Iran: Magnesite Market 2024

Magnesite Market Size in Iran

In 2021, after two years of decline, there was significant growth in the Iranian magnesite market, when its value increased by 8.3% to $X. Over the period under review, the total consumption indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Magnesite Production in Iran

In value terms, magnesite production rose markedly to $X in 2021 estimated in export price. In general, production, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2016 when the production volume increased by 187% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Magnesite Exports

Exports from Iran

In 2021, the amount of magnesite exported from Iran totaled X tons, standing approx. at 2020. In general, exports, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 396%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, magnesite exports declined sharply to $X in 2021. Over the period under review, exports, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of 531% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for magnesite exports from Iran, accounting for a 97% share of total exports. Moreover, magnesite exports to India exceeded the volume sent to the second major destination, Pakistan (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to India totaled -5.8%.

In value terms, India ($X) remains the key foreign market for magnesite exports from Iran, comprising 98% of total exports. The second position in the ranking was taken by Pakistan ($X), with a 2.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to India amounted to +3.0%.

Export Prices by Country

In 2021, the average magnesite export price amounted to $X per ton, which is down by -17.5% against the previous year. In general, the export price saw a perceptible downturn. The most prominent rate of growth was recorded in 2014 an increase of 31% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Pakistan stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+3,744.0%), while the prices for the other major destinations experienced mixed trend patterns.

Magnesite Imports

Imports into Iran

In 2021, the amount of magnesite imported into Iran skyrocketed to X tons, picking up by 115% on 2020 figures. Over the period under review, imports posted significant growth. The pace of growth was the most pronounced in 2016 when imports increased by 146% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, magnesite imports skyrocketed to $X in 2021. Overall, imports posted significant growth. The growth pace was the most rapid in 2016 when imports increased by 310%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of magnesite to Iran, accounting for a 81% share of total imports. Moreover, magnesite imports from Turkey exceeded the figures recorded by the second-largest supplier, Italy (X tons), fivefold.

From 2012 to 2021, the average annual growth rate of volume from Turkey stood at +197.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+17.8% per year) and Malaysia (0.0% per year).

In value terms, Turkey ($X) constituted the largest supplier of magnesite to Iran, comprising 78% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Turkey stood at +117.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (0.0% per year) and Italy (+15.3% per year).

Import Prices by Country

In 2021, the average magnesite import price amounted to $X per ton, with a decrease of -8.6% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 75%. As a result, import price attained the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+91.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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