Colombia: Market for Titanium Ores and Concentrates 2024

Market Size for Titanium Ores and Concentrates in Colombia

The Colombian titanium ore and concentrate market reduced to $X in 2022, waning by -12.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a buoyant increase. Titanium ore and concentrate consumption peaked at $X in 2021, and then fell in the following year.

Exports of Titanium Ores and Concentrates

Exports from Colombia

In 2022, shipments abroad of titanium ores and concentrates decreased by -20.5% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, posted a noticeable expansion. The growth pace was the most rapid in 2014 when exports increased by 1,302% against the previous year. The exports peaked at X tons in 2021, and then dropped rapidly in the following year.

In value terms, titanium ore and concentrate exports dropped sharply to $X in 2022. In general, exports showed a pronounced decline. The most prominent rate of growth was recorded in 2014 with an increase of 925%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for titanium ore and concentrate exports from Colombia, with a 69% share of total exports. Moreover, titanium ore and concentrate exports to China exceeded the volume sent to the second major destination, Venezuela (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+4.9% per year) and Peru (-25.5% per year).

In value terms, China ($X) emerged as the key foreign market for titanium ores and concentrates exports from Colombia, comprising 80% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-15.4% per year) and Peru (-25.6% per year).

Export Prices by Country

In 2022, the average titanium ore and concentrate export price amounted to $X per ton, declining by -30.5% against the previous year. In general, the export price recorded a abrupt downturn. The growth pace was the most rapid in 2021 when the average export price increased by 194%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Venezuela ($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 Peru (-0.2%).

Imports of Titanium Ores and Concentrates

Imports into Colombia

In 2022, titanium ore and concentrate imports into Colombia shrank to X tons, dropping by -11.4% on 2021. Overall, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.0% against 2018 indices. The pace of growth was the most pronounced in 2013 when imports increased by 154%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, titanium ore and concentrate imports contracted to $X in 2022. Over the period under review, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2013 when imports increased by 169%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Ukraine (X tons), Australia (X tons) and China (X tons) were the main suppliers of titanium ore and concentrate imports to Colombia, together accounting for 54% of total imports. Hong Kong SAR, South Africa, Brazil, Sierra Leone, the UK and Mexico lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +42.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X), China ($X) and Australia ($X) constituted the largest titanium ore and concentrate suppliers to Colombia, together accounting for 52% of total imports.

Among the main suppliers, China, with a CAGR of +59.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average titanium ore and concentrate import price amounted to $X per ton, reducing by -1.8% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, titanium ore and concentrate import price increased by +57.2% against 2017 indices. The growth pace was the most rapid in 2019 an increase of 32% against the previous year. The import price peaked at $X per ton in 2021, and then reduced slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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