Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
Global nickel mining industry - statistics & facts
Nickel is a versatile transition metal, serving a vital role in numerous industries. Its applications range from traditional uses in stainless steel and construction to newer applications in electric vehicles and renewable energy technologies.
While the global production of nickel from mines was estimated to amount to a total of 3.6 million metric tons in 2023, the major countries in nickel mining include Indonesia, Philippines, Russia, and New Caledonia. Undoubtedly, Indonesia is home to the largest nickel reserves and mines. Interestingly, nickel reserves are among the metals and minerals with the least remaining life years, however, because nickel is a highly recyclable material, this poses less of a problem.
Nickel mining companies
The leading companies based on nickel production worldwide as of 2023 were Tsingshan Group and Delong from China, Nornickel from Russia, and Jinchuan Group from Hong Kong. Tsingshan Group alone accounted for a 19 percent share of global nickel production that year. The world's leading nickel producing companies based on market capitalization as of January 2024, however, were a different cohort: BHP from Australia had the leading market cap, at 166.7 billion U.S. dollars. The Brazilian company Vale came in second, with a market cap of nearly 66 billion U.S. dollars.Nickel consumption and price dynamics
In 2023, the global consumption of nickel amounted to 3.1 million metric tons. China accounted for a stark 60 percent of global nickel consumption in 2023, while the rest of Asia accounted for a further 22 percent of consumption. As with any commodity, the price of nickel varies considerably with market influences. In 2023, the average annual price for one metric ton of nickel was 21,521 U.S. dollars. Indeed, nickel prices had a wide monthly range from 2022 to 2024, where in May 2024, the price of one metric ton of nickel stood at some 19, 586 U.S. dollars and reached a high of 33,924 U.S. dollars per metric ton in March 2022. Forecasts indicate that the production, consumption, and price of nickel are expected to increase in the coming years. This is due to the growing demand for nickel, which is driven by the expanding renewable energy sector and the rise of electric vehicles.
