EU: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in the EU

In 2022, the EU market for precious metal ores and concentrates decreased by -43.5% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption, however, saw a resilient expansion. The level of consumption peaked at $X in 2021, and then dropped dramatically in the following year.

Production of Precious Metal Ores And Concentrates in the EU

In value terms, precious metal ore and concentrate production rose rapidly to $X in 2022 estimated in export price. Overall, production showed a prominent expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 64%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports in the EU

In 2022, shipments abroad of precious metal ores and concentrates decreased by -16.3% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 244%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped notably in the following year.

In value terms, precious metal ore and concentrate exports shrank rapidly to $X in 2022. In general, exports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2019 when exports increased by 42% against the previous year. The level of export peaked at $X in 2021, and then fell markedly in the following year.

Exports by Country

In 2022, Greece (X tons) represented the key exporter of precious metal ores and concentrates, constituting 76% of total exports. The Netherlands (X tons) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by Spain (6.7%). Finland (X tons) held a relatively small share of total exports.

Greece was also the fastest-growing in terms of the precious metal ores and concentrates exports, with a CAGR of +199.3% from 2012 to 2022. At the same time, the Netherlands (+36.3%), Finland (+11.4%) and Spain (+3.4%) displayed positive paces of growth. While the share of Greece (+76 p.p.) and the Netherlands (+5.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Finland (-10.1 p.p.) and Spain (-39.9 p.p.) displayed negative dynamics.

In value terms, Finland ($X), Spain ($X) and the Netherlands ($X) were the countries with the highest levels of exports in 2022, together comprising 36% of total exports. Greece lagged somewhat behind, comprising a further 6.5%.

Greece, with a CAGR of +112.3%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, dropping by -18% against the previous year. In general, the export price saw a abrupt downturn. The most prominent rate of growth was recorded in 2016 when the export price increased by 85% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Greece ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+14.7%), while the other leaders experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports in the EU

In 2022, purchases abroad of precious metal ores and concentrates decreased by -34.5% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 73% against the previous year. The volume of import peaked at X tons in 2021, and then dropped sharply in the following year.

In value terms, precious metal ore and concentrate imports declined remarkably to $X in 2022. In general, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2020 when imports increased by 63% against the previous year. The level of import peaked at $X in 2021, and then dropped dramatically in the following year.

Imports by Country

Germany was the major importer of precious metal ores and concentrates in the European Union, with the volume of imports finishing at X tons, which was near 65% of total imports in 2022. Bulgaria (X tons) took a 25% share (based on physical terms) of total imports, which put it in second place, followed by Sweden (6%). Finland (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to precious metal ore and concentrate imports into Germany stood at +18.5%. At the same time, Bulgaria (+244.4%), Sweden (+144.2%) and Finland (+139.1%) displayed positive paces of growth. Moreover, Bulgaria emerged as the fastest-growing importer imported in the European Union, with a CAGR of +244.4% from 2012-2022. From 2012 to 2022, the share of Bulgaria, Sweden and Finland increased by +25, +6 and +2.3 percentage points, respectively.

In value terms, Germany ($X) constitutes the largest market for imported precious metal ores and concentrates in the European Union, comprising 83% of total imports. The second position in the ranking was taken by Finland ($X), with a 10% share of total imports. It was followed by Bulgaria, with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value in Germany amounted to +16.6%. In the other countries, the average annual rates were as follows: Finland (+169.4% per year) and Bulgaria (+209.3% per year).

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per ton, with an increase of 29% against the previous year. Over the period under review, the import price, however, saw a slight curtailment. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+12.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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