Canada: Silver Ore Market 2024

Silver Ore Market Size in Canada

The Canadian silver ore market shrank notably to $X in 2021, falling by -39.5% against the previous year. In general, consumption showed a dramatic setback. Silver ore consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Silver Ore Production in Canada

In value terms, silver ore production shrank to $X in 2021 estimated in export price. Over the period under review, production showed a sharp descent. The most prominent rate of growth was recorded in 2020 when the production volume increased by 39%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Silver Ore Exports

Exports from Canada

In 2021, silver ore exports from Canada dropped to X tons, with a decrease of -5.2% compared with the year before. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 when exports increased by 193% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, silver ore exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a notable increase. The pace of growth was the most pronounced in 2018 with an increase of 131% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for silver ore exports from Canada, accounting for a 94% share of total exports. Moreover, silver ore exports to Germany exceeded the volume sent to the second major destination, Belgium (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Germany amounted to +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+97.3% per year) and France (-100.0% per year).

In value terms, Germany ($X) remains the key foreign market for silver ore exports from Canada, comprising 98% of total exports. The second position in the ranking was held by Belgium ($X), with a 2.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany amounted to +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+32.4% per year) and France (-99.9% per year).

Export Prices by Country

The average silver ore export price stood at $X per ton in 2021, growing by 35% against the previous year. In general, the export price, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 38% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was France ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+5,328.0%), while the prices for the other major destinations experienced a decline.

Silver Ore Imports

Imports into Canada

In 2021, approx. X tons of silver ores and concentrates were imported into Canada; declining by -91.3% compared with the year before. Over the period under review, imports recorded a precipitous setback. The pace of growth was the most pronounced in 2014 when imports increased by 376% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, silver ore imports dropped dramatically to $X in 2021. In general, imports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2016 with an increase of 48% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of silver ore to Canada, accounting for a 62% share of total imports. Moreover, silver ore imports from the United States exceeded the figures recorded by the second-largest supplier, Mexico (X tons), fourfold. The third position in this ranking was taken by Peru (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States totaled +77.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-16.9% per year) and Peru (-17.6% per year).

In value terms, Mexico ($X) constituted the largest supplier of silver ore to Canada, comprising 62% of total imports. The second position in the ranking was held by Peru ($X), with a 22% share of total imports. It was followed by Bolivia, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from Mexico amounted to +21.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (-14.5% per year) and Bolivia (-18.4% per year).

Import Prices by Country

The average silver ore import price stood at $X per ton in 2021, jumping by 737% against the previous year. In general, the import price recorded a significant increase. The growth pace was the most rapid in 2018 when the average import price increased by 1,366%. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Mexico ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+46.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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