Russian Nickel exports to Brazil reached highest level since 2005

According to data from the Brazilian statistics office IBGE, Russian nickel exports to Brazil reached US$11.1 million in July, marking the highest level since 2005.

The data shows that imports of Russian nickel increased 2.2 times in July compared to the previous month, amounting to US$11.1 million.

In July, Russia became Brazil’s largest supplier of the metal, followed by Norway with US$10.4 million and the United States with US$7.3 million, says IBGE.

Regarding the first seven months of 2023, the United States overtook Norway as the top supplier with US$48.3 million, compared to US$44.7 million accumulated by the Nordic nation.

Russia climbed to third place from sixth with US$28.8 million.

In summary, July witnessed a significant increase in Brazilian imports of Russian nickel, making Russia the largest supplier of the metal to Brazil for that month.

Over the first seven months of 2023, the United States, Norway, and Russia emerged as the top three suppliers of nickel to Brazil, with Russia showing a notable rise in the rankings.

This trend highlights the dynamic nature of global trade relations and the significant role of these nations in the global nickel supply chain.

NICKEL

Nickel is a crucial component in manufacturing stainless steel and other corrosion-resistant alloys.

Brazil, a significant player in the global steel industry, relies heavily on nickel imports.

The demand for nickel has been rising globally due to its extensive use in batteries for electric vehicles.

Russia, Norway, and the United States are among the world’s largest nickel producers.

The shift in supplier ranking reflects changes in global supply chains and trade dynamics.

Brazil must diversify its suppliers to ensure a stable nickel supply for its industries.

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