Canada: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Canada

The Canadian market for precious metal ores and concentrates expanded notably to $X in 2022, growing by 9.8% against the previous year. In general, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +40.0% against 2018 indices. Precious metal ore and concentrate consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Precious Metal Ores And Concentrates in Canada

In value terms, precious metal ore and concentrate production reached $X in 2022 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.5% against 2020 indices. The growth pace was the most rapid in 2020 when the production volume increased by 11%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports from Canada

In 2022, the amount of precious metal ores and concentrates exported from Canada rose sharply to X tons, with an increase of 7.4% on 2021. In general, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 194%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, precious metal ore and concentrate exports contracted slightly to $X in 2022. Overall, exports posted buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 179%. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted in the following year.

Exports by Country

Germany (X tons) was the main destination for precious metal ore and concentrate exports from Canada, with a 85% share of total exports. Moreover, precious metal ore and concentrate exports to Germany exceeded the volume sent to the second major destination, Belgium (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany totaled +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+52.8% per year) and Australia (+357.9% per year).

In value terms, Germany ($X) remains the key foreign market for precious metal ores and concentrates exports from Canada, comprising 17% of total exports. The second position in the ranking was taken by Belgium ($X), with a 5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany amounted to +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+51.3% per year) and Australia (+373.2% per year).

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2022, declining by -10.8% against the previous year. Overall, the export price, however, posted a tangible increase. The growth pace was the most rapid in 2019 when the average export price increased by 135% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Germany ($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 Australia (+3.3%), while the prices for the other major destinations experienced a decline.

Imports of Precious Metal Ores And Concentrates

Imports into Canada

In 2022, purchases abroad of precious metal ores and concentrates increased by 158% to X tons, rising for the second consecutive year after three years of decline. Overall, imports posted a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 709%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, precious metal ore and concentrate imports soared to $X in 2022. In general, imports, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2016 when imports increased by 49%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Ecuador (X tons) was the main supplier of precious metal ore and concentrate to Canada, with a 95% share of total imports. Moreover, precious metal ore and concentrate imports from Ecuador exceeded the figures recorded by the second-largest supplier, Mexico (X tons), more than tenfold. The United States (X tons) ranked third in terms of total imports with a 0.9% share.

From 2012 to 2022, the average annual growth rate of volume from Ecuador totaled +6,090.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+37.2% per year) and the United States (-3.1% per year).

In value terms, the largest precious metal ore and concentrate suppliers to Canada were Ecuador ($X), Mexico ($X) and Peru ($X), with a combined 94% share of total imports.

Ecuador, with a CAGR of +5,725.3%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2022, dropping by -50.3% against the previous year. Over the period under review, the import price saw a abrupt decrease. The pace of growth appeared the most rapid in 2018 when the average import price increased by 107%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Peru ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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