Oman: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in Oman

After two years of growth, the Omani copper ores and concentrates market decreased by less than 0.1% to $X in 2021. In general, consumption, however, recorded a strong expansion. Copper ores and concentrates consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Copper Ores And Concentrates in Oman

In value terms, copper ores and concentrates production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when the production volume increased by 15% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Copper Ores And Concentrates

Exports from Oman

In 2021, shipments abroad of copper ores and concentrates increased by 1.1% to X tons for the first time since 2015, thus ending a five-year declining trend. In general, exports, however, continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 138% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, copper ores and concentrates exports reduced slightly to $X in 2021. Over the period under review, exports, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2015 with an increase of 138% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X tons), South Korea (X tons) and China (X tons) were the main destinations of copper ores and concentrates exports from Oman, with a combined 100% share of total exports.

From 2012 to 2021, the biggest increases were in South Korea (with a CAGR of +10.2%), while shipments for the other leaders experienced a decline.

In value terms, India ($X), China ($X) and South Korea ($X) were the largest markets for copper ores and concentrates exported from Oman worldwide, with a combined 100% share of total exports.

South Korea, with a CAGR of +0.2%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average copper ores and concentrates export price stood at $X per ton in 2021, reducing by -1.5% against the previous year. Over the period under review, the export price continues to indicate a slight descent. The most prominent rate of growth was recorded in 2017 when the average export price increased by 23%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to South Korea ($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 China (+12.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Copper Ores And Concentrates

Imports into Oman

In 2021, after three years of decline, there was significant growth in supplies from abroad of copper ores and concentrates, when their volume increased by 18% to X tons. Overall, imports, however, continue to indicate a precipitous contraction. The pace of growth was the most pronounced in 2013 when imports increased by 543% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, copper ores and concentrates imports fell to $X in 2021. Over the period under review, imports, however, showed a precipitous curtailment. The pace of growth appeared the most rapid in 2013 when imports increased by 530% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Peru (X tons) constituted the largest supplier of copper ores and concentrates to Oman, accounting for a 71% share of total imports. Moreover, copper ores and concentrates imports from Peru exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. Chile (X tons) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume from Peru totaled -25.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.0% per year) and Chile (-31.0% per year).

In value terms, Chile ($X) constituted the largest supplier of copper ores and concentrates to Oman, comprising 63% of total imports. The second position in the ranking was held by Peru ($X), with a 30% share of total imports. It was followed by the United Arab Emirates, with a 4.3% share.

From 2012 to 2021, the average annual growth rate of value from Chile stood at -20.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (-26.7% per year) and the United Arab Emirates (-6.1% per year).

Import Prices by Country

The average copper ores and concentrates import price stood at $X per ton in 2021, reducing by -23.8% against the previous year. Overall, the import price, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2019 when the average import price increased by 71% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then contracted markedly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Chile ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+24.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :