Ranking of the world's best nickel exporters in 2024

The world's leading nickel exporters to 2024 are dominated by a few major players.

The Philippines exported a whopping 43.38 million tonnes of nickel, accounting for approximately 80.2 per cent of the world's total nickel exports.

New Caledonia follows with 6.84 million tons, or 12.6 per cent of global exports.

Other notable exporters include Guatemala, Russia and Australia, which accounted for 4.5 per cent, 0.5 per cent and 0.4 per cent of global nickel exports, respectively.

Indonesia is another major country that is not only the largest producer but also a significant exporter. in 2023,

Indonesia produced around 1.8 million metric tonnes of nickel, consolidating its position as the world's leading producer.

Major countries that account for the majority of world nickel exports include:

Philippines - 43,384,336 tonnes

New Caledonia - 6,839,376 tonnes

Guatemala - 2,419,422 tonnes

Russia - 251,981 tonnes

Australia - 217,546 tonnes

Finland - 186,027 tonnes

Brazil - 119,796 tonnes

Zimbabwe - 36,186 tonnes

Zambia - 34,659 tonnes

USA - 33,050 tonnes

In terms of value, the Philippines also leads, followed closely by other important exporters such as New Caledonia, Russia and Finland. These countries benefit from their abundant nickel reserves and strong mining industries, which have allowed them to dominate the global market in terms of both production and exports.

Learn more: How is nickel mined and processed?

How nickel is mined and processed depends on many factors, such as the size, grade, morphology and depth of the nickel deposit under consideration. While nickel laterite deposits are usually mined through open pit mining, nickel sulphide deposits are usually mined using underground mining methods. After mining, the nickel ore is processed into a high-grade concentrate by crushing and separating the nickel-bearing material from other minerals through various physical and chemical processes. Next, the concentrate is smelted in a furnace, followed by a final refining stage using pyrometallurgical and hydrometallurgical processes.

Stainless steel accounts for the vast majority of nickel demand, but electric vehicle (EV) batteries represent a growing application for this base metal as the shift to a greener future continues to accelerate.

However, while the long-term outlook for nickel is bright, it may face headwinds in the short term. After a difficult 2023, experts expect a surplus this year, as weak nickel usage coincides with strong production in Indonesia, the largest producer.

What other factors are affecting nickel supply? If you're interested in understanding the market, you should be aware of the influencing factors. To help you get started, let's take a look at the countries that produce the most nickel.(Some data sourced from the US Geological Survey, for reference only.)

6 countries with the largest nickel reserves

1. Indonesia

The country's nickel reserves amount to 21 tonnes, accounting for about 22 per cent of the world's known nickel reserves.

2. Australia

Australia ranks second in the world, with 21 per cent of the world's known nickel reserves. Australia has about 20 million tonnes of nickel reserves.

3. Brazil

With about 16 million tonnes of nickel resources, Brazil is the third largest supplier of nickel resources in the world.

4. Russia

Russia's nickel reserves are far less than those of other countries, but still ranked fourth. Russia is one of the world's five largest nickel ore reserves, accounting for 7% of the world's known nickel ore reserves.

5. Cuba

The country has the world's fifth-largest supply of nickel, with a 6 per cent share of the global market.

6. Philippines

The Philippines has more than 30 nickel mines containing 4.8 tonnes of this metal.

Nickel Production by Country, Top 9 Nickel Producing Countries, 2024 (Updated 2024)

1. Indonesia

In 2021, the country produced more than 1 million metric tonnes (MT) of nickel. This figure is a jump from 345,000 MT in 2017. Most of the nickel processed in the country ends up being made into electric vehicle batteries for China to produce for its electric vehicles. Sulawesi and North Maluku provinces are the largest producers of nickel.

2. Philippines

The country's nickel production in 2019 is as high as 420,000 metric tonnes. The average processing volume is usually around 340,000 to 370,000 metric tonnes per year. By 2025, the country may reach its target of producing 500,000 metric tonnes per year. The country processes a significant portion of its nickel ore in Surigao del Norte, Caraga. The Philippines has at times surpassed Indonesia in nickel production and may do so again due to the 2020 ban. As of 2022, the Philippines has 12 new metal mines planned, most of which are nickel.

3. Russia

The country's mine production reached 250,000 tonnes in 2021 but has climbed to 272,000 tonnes in 2018. The country plans to expand its system to produce more and raise its 2030 target. It is Europe's largest nickel producer and also mines and produces copper, palladium and platinum. One of its main operating areas is the Arctic Norilsk region. However, there is also some activity in the Kuonmane, Siberia and Krasnoyarsk krai

.4. New Caledonia

The region produces about 190,000 tonnes of nickel per year. in 2019, this figure has been as high as 220,000 tonnes. The region prefers to maintain domestic supply to meet the needs of its refining and smelting industries, which generates revenue for them. However, the region has exported some of its nickel to China, which does present them with some economic risk.

The other five countries：

The remaining nine countries that produce the most nickel globally include the following five:

Australia (160,000-180,000 metric tonnes)

Canada (130,000-180,000 metric tonnes)

China (120,000 metric tonnes)

Brazil (100,000 metric tonnes)

United States (18,000 metric tonnes)