GCC: Iron Ore Market 2024

Iron Ore Market Size in GCC

In 2021, the GCC iron ore market was finally on the rise to reach $X after two years of decline. Overall, consumption showed a modest increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iron Ore Production in GCC

In value terms, iron ore production plummeted to $X in 2021 estimated in export price. Overall, production recorded a dramatic curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 118,748%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Iron Ore Exports

Exports in GCC

In 2021, after three years of decline, there was significant growth in shipments abroad of iron ores and concentrates, when their volume increased by 30% to X tons. Overall, exports, however, saw a noticeable shrinkage. The growth pace was the most rapid in 2016 with an increase of 307% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, iron ore exports skyrocketed to $X in 2021. In general, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 210% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Bahrain (X tons) and Oman (X tons) dominates exports structure, together creating 92% of total exports. It was distantly followed by the United Arab Emirates (X tons), constituting a 5.9% share of total exports. Saudi Arabia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United Arab Emirates (with a CAGR of +5.0%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Bahrain ($X), Oman ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2021, with a combined 99% share of total exports.

The United Arab Emirates, with a CAGR of +6.5%, saw the highest growth rate of 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 2021, the export price in GCC amounted to $X per ton, rising by 45% against the previous year. Export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron ore export price increased by +68.1% against 2017 indices. As a result, the export price attained 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 Oman ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+4.9%), while the other leaders experienced more modest paces of growth.

Iron Ore Imports

Imports in GCC

In 2021, purchases abroad of iron ores and concentrates was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Total imports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, iron ore imports surged to $X in 2021. Over the period under review, imports continue to indicate a perceptible increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Bahrain (X tons) and Oman (X tons) dominates imports structure, together generating 88% of total imports. It was distantly followed by the United Arab Emirates (X tons), comprising an 8.8% share of total imports. Qatar (X tons) held a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Oman (with a CAGR of +13.6%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Bahrain ($X), Oman ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of imports in 2021, with a combined 95% share of total imports.

Bahrain, with a CAGR of +21.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, increasing by 49% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform