Colombia: Iron Ore Market 2024

Iron Ore Market Size in Colombia

The Colombian iron ore market soared to $X in 2021, rising by 15% against the previous year. Over the period under review, consumption, however, showed a abrupt downturn. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Iron Ore Production in Colombia

In value terms, iron ore production surged to $X in 2021 estimated in export price. In general, production, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2013 when the production volume increased by 78% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Iron Ore Exports

Exports from Colombia

In 2021, overseas shipments of iron ores and concentrates decreased by -84.5% to X tons, falling for the third consecutive year after four years of growth. Over the period under review, exports recorded a deep contraction. The growth pace was the most rapid in 2016 when exports increased by 121% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, iron ore exports shrank markedly to $X in 2021. In general, exports continue to indicate a deep contraction. The growth pace was the most rapid in 2013 with an increase of 98%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons) was the main destination for iron ore exports from Colombia, with a 96% share of total exports. It was followed by the United States (X kg), with a 2.4% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands stood at +124.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-36.0% per year) and Spain (-92.7% per year).

In value terms, the Netherlands ($X) remains the key foreign market for iron ores and concentrates exports from Colombia, comprising 55% of total exports. The second position in the ranking was taken by the United States ($X), with a 4.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the Netherlands amounted to +92.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-31.1% per year) and Spain (-97.7% per year).

Export Prices by Country

The average iron ore export price stood at $X per ton in 2021, reducing by -5.5% against the previous year. In general, the export price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 an increase of 46%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Spain ($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 the United States (+7.6%), while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into Colombia

In 2021, overseas purchases of iron ores and concentrates decreased by -57.1% to X tons, falling for the fifth year in a row after two years of growth. Overall, imports showed a dramatic descent. The pace of growth appeared the most rapid in 2015 with an increase of 98% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, iron ore imports reduced notably to $X in 2021. Over the period under review, imports showed a significant decline. The most prominent rate of growth was recorded in 2016 when imports increased by 77% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Australia (X tons), the UK (X tons) and the United States (X tons) were the main suppliers of iron ore imports to Colombia, together accounting for 91% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of -17.5%), while imports for the other leaders experienced a decline.

In value terms, Australia ($X), the UK ($X) and the United States ($X) appeared to be the largest iron ore suppliers to Colombia, with a combined 90% share of total imports.

Among the main suppliers, the UK, with a CAGR of -12.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, increasing by 6.4% against the previous year. Over the period under review, the import price, however, saw a slight contraction. The most prominent rate of growth was recorded in 2018 an increase of 9.7% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+6.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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