Chile: Iron Ore Market 2021

Iron Ore Market Size in Chile

In 2019, the Chilean iron ore market was finally on the rise to reach $X for the first time since 2012, thus ending a six-year declining trend. In general, consumption enjoyed strong growth. Iron ore consumption peaked at $X in 2012; however, from 2013 to 2019, consumption stood at a somewhat lower figure.

Iron Ore Production in Chile

In value terms, iron ore production skyrocketed to $X in 2019 estimated in export prices. Over the period under review, production enjoyed a temperate expansion. The growth pace was the most rapid in 2011 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2019, production failed to regain the momentum.

Iron Ore Exports

Exports from Chile

Iron ore exports from Chile fell dramatically to X tons in 2019, with a decrease of -X% on 2018 figures. Overall, exports, however, posted a pronounced increase. The growth pace was the most rapid in 2010 when exports increased by X% y-o-y. Over the period under review, exports hit record highs at X tons in 2016; however, from 2017 to 2019, exports stood at a somewhat lower figure.

In value terms, iron ore exports declined remarkably to $X in 2019. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2008 when exports increased by X% against the previous year. Exports peaked at $X in 2013; however, from 2014 to 2019, exports failed to regain the momentum.

Exports by Country

China (X tons) was the main destination for iron ore exports from Chile, with a X% share of total exports. It was followed by Japan (X tons), with a X% share of total exports. The third position in this ranking was occupied by Indonesia (X tons), with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of volume to China totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-X% per year) and Indonesia (-X% per year).

In value terms, China ($X) remains the key foreign market for iron ore exports from Chile, comprising X% of total exports. The second position in the ranking was occupied by Indonesia ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2007 to 2019, the average annual growth rate of value to China totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-X% per year) and Japan (-X% per year).

Export Prices by Country

In 2019, the average iron ore export price amounted to $X per ton, surging by X% against the previous year. Overall, the export price, however, showed a slight descent. The most prominent rate of growth was recorded in 2008 an increase of X% year-to-year. As a result, export price reached the peak level of $X per ton. From 2009 to 2019, the growth in terms of the average export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Indonesia ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia, while the prices for the other major destinations experienced mixed trend patterns.

Iron Ore Imports

Imports into Chile

For the fourth year in a row, Chile recorded growth in overseas purchases of iron ores, which increased by X% to X tons in 2019. Over the period under review, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Imports peaked in 2019 and are likely to continue growth in years to come.

In value terms, iron ore imports declined to $X in 2019. Overall, imports saw significant growth. The pace of growth appeared the most rapid in 2017 when imports increased by X% year-to-year. Imports peaked at $X in 2018, and then dropped in the following year.

Imports by Country

In 2019, Brazil (X tons) constituted the largest iron ore supplier to Chile, accounting for a X% share of total imports. Moreover, iron ore imports from Brazil exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold.

From 2007 to 2019, the average annual rate of growth in terms of volume from Brazil stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Argentina (+X% per year).

In value terms, Brazil ($X) constituted the largest supplier of iron ore to Chile, comprising X% of total imports. The second position in the ranking was occupied by India ($X), with a X% share of total imports.

From 2007 to 2019, the average annual rate of growth in terms of value from Brazil stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Argentina (+X% per year).

Import Prices by Country

The average iron ore import price stood at $X per ton in 2019, with a decrease of -X% against the previous year. Over the period under review, the import price saw a sharp contraction. The most prominent rate of growth was recorded in 2013 an increase of X% year-to-year. The import price peaked at $X per ton in 2007; however, from 2008 to 2019, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was India ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by India, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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