ASEAN: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in ASEAN

The ASEAN market for precious metal ores and concentrates totaled $X in 2022, rising by 3.2% against the previous year. Over the period under review, consumption, however, continues to indicate a resilient increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Precious Metal Ores And Concentrates in ASEAN

In value terms, precious metal ore and concentrate production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 25%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports in ASEAN

In 2022, shipments abroad of precious metal ores and concentrates increased by 59% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports saw buoyant growth. The growth pace was the most rapid in 2016 when exports increased by 254% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, precious metal ore and concentrate exports surged to $X in 2022. In general, exports posted a strong increase. The pace of growth appeared the most rapid in 2016 when exports increased by 344% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Exports by Country

Indonesia was the major exporting country with an export of about X tons, which finished at 69% of total exports. It was distantly followed by Malaysia (X tons), generating a 22% share of total exports. Myanmar (X tons) and Vietnam (X tons) held a minor share of total exports.

Indonesia was also the fastest-growing in terms of the precious metal ores and concentrates exports, with a CAGR of +36.8% from 2012 to 2022. At the same time, Myanmar (+27.3%) and Malaysia (+16.1%) displayed positive paces of growth. By contrast, Vietnam (-7.0%) illustrated a downward trend over the same period. While the share of Indonesia (+55 p.p.) and Myanmar (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-22 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest precious metal ore and concentrate supplier in ASEAN, comprising 78% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total exports. It was followed by Myanmar, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia totaled +38.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+6.4% per year) and Myanmar (+43.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, falling by -4.2% against the previous year. Overall, the export price showed a drastic downturn. The most prominent rate of growth was recorded in 2016 when the export price increased by 26% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Myanmar (+12.7%), while the other leaders experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports in ASEAN

In 2022, the amount of precious metal ores and concentrates imported in ASEAN soared to X tons, increasing by 23% compared with 2021. Overall, imports posted a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 1,025%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, precious metal ore and concentrate imports rose slightly to $X in 2022. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 701% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) was the main importer of precious metal ores and concentrates, creating 69% of total imports. It was distantly followed by Vietnam (X tons), committing a 31% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to precious metal ore and concentrate imports into Malaysia stood at +33.6%. At the same time, Vietnam (+44.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +44.7% from 2012-2022. Vietnam (+15 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia saw its share reduced by -9.1% from 2012 to 2022, respectively.

In value terms, Malaysia ($X) constitutes the largest market for imported precious metal ores and concentrates in ASEAN, comprising 75% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 24% share of total imports.

In Malaysia, precious metal ore and concentrate imports expanded at an average annual rate of +36.5% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, which is down by -15.9% against the previous year. Over the period under review, the import price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2020 an increase of 51% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.8%).

Source: IndexBox Platform