Northern America: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Northern America

The North American market for precious metal ores and concentrates totaled $X in 2022, with an increase of 9.8% against the previous year. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +40.0% against 2018 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Production of Precious Metal Ores And Concentrates in Northern America

In value terms, precious metal ore and concentrate production expanded modestly to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 -2.5% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 11%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports in Northern America

For the third year in a row, Northern America recorded growth in shipments abroad of precious metal ores and concentrates, which increased by 11% to X tons in 2022. Over the period under review, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by 193%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, precious metal ore and concentrate exports reduced slightly to $X in 2022. Overall, exports saw a modest expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 54%. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank modestly in the following year.

Exports by Country

Canada represented the key exporting country with an export of about X tons, which finished at 89% of total exports. It was distantly followed by the United States (X tons), making up an 11% share of total exports.

Exports from Canada increased at an average annual rate of +12.7% from 2012 to 2022. At the same time, the United States (+15.8%) displayed positive paces of growth. Moreover, the United States emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +15.8% from 2012-2022. From 2012 to 2022, the share of the United States increased by +2.4 percentage points.

In value terms, the largest precious metal ore and concentrate supplying countries in Northern America were Canada ($X) and the United States ($X).

In terms of the main exporting countries, Canada, with a CAGR of +16.6%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, dropping by -14.1% against the previous year. Overall, the export price saw a drastic downturn. The pace of growth appeared the most rapid in 2019 when the export price increased by 104%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.5%).

Imports of Precious Metal Ores And Concentrates

Imports in Northern America

In 2022, overseas purchases of precious metal ores and concentrates increased by 159% to X tons, rising for the second year in a row after three years of decline. In general, imports showed strong growth. The pace of growth was the most pronounced in 2021 with an increase of 708% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, precious metal ore and concentrate imports surged to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 39% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of precious metal ore and concentrate imports in 2022 were Canada (X tons), together accounting for 100% of total import.

Canada was also the fastest-growing in terms of the precious metal ores and concentrates imports, with a CAGR of +16.9% from 2012 to 2022. While the share of Canada (+33 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Canada ($X) constitutes the largest market for imported precious metal ores and concentrates in Northern America.

In Canada, precious metal ore and concentrate imports shrank by an average annual rate of -3.5% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, which is down by -51.4% against the previous year. In general, the import price saw a abrupt downturn. The most prominent rate of growth was recorded in 2013 an increase of 106% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Canada.

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to -17.5% per year.

Source: IndexBox Platform

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