Key Market Indicators
Canadian Nickel Export is projected to decline to approximately $2.05 billion by 2028, a drop from around $2.57 billion in 2023. This represents a year-on-year compound annual growth rate (CAGR) decrease of 3.6%. Since 1994, Canadian nickel supply has seen a consistent annual decline of 4.1%. In the global rankings for 2023, Canada held the second position, with the United States leading at $2.57 billion. Russia and Malaysia followed Canada, securing the third and fourth spots, respectively. On the import side, Canadian Nickel Import is expected to rise to about $447 million by 2028, up from roughly $423 million in 2023. This indicates an average annual growth rate of 0.8%. Despite this increase, Canadian demand for nickel has been on a downward trend since 1994, decreasing by 2.2% each year.
