Norway: Iron Ore Market 2024

Iron Ore Market Size in Norway

The Norwegian iron ore market stood at $X in 2021, rising by 6.6% against the previous year. In general, consumption showed significant growth. Over the period under review, the market attained the maximum level in 2021 and is likely to see steady growth in the near future.

Iron Ore Production in Norway

In value terms, iron ore production declined to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 7.9%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Iron Ore Exports

Exports from Norway

After three years of growth, shipments abroad of iron ores and concentrates decreased by -16.3% to X tons in 2021. In general, exports saw a drastic downturn. The pace of growth was the most pronounced in 2020 when exports increased by 18% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron ore exports soared to $X in 2021. Over the period under review, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2020 with an increase of 39%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for iron ore exports from Norway, with a 49% share of total exports. Moreover, iron ore exports to the Netherlands exceeded the volume sent to the second major destination, Egypt (X tons), threefold. The third position in this ranking was taken by the UK (X tons), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands amounted to -9.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+10.1% per year) and the UK (-13.0% per year).

In value terms, the largest markets for iron ore exported from Norway were the Netherlands ($X), Egypt ($X) and the UK ($X), together comprising 87% of total exports. Germany and Poland lagged somewhat behind, together comprising a further 11%.

Poland, with a CAGR of +41.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average iron ore export price stood at $X per ton in 2021, increasing by 48% against the previous year. Over the period under review, the export price posted a modest increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Norway

Iron ore imports into Norway surged to X tons in 2021, growing by 38% compared with 2020. Over the period under review, imports, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2016 with an increase of 153%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, iron ore imports surged to $X in 2021. In general, imports, however, showed a noticeable shrinkage. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Russia (X tons) constituted the largest iron ore supplier to Norway, accounting for a 72% share of total imports. Moreover, iron ore imports from Russia exceeded the figures recorded by the second-largest supplier, Sweden (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia amounted to +1.8%.

In value terms, Russia ($X) constituted the largest supplier of iron ores and concentrates to Norway, comprising 79% of total imports. The second position in the ranking was taken by Sweden ($X), with a 20% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Russia stood at +4.3%.

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, rising by 30% against the previous year. Over the period under review, import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron ore import price increased by +180.7% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of 54% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Sweden stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+66.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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