Colombia: Iron Ore Market 2021

Iron Ore Market Size in Colombia

In 2019, the Colombian iron ore market decreased by -X% to $X, falling for the second consecutive year after three years of growth. Overall, consumption recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2012 with an increase of X% against the previous year. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2019, consumption remained at a lower figure.

Iron Ore Production in Colombia

In value terms, iron ore production reduced dramatically to $X in 2019 estimated in export prices. Over the period under review, production continues to indicate a slight increase. The pace of growth appeared the most rapid in 2012 when the production volume increased by X% y-o-y. Iron ore production peaked at $X in 2017; however, from 2018 to 2019, production failed to regain the momentum.

Iron Ore Exports

Exports from Colombia

After three years of growth, shipments abroad of iron ores decreased by -X% to X tons in 2019. Overall, exports, however, recorded resilient growth. The growth pace was the most rapid in 2011 with an increase of X% y-o-y. As a result, exports reached the peak of X tons. From 2012 to 2019, the growth exports remained at a somewhat lower figure.

In value terms, iron ore exports soared to $X in 2019. In general, exports, however, posted a significant expansion. The growth pace was the most rapid in 2011 with an increase of X% y-o-y. As a result, exports reached the peak of $X. From 2012 to 2019, the growth exports failed to regain the momentum.

Exports by Country

Germany (X tons) was the main destination for iron ore exports from Colombia, accounting for a X% share of total exports. Moreover, iron ore exports to Germany exceeded the volume sent to the second major destination, the Netherlands (X tons), twofold. Spain (X tons) ranked third in terms of total exports with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of volume to Germany stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+X% per year) and Spain (X% per year).

In value terms, Germany ($X), Canada ($X) and Spain ($X) appeared to be the largest markets for iron ore exported from Colombia worldwide, with a combined X% share of total exports. The Netherlands and the U.S. lagged somewhat behind, together accounting for a further X Netherlands (+X% per year) saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2019, the average iron ore export price amounted to $X per ton, with an increase of X% against the previous year. In general, the export price recorded a remarkable increase. The most prominent rate of growth was recorded in 2009 an increase of X% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2019, export prices failed to regain the momentum.

There were significant differences in the average prices for the major export markets. In 2019, the country with the highest price was Canada ($X per ton), while the average price for exports to Germany ($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 Canada, while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Colombia

In 2019, overseas purchases of iron ores decreased by -X% to X tons, falling for the third year in a row after two years of growth. Overall, imports saw a sharp curtailment. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2007; however, from 2008 to 2019, imports failed to regain the momentum.

In value terms, iron ore imports reduced modestly to $X in 2019. In general, imports continue to indicate a dramatic descent. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2007; however, from 2008 to 2019, imports failed to regain the momentum.

Imports by Country

In 2019, Australia (X tons) constituted the largest iron ore supplier to Colombia, accounting for a X% share of total imports. Moreover, iron ore imports from Australia exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold.

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

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

From 2007 to 2019, the average annual growth rate of value from Australia amounted to -X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+X% per year) and France (-X% per year).

Import Prices by Country

The average iron ore import price stood at $X per ton in 2019, rising by X% against the previous year. Overall, import price indicated a buoyant increase from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, iron ore import price increased by +X% against 2017 indices. The most prominent rate of growth was recorded in 2009 when the average import price increased by X% year-to-year. The import price peaked at $X per ton in 2011; however, from 2012 to 2019, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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