Australia: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Australia

In 2022, the Australian market for precious metal ores and concentrates decreased by -25.8% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption, however, saw a strong expansion. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in Australia

In value terms, precious metal ore and concentrate production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by 25%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports from Australia

For the third consecutive year, Australia recorded growth in overseas shipments of precious metal ores and concentrates, which increased by 7.5% to X tons in 2022. In general, total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +39.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 53%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, precious metal ore and concentrate exports surged to $X in 2022. Overall, total exports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.7% against 2018 indices. The most prominent rate of growth was recorded in 2020 with an increase of 21%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

South Korea (X tons), China (X tons) and the Philippines (X tons) were the main destinations of precious metal ore and concentrate exports from Australia, together accounting for 61% of total exports. Germany, Japan, Finland and Sweden lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Finland (with a CAGR of +26.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for precious metal ore and concentrate exported from Australia were South Korea ($X), Germany ($X) and the Philippines ($X), together accounting for 62% of total exports. China, Japan, Finland and Sweden lagged somewhat behind, together comprising a further 34%.

In terms of the main countries of destination, Finland, with a CAGR of +39.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2022, growing by 11% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 32% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Finland (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports into Australia

Precious metal ore and concentrate imports into Australia skyrocketed to X tons in 2022, picking up by 202% compared with the previous year's figure. Over the period under review, imports, however, continue to indicate a sharp descent. The most prominent rate of growth was recorded in 2020 with an increase of 2,164% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, precious metal ore and concentrate imports surged to $X in 2022. In general, imports, however, recorded a significant contraction. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X tons), Suriname (X tons) and Indonesia (X tons) were the main suppliers of precious metal ore and concentrate imports to Australia, with a combined 63% share of total imports. Canada, Germany, Papua New Guinea, Ecuador and the United States lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Papua New Guinea (with a CAGR of +30.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Suriname ($X) constituted the largest supplier of precious metal ores and concentrates to Australia, comprising 63% of total imports. The second position in the ranking was taken by Germany ($X), with a 27% share of total imports. It was followed by Japan, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value from Suriname was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (0.0% per year) and Japan (-37.2% per year).

Import Prices by Country

In 2022, the average import price for precious metal ores and concentrates amounted to $X per ton, rising by 712% against the previous year. Over the period under review, the import price, however, faced a abrupt contraction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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