Asia: Iron Ore Market 2024

Iron Ore Market Size in Asia

The Asian iron ore market surged to $X in 2021, jumping by 31% against the previous year. The total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +88.5% against 2015 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iron Ore Production in Asia

In value terms, iron ore production soared to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2019 when the production volume increased by 57% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Iron Ore Exports

Exports in Asia

Iron ore exports expanded to X tons in 2021, with an increase of 2.3% against the previous year. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 72% against the previous year. The volume of export peaked in 2021 and is likely to continue growth in the near future.

In value terms, iron ore exports soared to $X in 2021. Over the period under review, exports enjoyed perceptible growth. The most prominent rate of growth was recorded in 2016 when exports increased by 78%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

Exports by Country

In 2021, India (X tons), distantly followed by China (X tons), Malaysia (X tons), Kazakhstan (X tons) and the Philippines (X tons) represented the main exporters of iron ores and concentrates, together generating 80% of total exports. Bahrain (X tons), Oman (X tons), Turkey (X tons), Indonesia (X tons), Iran (X tons) and Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +107.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest iron ore supplying countries in Asia were India ($X), China ($X) and Kazakhstan ($X), with a combined 65% share of total exports.

China, with a CAGR of +99.2%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, growing by 52% against the previous year. Over the period under review, the export price showed a measured 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 origin: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+6.2%), while the other leaders experienced more modest paces of growth.

Iron Ore Imports

Imports in Asia

In 2021, overseas purchases of iron ores and concentrates increased by 0.2% to X tons, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 13%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, iron ore imports surged to $X in 2021. In general, imports enjoyed resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China prevails in imports structure, accounting for X tons, which was approx. 78% of total imports in 2021. Japan (X tons) took a 7.8% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (5.1%). The following importers - Taiwan (Chinese) (X tons) and Malaysia (X tons) - each reached a 3.3% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to iron ore imports into China stood at +4.7%. At the same time, Malaysia (+21.7%), Taiwan (Chinese) (+3.4%) and South Korea (+1.3%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia, with a CAGR of +21.7% from 2012-2021. By contrast, Japan (-1.6%) illustrated a downward trend over the same period. China (+3.7 p.p.) significantly strengthened its position in terms of the total imports, while Japan saw its share reduced by -5.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron ores and concentrates in Asia, comprising 80% of total imports. The second position in the ranking was held by Japan ($X), with a 7.9% share of total imports. It was followed by South Korea, with a 4.5% share.

In China, iron ore imports expanded at an average annual rate of +7.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-0.7% per year) and South Korea (+0.9% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, increasing by 52% against the previous year. In general, the import price enjoyed a modest expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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