Luxembourg: Iron Ore Market 2024

Iron Ore Market Size in Luxembourg

In 2021, the Luxembourg iron ore market decreased by -0.4% to $X for the first time since 2015, thus ending a five-year rising trend. In general, consumption, however, showed a relatively flat trend pattern. Iron ore consumption peaked at $X in 2020, and then fell modestly in the following year.

Iron Ore Production in Luxembourg

In value terms, iron ore production shrank modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 19%. Over the period under review, production hit record highs at $X in 2020, and then declined slightly in the following year.

Iron Ore Exports

Exports from Luxembourg

In 2019, shipments abroad of iron ores and concentrates increased by 65% to X tons, rising for the second year in a row after two years of decline. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 322% against the previous year. Over the period under review, the exports reached the maximum in 2019 and are expected to retain growth in years to come.

In value terms, iron ore exports surged to $X in 2019. Over the period under review, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2018 when exports increased by 388% against the previous year. The exports peaked in 2019 and are likely to see steady growth in years to come.

Exports by Country

Belgium (X tons) was the main destination for iron ore exports from Luxembourg, accounting for a 74% share of total exports. Moreover, iron ore exports to Belgium exceeded the volume sent to the second major destination, Germany (X tons), sevenfold. The third position in this ranking was taken by France (X tons), with a 9.2% share.

From 2012 to 2019, the average annual rate of growth in terms of volume to Belgium amounted to +25.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-78.4% per year) and France (+13.7% per year).

In value terms, Belgium ($X) emerged as the key foreign market for iron ores and concentrates exports from Luxembourg, comprising 76% of total exports. The second position in the ranking was taken by Poland ($X), with an 11% share of total exports. It was followed by France, with a 5.1% share.

From 2012 to 2019, the average annual rate of growth in terms of value to Belgium totaled +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (0.0% per year) and France (+8.1% per year).

Export Prices by Country

The average iron ore export price stood at $X per ton in 2019, with an increase of 16% against the previous year. In general, the export price, however, recorded a slight contraction. The pace of growth was the most pronounced in 2018 when the average export price increased by 16%. The export price peaked at $X per ton in 2013; however, from 2014 to 2019, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+9.7%), while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into Luxembourg

After two years of decline, overseas purchases of iron ores and concentrates increased by 106% to X kg in 2021. Overall, imports, however, recorded a sharp reduction. The pace of growth appeared the most rapid in 2014 when imports increased by 444%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, iron ore imports surged to $X in 2021. Over the period under review, imports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2014 with an increase of 552%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X kg), the United States (X kg) and the UK (X kg) were the main suppliers of iron ore imports to Luxembourg, together comprising 82% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +29.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron ore suppliers to Luxembourg were Germany ($X), the United States ($X) and South Africa ($X), together accounting for 96% of total imports.

The United States, with a CAGR of +25.8%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average iron ore import price amounted to $X per ton, with an increase of 13% against the previous year. Over the period under review, the import price saw a significant increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 2,656% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

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 the United States ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tunisia (+792.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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