Middle East: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in the Middle East

In 2021, the Middle Eastern copper ores and concentrates market decreased by -5.2% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption saw a pronounced downturn. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Production of Copper Ores And Concentrates in the Middle East

In value terms, copper ores and concentrates production surged to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Copper Ores And Concentrates

Exports in the Middle East

In 2021, shipments abroad of copper ores and concentrates increased by 9.9% to X tons, rising for the third year in a row after two years of decline. Total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.6% 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 +48.7% against 2018 indices. The pace of growth appeared the most rapid in 2015 with an increase of 47%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, copper ores and concentrates exports surged to $X in 2021. Over the period under review, exports enjoyed a strong expansion. The growth pace was the most rapid in 2015 with an increase of 37%. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Exports by Country

The biggest shipments were from Iran (X tons), Saudi Arabia (X tons) and Turkey (X tons), together reaching 95% of total export. 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, Saudi Arabia ($X), Iran ($X) and Turkey ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 95% share of total exports.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of +24.5%, recorded the highest rates of growth with regard to 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 export price in the Middle East amounted to $X per ton, picking up by 19% against the previous year. In general, the export price recorded 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.

Prices varied noticeably country of origin: 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 the Middle East

Copper ores and concentrates imports shrank slightly to X tons in 2021, which is down by -1.5% against the previous year. Overall, imports, however, recorded a strong increase. The growth pace was the most rapid in 2013 with an increase of 470%. Over the period under review, imports hit record highs 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 soared to $X in 2021. In general, imports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2013 with an increase of 454%. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Turkey was the largest importing country with an import of around X tons, which amounted to 88% of total imports. It was distantly followed by Saudi Arabia (X tons), mixing up an 11% share of total imports.

Imports into Turkey increased at an average annual rate of +51.5% from 2012 to 2021. At the same time, Saudi Arabia (+116.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +116.2% from 2012-2021. From 2012 to 2021, the share of Turkey and Saudi Arabia increased by +80 and +11 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported copper ores and concentrates in the Middle East, comprising 97% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 0.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +84.1%.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, increasing by 26% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 46%. As a result, import price attained 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 totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+21.5%).

Source: IndexBox Platform