Middle East: Iron Ore Market 2024

Iron Ore Market Size in the Middle East

In 2021, the Middle Eastern iron ore market increased by 34% to $X, rising for the fifth year in a row after two years of decline. The total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +126.8% 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 the Middle East

In value terms, iron ore production surged to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a resilient expansion. The growth pace was the most rapid in 2019 when the production volume increased by 93%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Iron Ore Exports

Exports in the Middle East

In 2021, iron ore exports in the Middle East surged to X tons, increasing by 24% compared with the previous year's figure. Over the period under review, exports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 76% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, iron ore exports surged to $X in 2021. In general, exports, however, showed a pronounced decline. The pace of growth appeared the most rapid in 2016 when exports increased by 100%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Bahrain (X tons), Oman (X tons) and Turkey (X tons), together amounting to 81% of total export. It was distantly followed by Iran (X tons), mixing up a 14% share of total exports. The United Arab Emirates (X tons) followed a long way behind the leaders.

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 the Middle East were Bahrain ($X), Oman ($X) and Turkey ($X), with a combined 82% share of total exports.

Turkey, with a CAGR of +36.3%, recorded the highest growth rate of the value of exports, among the main exporting countries 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, surging by 50% against the previous year. Over the period under review, the export price posted measured growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: 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 the Middle East

After three years of decline, overseas purchases of iron ores and concentrates increased by 43% to X tons in 2021. Total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, iron ore imports skyrocketed to $X in 2021. Overall, imports showed a tangible increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Bahrain (X tons), Oman (X tons) and Turkey (X tons) was the largest importer of iron ores and concentrates in the Middle East, constituting 91% of total import. It was distantly followed by the United Arab Emirates (X tons), comprising a 6.5% share of total imports. Qatar (X tons) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +13.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron ore importing markets in the Middle East were Bahrain ($X), Turkey ($X) and Oman ($X), together comprising 88% of total imports.

Among the main importing countries, Bahrain, with a CAGR of +21.1%, 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 the Middle East amounted to $X per ton, with an increase of 55% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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

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