Peru: Magnesite Market 2024

Magnesite Market Size in Peru

In 2021, after two years of decline, there was significant growth in the Peruvian magnesite market, when its value increased by 13% to $X. In general, consumption, however, saw a deep setback. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Magnesite Production in Peru

In value terms, magnesite production surged to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 329% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Magnesite Exports

Exports from Peru

In 2021, approx. X tons of magnesite were exported from Peru; with an increase of 15% on the previous year. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by 1,845% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, magnesite exports skyrocketed to $X in 2021. In general, exports showed slight growth. The pace of growth appeared the most rapid in 2019 when exports increased by 1,655%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Chile (X tons) was the main destination for magnesite exports from Peru, with a 86% share of total exports. Moreover, magnesite exports to Chile exceeded the volume sent to the second major destination, Panama (X tons), eightfold.

From 2012 to 2021, the average annual growth rate of volume to Chile was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (0.0% per year) and Ecuador (-33.7% per year).

In value terms, Chile ($X) emerged as the key foreign market for magnesite exports from Peru, comprising 77% of total exports. The second position in the ranking was held by Panama ($X), with a 17% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Chile was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (0.0% per year) and Ecuador (-31.3% per year).

Export Prices by Country

In 2021, the average magnesite export price amounted to $X per ton, with an increase of 4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by 27%. 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.

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 Panama ($X per ton), while the average price for exports to Chile ($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 Ecuador (+3.7%).

Magnesite Imports

Imports into Peru

In 2021, overseas purchases of magnesite increased by 6.9% to X tons, rising for the third year in a row after three years of decline. In general, imports, however, recorded a dramatic downturn. The pace of growth was the most pronounced in 2019 with an increase of 53%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, magnesite imports shrank to $X in 2021. Overall, imports, however, recorded a sharp reduction. The pace of growth appeared the most rapid in 2019 when imports increased by 139% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Chile (X tons), the United States (X tons) and China (X kg) were the main suppliers of magnesite imports to Peru, together comprising 89% of total imports.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +21.6%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Chile ($X) constituted the largest supplier of magnesite to Peru, comprising 47% of total imports. The second position in the ranking was held by China ($X), with a 14% share of total imports. It was followed by France, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from Chile amounted to -29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-13.1% per year) and France (-5.7% per year).

Import Prices by Country

In 2021, the average magnesite import price amounted to $X per ton, shrinking by -8.9% against the previous year. In general, the import price, however, showed a resilient expansion. The growth pace was the most rapid in 2018 when the average import price increased by 259% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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 Spain ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+40.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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