MENA: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in MENA

In 2021, the MENA's copper ores and concentrates market decreased by -2.5% to $X, falling for the third consecutive year after two years of growth. In general, consumption continues to indicate a pronounced contraction. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Copper Ores And Concentrates in MENA

In value terms, copper ores and concentrates production skyrocketed to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Exports of Copper Ores And Concentrates

Exports in MENA

In 2021, shipments abroad of copper ores and concentrates increased by 9.6% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +41.2% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 45%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, copper ores and concentrates exports skyrocketed to $X in 2021. In general, exports recorded a resilient increase. The growth pace was the most rapid in 2015 when exports increased by 37%. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Iran (X tons), Saudi Arabia (X tons) and Turkey (X tons) represented the major exporter of copper ores and concentrates in MENA, making up 85% of total export. It was distantly followed by Morocco (X tons), achieving an 11% share of total exports. The United Arab Emirates (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Saudi Arabia (with a CAGR of +31.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest copper ores and concentrates supplying countries in MENA were Saudi Arabia ($X), Iran ($X) and Turkey ($X), together accounting for 86% of total exports.

Among the main exporting countries, Saudi Arabia, with a CAGR of +24.5%, 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 21% against the previous year. Overall, the export price saw a relatively flat trend pattern. 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, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.6%), while the other leaders experienced mixed trends in the export price figures.

Imports of Copper Ores And Concentrates

Imports in MENA

In 2021, copper ores and concentrates imports in MENA fell modestly to X tons, approximately equating the previous year's figure. Over the period under review, imports, however, saw buoyant growth. The growth pace was the most rapid in 2013 with an increase of 423%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, copper ores and concentrates imports surged to $X in 2021. Overall, imports, however, posted a strong increase. The growth pace was the most rapid in 2013 with an increase of 339%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Turkey dominates imports structure, reaching X tons, which was approx. 80% of total imports in 2021. Saudi Arabia (X tons) took a 9.6% share (based on physical terms) of total imports, which put it in second place, followed by Morocco (9.3%).

Imports into Turkey increased at an average annual rate of +51.5% from 2012 to 2021. At the same time, Saudi Arabia (+116.2%) and Morocco (+18.8%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in MENA, with a CAGR of +116.2% from 2012-2021. While the share of Turkey (+72 p.p.) and Saudi Arabia (+9.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported copper ores and concentrates in MENA, comprising 92% of total imports. The second position in the ranking was taken by Morocco ($X), with a 5.9% share of total imports.

In Turkey, copper ores and concentrates imports increased at an average annual rate of +84.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Morocco (-0.1% per year) and Saudi Arabia (+24.0% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, surging by 25% against the previous year. Overall, the import price, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2016 when the import price increased by 46%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Turkey ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+21.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform