Japan: Iron Ore Market 2025

Iron Ore Market Size in Japan

The Japanese iron ore market surged to $X in 2021, rising by 59% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a relatively flat trend pattern. Iron ore consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Iron Ore Exports

Exports from Japan

In 2021, overseas shipments of iron ores and concentrates were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, iron ore exports soared to $X in 2021. Over the period under review, exports saw a tangible increase. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for iron ore exports from Japan, with a 55% share of total exports. Moreover, iron ore exports to Indonesia exceeded the volume sent to the second major destination, Thailand (X tons), twofold. The Philippines (X tons) ranked third in terms of total exports with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia stood at +75.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-0.4% per year) and the Philippines (+526.3% per year).

In value terms, the largest markets for iron ore exported from Japan were Thailand ($X), Indonesia ($X) and the Philippines ($X), together comprising 82% of total exports.

Among the main countries of destination, the Philippines, with a CAGR of +403.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, waning by -44.8% against the previous year. Over the period under review, the export price, however, posted a notable increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 106%. The export price peaked at $X per ton in 2020, and then fell sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Indonesia ($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 Malaysia (+98.3%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Japan

In 2021, supplies from abroad of iron ores and concentrates increased by 14% to X tons for the first time since 2014, thus ending a six-year declining trend. In general, imports, however, continue to indicate a mild curtailment. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, iron ore imports soared to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Australia (X tons) constituted the largest supplier of iron ore to Japan, with a 59% share of total imports. Moreover, iron ore imports from Australia exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. The third position in this ranking was taken by Canada (X tons), with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Australia totaled -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-2.5% per year) and Canada (+20.8% per year).

In value terms, Australia ($X), Brazil ($X) and Canada ($X) constituted the largest iron ore suppliers to Japan, with a combined 91% share of total imports.

Canada, with a CAGR of +23.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, jumping by 64% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for India ($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 (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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