MENA: Iron Ore Market 2024

Iron Ore Market Size in MENA

In 2021, the MENA's iron ore market increased by 35% to $X, rising for the fifth year in a row after two years of decline. The total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +135.1% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Iron Ore Production in MENA

In value terms, iron ore production skyrocketed to $X in 2021 estimated in export price. In general, production, however, posted prominent growth. The pace of growth was the most pronounced in 2019 when the production volume increased by 86%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Iron Ore Exports

Exports in MENA

In 2021, iron ore exports in MENA surged to X tons, with an increase of 23% on 2020 figures. In general, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 76%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, iron ore exports surged to $X in 2021. Overall, exports, however, continue to indicate a perceptible setback. The pace of growth appeared the most rapid in 2016 when exports increased by 99% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The shipments of the three major exporters of iron ores and concentrates, namely Bahrain, Oman and Turkey, represented more than two-thirds of total export. It was distantly followed by Iran (X tons), committing a 14% share of total exports. The United Arab Emirates (X tons) took a minor share of total exports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +30.3%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest iron ore supplying countries in MENA were Bahrain ($X), Oman ($X) and Turkey ($X), together comprising 82% of total exports.

In terms of the main exporting countries, Turkey, with a CAGR of +36.3%, 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

The export price in MENA stood at $X per ton in 2021, picking up by 49% against the previous year. Overall, the export price posted a noticeable expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+6.2%), while the other leaders experienced more modest paces of growth.

Iron Ore Imports

Imports in MENA

After three years of decline, purchases abroad of iron ores and concentrates increased by 39% to X tons in 2021. Total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 46% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, iron ore imports soared to $X in 2021. Overall, imports continue to indicate a perceptible increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Bahrain (X tons), Oman (X tons) and Turkey (X tons) represented roughly 76% of total imports in 2021. Egypt (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (5.4%). The following importers - Algeria (X tons) and Qatar (X tons) - together made up 6.1% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Algeria (with a CAGR of +67.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Bahrain ($X), Turkey ($X) and Oman ($X) were the countries with the highest levels of imports in 2021, together accounting for 71% of total imports. These countries were followed by Egypt, the United Arab Emirates, Algeria and Qatar, which together accounted for a further 28%.

Among the main importing countries, Algeria, with a CAGR of +78.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, with an increase of 53% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform