ASEAN: Iron Ore Market 2024

Iron Ore Market Size in ASEAN

In 2021, the ASEAN iron ore market increased by 37% to $X, rising for the sixth consecutive year after three years of decline. Overall, consumption saw buoyant growth. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Iron Ore Production in ASEAN

In value terms, iron ore production declined to $X in 2021 estimated in export price. Overall, production recorded a abrupt slump. The pace of growth appeared the most rapid in 2017 when the production volume increased by 63% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Iron Ore Exports

Exports in ASEAN

In 2021, exports of iron ores and concentrates in ASEAN rose significantly to X tons, increasing by 12% against the previous year's figure. Total exports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +31.9% against 2018 indices. The pace of growth was the most pronounced in 2016 when exports increased by 41% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, iron ore exports surged to $X in 2021. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 41% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Malaysia (X tons) represented the key exporter of iron ores and concentrates, making up 61% of total exports. The Philippines (X tons) held a 19% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (7.6%) and Lao People's Democratic Republic (6.2%). Myanmar (X tons) held a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to iron ore exports from Malaysia stood at +11.4%. At the same time, Lao People's Democratic Republic (+37.3%) and the Philippines (+4.4%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +37.3% from 2012-2021. By contrast, Myanmar (-1.4%) and Indonesia (-14.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Malaysia, Lao People's Democratic Republic and the Philippines increased by +31, +5.8 and +2.4 percentage points, respectively.

In value terms, Malaysia ($X) remains the largest iron ore supplier in ASEAN, comprising 62% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with a 12% share of total exports. It was followed by the Philippines, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Malaysia amounted to +5.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+38.6% per year) and the Philippines (+4.8% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, growing by 7.2% against the previous year. In general, the export price, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2020 an increase of 36%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+1.3%), while the other leaders experienced more modest paces of growth.

Iron Ore Imports

Imports in ASEAN

In 2021, the amount of iron ores and concentrates imported in ASEAN skyrocketed to X tons, growing by 28% on 2020. In general, imports showed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 136%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in years to come.

In value terms, iron ore imports soared to $X in 2021. Overall, imports posted significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons) and Vietnam (X tons) represented roughly 72% of total imports in 2021. It was distantly followed by Indonesia (X tons) and the Philippines (X tons), together creating a 27% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +94.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron ore importing markets in ASEAN were Vietnam ($X), Malaysia ($X) and Indonesia ($X), with a combined 85% share of total imports.

Vietnam, with a CAGR of +95.0%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, jumping by 26% against the previous year. Overall, the import price, however, saw a perceptible curtailment. The pace of growth was the most pronounced in 2020 when the import price increased by 49%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+0.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform