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ICEX Commodity Profile – Nickel
Nickel is a metallic chemical element with the symbol Ni. It is
making up 0.008% of the Earth's crust and is the fifth most common
element in the earth. It is a silvery-white lustrous metal with a slight
golden tinge. Nickel is found predominantly in two types of deposits:
sulfides and laterites. Around 70 per cent of the world’s nickel
resources are contained in laterite ores, yet world’s nickel production
predominantly comes from sulphide ores.
Economic importance
- Nickel is hard, malleable and ductile.
- It has high resistance to corrosion and oxidation.
- It is used in manufacture of stainless steel.
- Its ability to sustain at high temperatures finds its usage in rocket
engines and fuel turbines.
- It is used in electro-plating.
Global Scenario
Major producers of Nickel are Russia, followed by Australia, Canada, New
Caledonia and Indonesia, which represents over 65% of total world
production. Australia has substantial nickel resources, followed by Cuba
& Canada. Emerging economies such as India and China play a major role
in the growth of global nickel industry along with developed countries
such as US, UK and Germany, as these countries have larger presence of
automotive and aviation industries.
Domestic Scenario
India does not produce nickel, as there are no sulphide deposits in the
country and mainly depends on imports for its consumption. The only
source of producing the metals is with that of lateritic oxides, which
is available in Sukhinda valley, in the state of Orissa. 85% of India’s
imports are in the form of unwrought nickel. Russia is the main supplier
of nickel to India and contributes nearly half of its imports, followed
by Canada with 9% and Brazil with 7%. |
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