Northern America: Iron Ore Market 2024

Iron Ore Market Size in Northern America

In 2021, the North American iron ore market decreased by -4.7% to $X, falling for the second consecutive year after three years of growth. Overall, consumption recorded a abrupt decline. The pace of growth was the most pronounced in 2018 with an increase of 8.7%. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Iron Ore Production in Northern America

In value terms, iron ore production totaled $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt decline. The most prominent rate of growth was recorded in 2019 when the production volume increased by 12% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Iron Ore Exports

Exports in Northern America

For the sixth consecutive year, Northern America recorded growth in shipments abroad of iron ores and concentrates, which increased by 5.6% to X tons in 2021. The total export volume increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when exports increased by 13% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.

In value terms, iron ore exports skyrocketed to $X in 2021. In general, exports continue to indicate a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Canada was the main exporting country with an export of about X tons, which amounted to 79% of total exports. It was distantly followed by the United States (X tons), committing a 21% share of total exports.

Canada was also the fastest-growing in terms of the iron ores and concentrates exports, with a CAGR of +5.2% from 2012 to 2021. At the same time, the United States (+3.0%) displayed positive paces of growth. While the share of Canada (+3.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United States (-3.4 p.p.) displayed negative dynamics.

In value terms, Canada ($X) remains the largest iron ore supplier in Northern America, comprising 86% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Canada amounted to +7.6%.

Export Prices by Country

In 2021, the export price in Northern America amounted to $X per ton, with an increase of 35% against the previous year. Export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron ore export price increased by +94.5% against 2016 indices. As a result, the export price attained 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 Canada ($X per ton), while the United States stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+2.3%).

Iron Ore Imports

Imports in Northern America

In 2021, after two years of decline, there was significant growth in overseas purchases of iron ores and concentrates, when their volume increased by 11% to X tons. In general, imports showed a mild expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 108%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, iron ore imports soared to $X in 2021. Total imports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 68% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Imports by Country

Canada was the major importing country with an import of around X tons, which finished at 59% of total imports. It was distantly followed by the United States (X tons), making up a 41% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Canada (with a CAGR of +2.3%).

In value terms, the United States ($X) and Canada ($X) were the countries with the highest levels of imports in 2021.

The United States, with a CAGR of +3.8%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review.

Import Prices by Country

In 2021, the import price in Northern America amounted to $X per ton, surging by 40% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the import price increased by 54%. The level of import peaked at $X per ton in 2016; however, from 2017 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 the United States ($X per ton), while Canada 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 (+3.1%).

Source: IndexBox Platform

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