Price for Iron Ore and Concentrate, Non-Agglomerated in China - 2023
Contents:
- Price for Iron Ore and Concentrate, Non-Agglomerated in China (CIF) - 2023
- Price for Iron Ore and Concentrate, Non-Agglomerated in China (FOB) - 2022
- Imports of Iron Ore and Concentrate, Non-Agglomerated in China
- Exports of Iron Ore and Concentrate, Non-Agglomerated in China
Price for Iron Ore and Concentrate, Non-Agglomerated in China (CIF) - 2023
In June 2023, the average import price for iron ores and concentrates, non-agglomerated amounted to $107 per ton, shrinking by -8.3% against the previous month. Over the period under review, the import price saw a mild setback. The pace of growth appeared the most rapid in February 2023 an increase of 11% m-o-m. The import price peaked at $129 per ton in June 2022; however, from July 2022 to June 2023, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In June 2023, the country with the highest price was Peru ($129 per ton), while the price for India ($78.0 per ton) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by India (+0.6%), while the prices for the other major suppliers experienced a decline.
Price for Iron Ore and Concentrate, Non-Agglomerated in China (FOB) - 2022
The average export price for iron ores and concentrates, non-agglomerated stood at $127 per ton in 2022, declining by -23% against the previous year. Over the period under review, the export price recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 65% against the previous year. Over the period under review, the average export prices attained the maximum at $240 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($131 per ton), while the average price for exports to South Korea ($106 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+5.9%), while the prices for the other major destinations experienced a decline.
Imports of Iron Ore and Concentrate, Non-Agglomerated in China
In 2022, purchases abroad of iron ores and concentrates, non-agglomerated decreased by -2.5% to 1,075M tons, falling for the second year in a row after two years of growth. The total import volume increased at an average annual rate of +1.2% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 8.5%. As a result, imports reached the peak of 1,124M tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, iron ore and concentrate, non-agglomerated imports contracted significantly to $123.4B in 2022. Overall, total imports indicated a buoyant increase from 2019 to 2022: its value increased at an average annual rate of +8.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +26.8% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by 51%. As a result, imports attained the peak of $177.7B, and then plummeted in the following year.
| Import of Iron Ore and Concentrate, Non-Agglomerated in China (Billion USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Brazil | 21.7 | 25.8 | 38.7 | 69.7 | 47.5% |
| Australia | 62.0 | 73.2 | 111 | 14.7 | -38.1% |
| South Africa | 4.4 | 5.0 | 7.1 | 13.1 | 43.9% |
| Peru | 1.5 | 1.6 | 3.5 | 7.3 | 69.5% |
| Chile | 0.7 | 1.4 | 2.5 | 4.1 | 80.3% |
| Mauritania | 0.6 | 0.9 | 1.3 | 2.3 | 56.5% |
| Sierra Leone | N/A | N/A | 0.2 | 1.6 | 700.0% |
| India | 1.1 | 2.7 | 3.2 | 0.1 | -55.0% |
| Others | 5.3 | 7.2 | 10.7 | 10.6 | 26.0% |
| Total | 97.4 | 118 | 178 | 123 | 8.1% |
Top Suppliers of Iron Ore and Concentrate, Non-Agglomerated to China in 2022:
- Brazil (628.2M tons)
- Australia (128.1M tons)
- South Africa (103.4M tons)
- Peru (51.4M tons)
- Chile (30.8M tons)
- Mauritania (20.6M tons)
- Sierra Leone (17.2M tons)
- India (0.6M tons)
Exports of Iron Ore and Concentrate, Non-Agglomerated in China
For the fourth consecutive year, China recorded growth in shipments abroad of iron ores and concentrates, non-agglomerated, which increased by 3.1% to 22M tons in 2022. In general, total exports indicated a strong expansion from 2019 to 2022: its volume increased at an average annual rate of +19.1% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +68.7% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 56% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.
In value terms, iron ore and concentrate, non-agglomerated exports reduced dramatically to $2.9B in 2022. Overall, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 157% against the previous year. As a result, the exports attained the peak of $3.6B, and then shrank dramatically in the following year.
| Export of Iron Ore and Concentrate, Non-Agglomerated in China (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 928 | 869 | 2,349 | 1,906 | 27.1% |
| Taiwan (Chinese) | 179 | 348 | 861 | 774 | 62.9% |
| South Korea | 100 | 123 | 320 | 149 | 14.2% |
| Others | 1.5 | 57.5 | 67.3 | 27.0 | 162.1% |
| Total | 1,209 | 1,397 | 3,598 | 2,855 | 33.2% |
Top Export Markets for Iron Ore and Concentrate, Non-Agglomerated from China in 2022:
- Japan (14.9M tons)
- Taiwan (Chinese) (5.9M tons)
- South Korea (1.4M tons)
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