Asia-Pacific: Iron Ore Market 2024

Iron Ore Market Size in Asia-Pacific

In 2021, the Asia-Pacific iron ore market increased by 18% to $X, rising for the sixth year in a row after two years of decline. In general, consumption, however, continues to indicate a resilient expansion. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Iron Ore Production in Asia-Pacific

In value terms, iron ore production contracted to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 56% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then declined in the following year.

Iron Ore Exports

Exports in Asia-Pacific

After two years of growth, shipments abroad of iron ores and concentrates decreased by -0.3% to X tons in 2021. The total export volume increased at an average annual rate of +5.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by 18%. The volume of export peaked at X tons in 2020, and then declined slightly in the following year.

In value terms, iron ore exports surged to $X in 2021. Over the period under review, exports, however, showed a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia dominates exports structure, reaching X tons, which was near 90% of total exports in 2021. The following exporters - India (X tons), China (X tons) and Malaysia (X tons) - together made up 8.3% of total exports.

Exports from Australia increased at an average annual rate of +5.8% from 2012 to 2021. At the same time, China (+107.5%), Malaysia (+11.4%) and India (+2.6%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +107.5% from 2012-2021. While the share of China (+2.4 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest iron ore supplier in Asia-Pacific, comprising 92% of total exports. The second position in the ranking was taken by India ($X), with a 3.3% share of total exports. It was followed by China, with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Australia amounted to +8.3%. The remaining exporting countries recorded the following average annual rates of exports growth: India (+6.2% per year) and China (+99.2% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, surging by 45% against the previous year. Over the period under review, the export price saw a notable expansion. 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 China ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+3.6%), while the other leaders experienced mixed trends in the export price figures.

Iron Ore Imports

Imports in Asia-Pacific

In 2021, approx. X tons of iron ores and concentrates were imported in Asia-Pacific; approximately reflecting the year before. The total import volume increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 13%. Over the period under review, imports reached the maximum at X tons in 2020, and then reduced in the following year.

In value terms, iron ore imports soared to $X in 2021. Over the period under review, imports, however, recorded a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China prevails in imports structure, reaching X tons, which was approx. 80% of total imports in 2021. Japan (X tons) ranks second in terms of the total imports with an 8.1% share, followed by South Korea (5.3%). The following importers - Taiwan (Chinese) (X tons) and Malaysia (X tons) - each amounted to a 3.4% share of total imports.

Imports into China increased at an average annual rate of +4.7% from 2012 to 2021. 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-Pacific, 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 South Korea and Japan saw its share reduced by -1.5% and -5.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron ores and concentrates in Asia-Pacific, comprising 82% of total imports. The second position in the ranking was taken by Japan ($X), with an 8.1% share of total imports. It was followed by South Korea, with a 4.7% share.

In China, iron ore imports expanded at an average annual rate of +7.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-0.7% per year) and South Korea (+0.9% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, picking up by 52% against the previous year. In general, the import price enjoyed a pronounced increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: 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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