Angola: Iron Ore Market 2024

Iron Ore Market Size in Angola

The Angolan iron ore market declined rapidly to $X in 2021, falling by -99.8% against the previous year. Overall, consumption showed a dramatic downturn. Iron ore consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Iron Ore Production in Angola

In value terms, iron ore production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 7.4%. As a result, production reached the peak level of $X, and then dropped modestly in the following year.

Iron Ore Exports

Exports from Angola

Iron ore exports from Angola soared to X tons in 2021, picking up by 50% on the previous year's figure. Overall, exports enjoyed significant growth. The pace of growth was the most pronounced in 2018 when exports increased by 5,475%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, iron ore exports soared to $X in 2021. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 6,995% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Turkey (X tons) and China (X tons) were the main destinations of iron ore exports from Angola.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +37,083.8%).

In value terms, China ($X) and Turkey ($X) appeared to be the largest markets for iron ore exported from Angola worldwide.

Among the main countries of destination, Turkey, with a CAGR of +14,020.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The average iron ore export price stood at $X per ton in 2021, with an increase of 64% against the previous year. Over the period under review, the export price recorded a remarkable increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Turkey stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+29.1%).

Iron Ore Imports

Imports into Angola

In 2021, after two years of decline, there was significant growth in supplies from abroad of iron ores and concentrates, when their volume increased by 90% to X tons. Over the period under review, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 176% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iron ore imports skyrocketed to $X in 2021. Overall, imports continue to indicate a significant increase. The growth pace was the most rapid in 2018 with an increase of 155%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main iron ore supplier to Angola, accounting for a 92% share of total imports. Moreover, iron ore imports from China exceeded the figures recorded by the second-largest supplier, Portugal (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +29.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+34.3% per year) and France (-41.3% per year).

In value terms, China ($X) constituted the largest supplier of iron ores and concentrates to Angola, comprising 99% of total imports. The second position in the ranking was taken by Portugal ($X), with a 1.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +36.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+4.9% per year) and France (-38.6% per year).

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, growing by 4.1% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron ore import price increased by +66.2% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 51%. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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