Indonesia: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Indonesia

In 2022, the Indonesian market for precious metal ores and concentrates decreased by -3.6% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, recorded a buoyant increase. Precious metal ore and concentrate consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Precious Metal Ores And Concentrates in Indonesia

In value terms, precious metal ore and concentrate production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a deep reduction. The growth pace was the most rapid in 2015 with an increase of 20% against the previous year. Precious metal ore and concentrate production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports from Indonesia

For the third consecutive year, Indonesia recorded growth in overseas shipments of precious metal ores and concentrates, which increased by 48% to X tons in 2022. Overall, exports recorded significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 2,937% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, precious metal ore and concentrate exports skyrocketed to $X in 2022. In general, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 4,051% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Indonesia, with a approx. 99.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +69.2%.

In value terms, China ($X) also remains the key foreign market for precious metal ores and concentrates exports from Indonesia.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +67.8%.

Export Prices by Country

In 2022, the average export price for precious metal ores and concentrates amounted to $X per ton, rising by 4.2% against the previous year. In general, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, precious metal ore and concentrate export price increased by +10.5% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 41% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +25.3% per year.

Imports of Precious Metal Ores And Concentrates

Imports into Indonesia

In 2022, approx. X tons of precious metal ores and concentrates were imported into Indonesia; falling by -33.9% on 2021. Overall, imports continue to indicate a deep downturn. The growth pace was the most rapid in 2014 with an increase of 2,202%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, precious metal ore and concentrate imports rose significantly to $X in 2022. Over the period under review, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2014 with an increase of 873%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Singapore (X kg), Australia (X kg) and Japan (X kg) were the main suppliers of precious metal ore and concentrate imports to Indonesia, together accounting for 95% of total imports. These countries were followed by Thailand, which accounted for a further 3.6%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +47.9%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Singapore ($X) constituted the largest supplier of precious metal ores and concentrates to Indonesia, comprising 71% of total imports. The second position in the ranking was held by Australia ($X), with a 25% share of total imports. It was followed by Japan, with a 1.6% share.

From 2012 to 2022, the average annual growth rate of value from Singapore amounted to +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+26.4% per year) and Japan (-18.3% per year).

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2022, growing by 67% against the previous year. Over the period under review, the import price enjoyed strong growth. The pace of growth was the most pronounced in 2018 an increase of 563%. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+66.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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