Mexico: Molybdenum Ore Market 2022

Molybdenum Ore Market Size in Mexico

In 2021, the Mexican molybdenum ore market increased by 185% to $X, rising for the second consecutive year after four years of decline. In general, consumption, however, continues to indicate a noticeable curtailment. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Molybdenum Ore Production in Mexico

In value terms, molybdenum ore production rose significantly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 57% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Molybdenum Ore Exports

Exports from Mexico

In 2021, overseas shipments of molybdenum ores decreased by -25.9% to X tons, falling for the second year in a row after three years of growth. Overall, exports, however, recorded a slight expansion. The pace of growth was the most pronounced in 2014 when exports increased by 63% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, molybdenum ore exports surged to $X in 2021. In general, exports, however, posted a pronounced increase. The most prominent rate of growth was recorded in 2017 when exports increased by 77% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea (X tons), Chile (X tons) and the United States (X tons) were the main destinations of molybdenum ore exports from Mexico, together comprising 86% of total exports. China, Japan and Slovenia lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovenia (with a CAGR of +29.4%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Chile ($X) and the United States ($X) were the largest markets for molybdenum ore exported from Mexico worldwide, with a combined 87% share of total exports. Japan, China and Slovenia lagged somewhat behind, together accounting for a further 9.1%.

Slovenia, with a CAGR of +30.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average molybdenum ore export price stood at $X per ton in 2021, growing by 75% against the previous year. Overall, export price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (+14.6%), while the prices for the other major destinations experienced more modest paces of growth.

Molybdenum Ore Imports

Imports into Mexico

In 2021, after two years of growth, there was significant decline in overseas purchases of molybdenum ores, when their volume decreased by -24.3% to X tons. In general, imports showed a deep slump. The most prominent rate of growth was recorded in 2019 when imports increased by 58% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, molybdenum ore imports dropped to $X in 2021. Overall, imports saw a deep reduction. The pace of growth was the most pronounced in 2019 when imports increased by 58% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) was the main supplier of molybdenum ore to Mexico, accounting for a 98% share of total imports. It was followed by the Netherlands (X tons), with a 2.4% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at -8.7%.

In value terms, the United States ($X) constituted the largest supplier of molybdenum ore to Mexico, comprising 98% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 2.4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to -9.7%.

Import Prices by Country

In 2021, the average molybdenum ore import price amounted to $X per ton, with an increase of 19% against the previous year. Overall, the import price, however, continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 59%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for the Netherlands amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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