Middle East: Market for Precious Metal Ores And Concentrates 2025

Market Size for Precious Metal Ores And Concentrates in the Middle East

The Middle Eastern market for precious metal ores and concentrates amounted to $X in 2022, growing by 4.1% against the previous year. Overall, consumption recorded a prominent increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in the Middle East

In value terms, precious metal ore and concentrate production totaled $X in 2022 estimated in export price. The total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +9.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.8% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 79%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Precious Metal Ores And Concentrates

Exports in the Middle East

In 2022, approx. X tons of precious metal ores and concentrates were exported in the Middle East; surging by 3.3% compared with the year before. Total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +10.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -13.8% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by 185% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, precious metal ore and concentrate exports shrank to $X in 2022. Total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +8.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -3.2% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by 149% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Turkey dominates exports structure, recording X tons, which was approx. 95% of total exports in 2022. The following exporters - Saudi Arabia (X tons) and Iran (X tons) - together made up 5.1% of total exports.

Exports from Turkey increased at an average annual rate of +10.9% from 2012 to 2022. At the same time, Iran (+106.9%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +106.9% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Turkey and Iran increased by +3.2 and +2.1 percentage points, respectively.

In value terms, Turkey ($X) remains the largest precious metal ore and concentrate supplier in the Middle East, comprising 92% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 6.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +10.3%. In the other countries, the average annual rates were as follows: Saudi Arabia (-0.3% per year) and Iran (+110.7% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, waning by -4.4% against the previous year. Overall, the export price recorded a slight decline. The most prominent rate of growth was recorded in 2020 an increase of 28% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+1.8%), while the other leaders experienced a decline in the export price figures.

Imports of Precious Metal Ores And Concentrates

Imports in the Middle East

In 2022, overseas purchases of precious metal ores and concentrates decreased by -64.8% to X tons, falling for the third consecutive year after three years of growth. In general, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 1,031%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, precious metal ore and concentrate imports dropped remarkably to $X in 2022. Over the period under review, imports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2018 when imports increased by 251%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Turkey represented the key importer of precious metal ores and concentrates in the Middle East, with the volume of imports resulting at X tons, which was approx. 71% of total imports in 2022. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Iraq (X tons) and Oman (X tons). All these countries together took approx. 29% share of total imports.

Turkey was also the fastest-growing in terms of the precious metal ores and concentrates imports, with a CAGR of +70.1% from 2012 to 2022. At the same time, Oman (+51.6%) and the United Arab Emirates (+33.1%) displayed positive paces of growth. By contrast, Iraq (-2.3%) illustrated a downward trend over the same period. Turkey (+54 p.p.) and Iraq (+7.9 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -28.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest precious metal ore and concentrate importing markets in the Middle East were the United Arab Emirates ($X), Oman ($X) and Turkey ($X), together comprising 99% of total imports.

Among the main importing countries, Oman, with a CAGR of +43.1%, saw 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 2022, the import price in the Middle East amounted to $X per ton, rising by 38% against the previous year. Overall, the import price, however, continues to indicate a dramatic contraction. The pace of growth appeared the most rapid in 2016 when the import price increased by 326% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iraq (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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