Ghana: Iron Ore Market 2024

Iron Ore Market Size in Ghana

After two years of decline, the Ghanian iron ore market increased by 51% to $X in 2021. In general, consumption, however, continues to indicate a abrupt descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Iron Ore Production in Ghana

In value terms, iron ore production amounted to $X in 2021 estimated in export price. Over the period under review, production recorded a perceptible contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 9.5% against the previous year. Iron ore production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Iron Ore Exports

Exports from Ghana

After two years of growth, shipments abroad of iron ores and concentrates decreased by -49% to X tons in 2021. Over the period under review, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by 305% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then plummeted in the following year.

In value terms, iron ore exports shrank rapidly to $X in 2021. Overall, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2017 when exports increased by 83%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons), Canada (X tons) and South Africa (X kg) were the main destinations of iron ore exports from Ghana, together accounting for 99% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +49.7%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for iron ore exported from Ghana were Canada ($X), China ($X) and South Africa ($X), together accounting for 84% of total exports.

Canada, with a CAGR of +47.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average iron ore export price stood at $X per ton in 2021, with an increase of 50% against the previous year. In general, the export price, however, saw a dramatic decrease. The most prominent rate of growth was recorded in 2018 when the average export price increased by 110%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (-1.8%).

Iron Ore Imports

Imports into Ghana

In 2021, purchases abroad of iron ores and concentrates increased by 31% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, saw a dramatic curtailment. The growth pace was the most rapid in 2016 with an increase of 230% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, iron ore imports expanded modestly to $X in 2021. Over the period under review, imports, however, faced a deep contraction. The growth pace was the most rapid in 2016 with an increase of 64% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The UK (X tons), Germany (X tons) and India (X kg) were the main suppliers of iron ore imports to Ghana, together comprising 85% of total imports. Australia, Nigeria and South Africa lagged somewhat behind, together comprising a further 14%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Australia (with a CAGR of +66.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X) constituted the largest supplier of iron ores and concentrates to Ghana, comprising 79% of total imports. The second position in the ranking was taken by Australia ($X), with a 15% share of total imports. It was followed by India, with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Africa totaled +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+28.6% per year) and India (-46.3% per year).

Import Prices by Country

In 2021, the average iron ore import price amounted to $X per ton, shrinking by -20.8% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 100% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (-2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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