| Year | LME nickel (World Bank) | China ore, all origins (HS 2604) | China ore from the Philippines |
|---|---|---|---|
| 2017 | $10,410 | $59 | $47 |
| 2018 | $13,114 | $63 | $45 |
| 2019 | $13,914 | $72 | $48 |
| 2020 | $13,787 | $75 | $55 |
| 2021 | $18,465 | $102 | $77 |
| 2022 | $25,834 | $113 | $78 |
| 2024 | $16,814 | $70 | $47 |
| 2025 | $15,162 | $73 | $48 |
Sources: World Bank Commodity Price Data; UN Comtrade, importer-reported value divided by quantity. 2016 is omitted (imputed by Comtrade) and 2023 is omitted because China's 2023 quantity in Comtrade is about half the customs-based figure in an industry source. Ore prices are per tonne of ore, not per tonne of nickel.
A tonne of ore is not a tonne of nickel
Customs code HS 2604 covers nickel ores and concentrates, priced per tonne of material. Eramet's nickel-ore business reports a price for 1.8% nickel ore delivered CIF China, in dollars per wet tonne, and China's average declared price tracked it closely: 93% to 98% of Eramet's figure in 2020, 2021, 2022 and 2024. That is why ore is quoted at tens of dollars while the refined metal is quoted at thousands.
The Philippines supplies most of China's ore
China declared between 35 and 56 million tonnes of nickel ore and concentrate a year in 2017 to 2025 (2023 excluded). The Philippines supplied 38.2 million tonnes of the 42.3 million in 2025, about 90%, at $48 per tonne.
One customs code, two kinds of product
In 2025 China declared $1,214 to $2,088 per tonne for ore and concentrate from Russia, Zambia, Brazil and Australia, against $48 to $133 per tonne from the Philippines, New Caledonia, Guatemala and Cote d'Ivoire. The higher-priced lines are small, between 41,000 and 236,000 tonnes each in 2025. The customs code does not say what the higher-value material is; the gap is consistent with nickel-rich concentrates rather than ore.
Indonesia went from exporter to importer
China declared 23.9 million tonnes of Indonesian nickel ore in 2019 and 0.8 million in 2021. USGS records that Indonesia reinstated its ban on direct-shipping nickel ore from January 2020, to conserve ore for its domestic processing industry. Indonesia itself declared 15.8 million tonnes of imports in 2025, almost all from the Philippines.
Refined nickel is far simpler
Refined nickel (HS 7502) was declared at between 92% and 113% of the annual LME average by eight large importers. The code also includes some nickel alloys, which is why a few lines, such as Belgium in 2024 and Norway in 2023 to 2025, sit far from the LME price and were left out of the analysis.
Related
Frequently asked questions
Why is nickel ore so much cheaper per tonne than nickel metal?
Ore is priced per tonne of ore, which contains only a small percentage of nickel. The refined metal is priced per tonne of nickel.
Where does China get its nickel ore?
Mostly from the Philippines: about 90% of China's 42.3 million tonnes of declared imports in 2025.
Why did Indonesia start importing nickel ore?
USGS records that Indonesia reinstated its ban on direct-shipping nickel ore from January 2020 to conserve ore for domestic processing. Indonesia declared 15.8 million tonnes of imports in 2025, almost all from the Philippines.
Sources
- World Bank Commodity Price Data (the Pink Sheet)
- UN Comtrade database
- USGS Mineral Commodity Summaries 2020: Nickel
- Eramet FY2024 results release
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.