Nickel ores and concentrates market in Finland

Earlier Report Observations

The market for nickel ores and concentrates in Finland saw the market size grow from $344.3 million in 2018 to over $500 million by 2022, aided by the expansion of the Boliden Kevitsa concentrator in 2020 which increased domestic production capacity. This period also saw sustained imports, with Finland relying heavily on shipments from Canada and Brazil, while Russian nickel continued to flow to refineries, supporting supply.

Amendments to the Mining Act that took effect in June 2023 tightened exploration rules in protected areas, coinciding with a market contraction to $391 million that year. The introduction of the Mining Tax Act in January 2024, which levied a 0.6% royalty on extracted nickel, increased operational costs for producers. Combined with these regulatory shifts, the market size declined further to $278.4 million in 2024, even as investment in major nickel projects like Kevitsa and Terrafame rose.

Production nickel ores and concentrates in Finland

In value, 2017-2020, M $ US

In 2020, Finland's nickel ores and concentrates production was valued at 348.0 million US dollars, marking a 3.7% increase from 2019. However, over the 2018-2020 period, production decreased by 7.5%, with an annualized decline of 2.6%. The lowest value was recorded in 2019 at 335.7 million US dollars, which also saw the largest decline of 10.7%.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

In kind, 2017-2020, t

In 2020, Finland produced 52,868 tonnes of nickel ores and concentrates, showing little change from the previous year. From 2018 to 2020, production grew by 23.6%, equivalent to an annualized increase of 7.3%. The lowest output was in 2017 at 42,758 tonnes. The largest decline occurred in 2019 at 13.0%, while the biggest increase was in 2018 at 41.8%.

Annual dynamics of production in Finland in kind, 2017-2020, t

Exports nickel ores and concentrates from Finland

Exports in kind, K t

The market displayed volatility during the observed period. In 2019, Finland's nickel ores and concentrates exports hit a low of 0.0 thousand tonnes, representing a 100.0% decline. By 2020, exports surged to 75.1 thousand tonnes, a dramatic increase of 3,593,768.2% from the previous year, with a peak-to-trough amplitude of 35,939 times between these two years.

Annual dynamics of product's exports from Finland in kind, 2017-2020, K t

From 2017 to 2020, China was the dominant export destination for nickel ores and concentrates in volume terms, accounting for 75.5% of total flows, while the remainder was distributed across other markets.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, M $ US

After two years of growth, Finland's nickel ores and concentrates exports declined. In 2020, exports totaled 171.4 million US dollars, a sharp decrease of 29.1% from the previous year. Over the 2017-2020 period, exports fell by 2.5%, with an annualized decline of 0.8%. The highest value was recorded in 2019 at 241.7 million US dollars, following the largest increase of 23.2% in 2018.

Annual dynamics of product's exports from Finland in value, 2017-2020, M $ US

From 2017 to 2020, China remained the leading export destination for nickel ores and concentrates in value terms, holding an 89.1% share of total flows, with the rest fragmented among other markets.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports nickel ores and concentrates to Finland

Imports in kind, K t

The market experienced significant volatility over the observed period. In 2019, Finland's imports of nickel ores and concentrates dropped to 0.0 thousand tonnes, a 100.0% decline. By 2020, imports rebounded to 158.1 thousand tonnes, a massive increase of 139,875,272.5% from the prior year, with a peak-to-trough amplitude of 1,398,754 times between these years.

Annual dynamics of product's imports to Finland in kind, 2017-2020, K t

From 2017 to 2020, Canada, South Africa, and the United States were the primary suppliers of nickel ores and concentrates to Finland in volume terms. Canada accounted for 58.6% of imports, South Africa for 20.5%, and the United States for 13.5%, together making up 92.7% of total imports, with the remainder spread across other countries.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, M $ US

After two years of growth, Finland's imports of nickel ores and concentrates declined. In 2020, imports amounted to 210.0 million US dollars, an 8.8% decrease from the previous year. Over the 2017-2020 period, imports increased by 61.8%, with an annualized growth rate of 17.4%. The highest value was in 2019 at 230.1 million US dollars, following the largest increase of 42.4% in 2018.

Annual dynamics of product's imports to Finland in value, 2017-2020, M $ US

From 2017 to 2020, Canada and South Africa remained the main suppliers of nickel ores and concentrates to Finland in value terms, jointly accounting for 88.1% of total imports, while the rest was distributed among other countries.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020