Eastern Asia: Iron Ore Market 2024

Iron Ore Market Size in Eastern Asia

For the third consecutive year, the East Asian iron ore market recorded growth in sales value, which increased by 31% to $X in 2021. The total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +91.3% against 2015 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iron Ore Production in Eastern Asia

In value terms, iron ore production stood at $X in 2021 estimated in export price. In general, production, however, faced a dramatic descent. The pace of growth was the most pronounced in 2019 when the production volume increased by 16% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Iron Ore Exports

Exports in Eastern Asia

In 2021, shipments abroad of iron ores and concentrates increased by 42% to X tons, rising for the sixth consecutive year after two years of decline. In general, exports saw significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 231%. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, iron ore exports skyrocketed to $X in 2021. Overall, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 273%. The level of export peaked in 2021 and is likely to see steady growth in the immediate term.

Exports by Country

China prevails in exports structure, recording X tons, which was near 92% of total exports in 2021. It was distantly followed by Democratic People's Republic of Korea (X tons), comprising a 7.1% share of total exports.

China was also the fastest-growing in terms of the iron ores and concentrates exports, with a CAGR of +107.5% from 2012 to 2021. Democratic People's Republic of Korea (-3.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +90 percentage points.

In value terms, China ($X) remains the largest iron ore supplier in Eastern Asia, comprising 97% of total exports. The second position in the ranking was held by Democratic People's Republic of Korea ($X), with a 2.8% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China totaled +99.2%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, growing by 60% against the previous year. Over the period under review, the export price posted a remarkable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Democratic People's Republic of Korea totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-3.9%).

Iron Ore Imports

Imports in Eastern Asia

After two years of growth, purchases abroad of iron ores and concentrates decreased by -2.1% to X tons in 2021. The total import volume increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when imports increased by 12%. The volume of import peaked at X tons in 2020, and then contracted slightly in the following year.

In value terms, iron ore imports skyrocketed to $X in 2021. Over the period under review, imports, however, posted a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China dominates imports structure, recording X tons, which was near 84% of total imports in 2021. Japan (X tons) took an 8.5% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (5.5%). Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the iron ores and concentrates imports, with a CAGR of +4.7% from 2012 to 2021. At the same time, Taiwan (Chinese) (+3.4%) and South Korea (+1.3%) displayed positive paces of growth. By contrast, Japan (-1.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +6.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron ores and concentrates in Eastern Asia, comprising 85% of total imports. The second position in the ranking was taken by Japan ($X), with an 8.4% share of total imports. It was followed by South Korea, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +7.5%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-0.7% per year) and South Korea (+0.9% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, surging by 54% against the previous year. Overall, the import price continues to indicate a notable increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Taiwan (Chinese) ($X per ton) and China ($X per ton), while South Korea ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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