Hong Kong SAR, China: Iron Ore Market 2025

Iron Ore Market Size in Hong Kong SAR, China

After eight years of decline, the Hong Kong iron ore market increased by 2,266% to $X in 2021. Overall, consumption, however, saw a deep downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Iron Ore Production in Hong Kong SAR, China

In value terms, iron ore production fell slightly to $X in 2021 estimated in export price. In general, production, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2020 when the production volume increased by 2.7%. Iron ore production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Iron Ore Exports

Exports from Hong Kong SAR, China

In 2021, after five years of growth, there was significant decline in overseas shipments of iron ores and concentrates, when their volume decreased by -98.8% to X tons. Over the period under review, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 1,146%. The exports peaked at X tons in 2020, and then fell dramatically in the following year.

In value terms, iron ore exports fell significantly to $X in 2021. In general, exports, however, recorded resilient growth. The pace of growth was the most pronounced in 2014 with an increase of 1,250% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020, and then dropped dramatically in the following year.

Exports by Country

Malaysia (X tons) was the main destination for iron ore exports from Hong Kong SAR, accounting for a 98% share of total exports. It was followed by China (X tons), with a 2.1% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Malaysia stood at +75.9%.

In value terms, Malaysia ($X) remains the key foreign market for iron ores and concentrates exports from Hong Kong SAR, comprising 97% of total exports. The second position in the ranking was taken by China ($X), with a 2.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia totaled +42.4%.

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, rising by 53% against the previous year. In general, the export price, however, showed a abrupt descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-5.0%).

Iron Ore Imports

Imports into Hong Kong SAR, China

Iron ore imports into Hong Kong SAR soared to X tons in 2021, increasing by 3,038% against the previous year's figure. In general, imports, however, continue to indicate a deep contraction. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, iron ore imports surged to $X in 2021. Overall, imports, however, continue to indicate a abrupt curtailment. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Australia (X tons) constituted the largest supplier of iron ore to Hong Kong SAR, with a 60% share of total imports. Moreover, iron ore imports from Australia exceeded the figures recorded by the second-largest supplier, Mexico (X tons), threefold. Russia (X tons) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2021, the average annual growth rate of volume from Australia amounted to +104.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-20.3% per year) and Russia (+62.5% per year).

In value terms, Australia ($X) constituted the largest supplier of iron ores and concentrates to Hong Kong SAR, comprising 58% of total imports. The second position in the ranking was taken by Mexico ($X), with a 23% share of total imports. It was followed by Russia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Australia totaled +114.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-13.7% per year) and Russia (+75.1% per year).

Import Prices by Country

In 2021, the average iron ore import price amounted to $X per ton, rising by 39% against the previous year. Overall, the import price showed notable growth. The pace of growth appeared the most rapid in 2018 an increase of 96%. As a result, import price attained the peak level of $X per ton. From 2019 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 Turkey ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+35.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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