse effects, as the
organisms need these essential metals to survive. Metals are also persistent and, as such, they are not consumed but
merely used. Thanks to their persistent nature, metals can be recycled over and over again without loss of quality or
properties, which again differentiates them from organic chemicals and other materials.

For regulatory purposes, metals are part of chemical management systems around the world, such as REACH in the EU
and the Korea Republic and TSCA in the US. As most of the approaches for international chemical regulation were devel-
oped with organic chemicals in mind, they are not always directly applicable to inorganic metal compounds. To this end,
specific environmental and human health risk assessment guidelines have been developed with the active involvement of
the international metals industry and academia. These guidelines, HERAG (Health Risk Assessment Guidance for Metals)
and MERAG (Metals Environmental Risk Assessment Guidance) have been recognized by the OECD and can be found
on the websites of other regional organizations such as APEC. They provide guidance for regulators to assess risks asso-
ciated with exposure to metals and metal compounds, taking into account the latest scientific developments in the area.
These guidelines are very important when assessing nickel or nickel compounds because they ensure that the hazards
and risks of metals are correctly understood and that risk management measures, where necessary, are proportionate and
do not lead to over or under-protection.

INTERNATIONAL NICKEL STUDY GROUP 66

 THE WORLD NICKEL FACTBOOK 2024

Nickel and Workplace Exposure

The occupational exposure limit is an upper limit on the acceptable concentration of a hazardous substance in workplace
air for a particular material or class of materials. It is typically set by competent national authorities and enforced by legis-
lation to protect occupational safety and health. It is an important tool in risk assessment and in the management of activ-
ities involving the handling of dangerous substances.

In general, workers are exposed to nickel and nickel compounds via inhalation and there are regulations as well as com-
pany policies in place to ensure that workers are appropriately protected. HERAG guidelines provide insights to ensure
that risks are properly assessed.

Nickel compounds are classified as human carcinogens since inhalation exposure to mixtures of nickel compounds en-
countered during the refining and processing of sulfidic nickel ores have been associated with increased risks of respiratory
carcinogenicity and toxicity. Only the inhalation route and only the respiratory tract are of concern for carcinogenicity.
Contrary to nickel compounds, nickel metal is not classified as a human carcinogen. There is general acceptance that
nickel compounds are considered as carcinogens with a practical threshold, meaning that cancer risks only occur once the
exposure level exceeds that threshold limit. Taking this into account, the Nickel Institute, representing the industry, recom-
mends an exposure limit of 0.05 mg Ni/m3 (inhalable aerosol fraction) at the workplace, which is below the practical thresh-
old for carcinogenicity and/or toxicity and therefore protective of workers’ health.

INTERNATIONAL NICKEL STUDY GROUP 67

 THE WORLD NICKEL FACTBOOK 2024

Nickel and Environmental Exposure

Nickel is present in the environment from a range of natural and anthropogenic sources. Anthropogenic sources include
those associated with the extraction, production, shipping, and use of nickel in downstream industries. Of equal importance
are sources that are not associated with the direct use of nickel, including the combustion of fossil fuels, the use of mineral
fertilizers and biosolids on agricultural land, and effluents from municipal wastewater treatment plants. The combination
of sources can result in nickel concentrations in the environment that cause adverse effects to ecosystems. As for most
chemical substances, the regulatory approach for minimizing these situations is to set environmental quality standards.
As long as environmental concentrations for a given substance like nickel are maintained below these concentrations, no
effects to the environment should occur. The most common environmental quality standards focus on the water compart-
ment. Other standards exist to identify appropriate clean-up goals for soil and sediments in contaminated sites that are
undergoing remediation.

Many jurisdictions have also derived standards that set limits on nickel within ambient air. These limits are established to
protect human health, and are most relevant for urban areas where smog occurs.

INTERNATIONAL NICKEL STUDY GROUP 68

 THE WORLD NICKEL FACTBOOK 2024

Nickel and Consumer Exposure

Nickel and nickel compounds are widely used in a variety of different applications, both in the home and wider society.
However, direct exposure to the public is relatively low.

Around 12-15% of women and 1-2% of men are known to be allergic to nickel. Nickel allergic contact dermatitis (NACD) is
a rash or eczema on the skin of allergic people that manifests after direct and prolonged skin contact with a nickel-releasing
item. It is not a life-threatening allergy though it can cause discomfort, itching, and a rash. The European Union has had a
regulation in place since 1994, which restricts the release of nickel from items such as some types of jewelry, items worn
in piercings or clothing fasteners, etc., as they may cause NACD in nickel-allergic people.

References

OECD. Guidance on the Incorporation of Bioavailability Concepts for Assessing the Chemical Ecological Risk and/or En-
vironmental Threshold Values of Metals and Inorganic Metal Compounds. ENV/JM/MONO(2016)66. OECD, Paris,
France.

US EPA. 2007. Framework for Metals Risk Assessment. EPA 120/R-07/001. US EPA. Washington, DC, USA.
https://www.epa.gov/sites/production/files/2013-09/documents/metals-risk-assessment-final.pdf

INTERNATIONAL NICKEL STUDY GROUP 69

 THE WORLD NICKEL FACTBOOK 2024

ENVIRONMENT, HEALTH AND SAFETY (EHS) REGULATIONS RELATING TO NICKEL 2022

For a number of years, detailed Information on regulations affecting nickel has been listed and maintained by INSG in
spreadsheet format and updated on a regular basis. In order to improve the readability of the report, the 2022 publication
lists each legislation item on a separate page in four columns: Legislation Title, Legislation Summary, Impact on Nickel,
and Status.

The present publication is based on information available up to late 2021 which was used to update the Group’s database
of information on regulations relating to environment, health and safety (EHS). Taking into consideration the fast-evolving
legislation landscape, the Secretariat has for the first time, where available, included links to the actual legislation items.
Readers can then use the links to obtain information regarding future updates.

The objective of this document is to briefly summarize regulations and other initiatives, current and proposed which might
affect the production, processing, use, trade, and recycling of nickel in the future. For its preparation, the secretariat relied
on its internal resources and information retrieved from the Internet. Although the secretariat aims for completeness,
please note that this overview does not claim to be exhaustive and that it contains only unofficial summaries of regulations
and other initiatives. For precise content, please refer to the original texts.

The 2022 report includes information on 136 pieces of legislation and initiatives from 13 countries, the European Union,
and 4 international organizations. For some of the countries, separate entries have been made for states or provinces.

The report is available free of charge. To obtain a copy please contact the INSG Secretariat or visit the INSG
website at www.insg.org

INTERNATIONAL NICKEL STUDY GROUP 70

 THE WORLD NICKEL FACTBOOK 2024

Presented by

International Nickel Study Group

Acknowledgement & Disclaimer

Data, information, and pictures in this Factbook have been sourced from public channels such as the IMF, OECD, UN,
World Bank, IEA, and ITC. Special thanks to the Nickel Institute for their professional contribution to editing work, particu-
larly on the EHS section. Special thanks are also given to the Worldstainless Association for its contribution to world
stainless steel production data. This Factbook serves as a reference for INSG´s member countries and the wider public
and aims to enhance understanding of nickel and its role as a critical material. The INSG, as an intergovernmental organ-
ization, welcomes the use of the information contained in the factbook with a clear reference to INSG as the source. The
INSG bears no responsibility regarding the use of information contained in the Factbook.

INTERNATIONAL NICKEL STUDY GROUP 71

 Notes
THE WORLD NICKEL FACTBOOK 2024

INTERNATIONAL NICKEL STUDY GROUP 72

 International Nickel Study Group
Rua Almirante Barroso, 38 - 5th
1000-013 Lisbon, Portugal
Phone: (351) 21 359 2423 Fax:(351) 21 359 2429
E-mail: [email protected]
Website: www.insg.org