Eastern Europe: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Eastern Europe

In 2022, the East European market for precious metal ores and concentrates decreased by -0.3% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, continues to indicate a strong increase. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in Eastern Europe

In value terms, precious metal ore and concentrate production totaled $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.7% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 90%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports in Eastern Europe

Precious metal ore and concentrate exports soared to X tons in 2022, jumping by 17% on the previous year. Total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 92%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, precious metal ore and concentrate exports fell significantly to $X in 2022. Overall, exports enjoyed a temperate increase. The pace of growth was the most pronounced in 2019 when exports increased by 37%. The level of export peaked at $X in 2021, and then fell notably in the following year.

Exports by Country

The biggest shipments were from Russia (X tons), together accounting for 99% of total export.

Russia was also the fastest-growing in terms of the precious metal ores and concentrates exports, with a CAGR of +7.1% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) also remains the largest precious metal ore and concentrate supplier in Eastern Europe.

In Russia, precious metal ore and concentrate exports increased at an average annual rate of +3.2% over the period from 2012-2022.

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2022, reducing by -30.7% against the previous year. Overall, the export price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when the export price increased by 38%. As a result, the export price attained the peak level of $X per ton, and then reduced rapidly in the following year.

As there is only one major export destination, the average price level is determined by prices for Russia.

From 2012 to 2022, the rate of growth in terms of prices for Russia amounted to -3.7% per year.

Imports of Precious Metal Ores And Concentrates

Imports in Eastern Europe

In 2022, after four years of growth, there was decline in supplies from abroad of precious metal ores and concentrates, when their volume decreased by -3.6% to X tons. Overall, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2019 when imports increased by 311%. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, precious metal ore and concentrate imports reduced to $X in 2022. In general, imports, however, saw significant growth. The growth pace was the most rapid in 2019 with an increase of 270%. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Russia was the major importing country with an import of about X tons, which finished at 70% of total imports. It was distantly followed by Bulgaria (X tons), constituting a 30% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to precious metal ore and concentrate imports into Russia stood at +16.0%. At the same time, Bulgaria (+244.4%) displayed positive paces of growth. Moreover, Bulgaria emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +244.4% from 2012-2022. Bulgaria (+30 p.p.) significantly strengthened its position in terms of the total imports, while Russia saw its share reduced by -18.5% from 2012 to 2022, respectively.

In value terms, Russia ($X) constitutes the largest market for imported precious metal ores and concentrates in Eastern Europe, comprising 73% of total imports. The second position in the ranking was held by Bulgaria ($X), with a 26% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia totaled +21.8%.

Import Prices by Country

In 2022, the import price in Eastern Europe amounted to $X per ton, dropping by -7.3% against the previous year. In general, the import price, however, showed a pronounced increase. The growth pace was the most rapid in 2015 an increase of 81%. Over the period under review, import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Russia ($X per ton), while Bulgaria amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+5.0%).

Source: IndexBox Platform

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