Ghana: Iron Ore Market 2021

Iron Ore Market Size in Ghana

In 2019, the Ghanian iron ore market increased by X% to $X, rising for the second year in a row after four years of decline. Over the period under review, consumption posted a perceptible increase. The pace of growth appeared the most rapid in 2012 with an increase of X% y-o-y. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2019, consumption failed to regain the momentum.

Iron Ore Production in Ghana

In value terms, iron ore production rose modestly to $X in 2019 estimated in export prices. Overall, production recorded a noticeable contraction. Iron ore production peaked at $X in 2007; however, from 2008 to 2019, production failed to regain the momentum.

Iron Ore Exports

Exports from Ghana

In 2019, shipments abroad of iron ores increased by X% to X tons, rising for the sixth year in a row after two years of decline. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2011 with an increase of X% y-o-y. As a result, exports attained the peak of X tons. From 2012 to 2019, the growth exports remained at a lower figure.

In value terms, iron ore exports surged to $X in 2019. In general, exports recorded a deep slump. The growth pace was the most rapid in 2017 when exports increased by X% year-to-year. Over the period under review, exports reached the peak figure at $X in 2011; however, from 2012 to 2019, exports stood at a somewhat lower figure.

Exports by Country

Burkina Faso (X tons) was the main destination for iron ore exports from Ghana, with a approx. X% share of total exports.

From 2007 to 2019, the average annual growth rate of volume to Burkina Faso was relatively modest.

From 2007 to 2019, the average annual growth rate of value to Burkina Faso was relatively modest.

Export Prices by Country

The average iron ore export price stood at $X per ton in 2019, rising by X% against the previous year. Overall, the export price, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2017 an increase of X% y-o-y. The export price peaked at $X per ton in 2007; however, from 2008 to 2019, export prices remained at a lower figure.

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

From 2007 to 2019, the rate of growth in terms of prices for Burkina Faso amounted to X% per year.

Iron Ore Imports

Imports into Ghana

In 2019, supplies from abroad of iron ores increased by X% to X tons for the first time since 2016, thus ending a two-year declining trend. Over the period under review, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2012 with an increase of X% year-to-year. As a result, imports reached the peak of X tons. From 2013 to 2019, the growth imports remained at a lower figure.

In value terms, iron ore imports totaled $X in 2019. Overall, imports saw a moderate expansion. The pace of growth appeared the most rapid in 2012 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2013 to 2019, the growth imports remained at a lower figure.

Imports by Country

The UK (X tons), Germany (X tons) and South Africa (X tons) were the main suppliers of iron ore imports to Ghana, together comprising X% of total imports. Saudi Arabia, Nigeria, India and Australia lagged somewhat behind, together accounting for a further X 2007 to 2019, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Saudi Arabia (+X% per year), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron ore suppliers to Ghana were South Africa ($X), Australia ($X) and Nigeria ($X), with a combined X% share of total imports. India, the UK, Germany and Saudi Arabia lagged somewhat behind, together accounting for a further X the main suppliers, Saudi Arabia (+X% per year) saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron ore import price stood at $X per ton in 2019, declining by -X% against the previous year. Overall, the import price showed a abrupt decline. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2007; however, from 2008 to 2019, import prices remained at a lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Australia ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by India, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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