Philippines: Iron Ore Market 2021

Iron Ore Market Size in the Philippines

In 2019, the Philippine iron ore market decreased by -X% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption recorded a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Iron ore consumption peaked at $X in 2007; however, from 2008 to 2019, consumption failed to regain the momentum.

Iron Ore Production in the Philippines

In value terms, iron ore production expanded notably to $X in 2019 estimated in export prices. Overall, production showed a precipitous decline. The most prominent rate of growth was recorded in 2012 when the production volume increased by X% against the previous year. Iron ore production peaked at $X in 2007; however, from 2008 to 2019, production remained at a lower figure.

Iron Ore Exports

Exports from the Philippines

For the third consecutive year, the Philippines recorded growth in shipments abroad of iron ores, which increased by X% to X tons in 2019. In general, exports enjoyed significant growth. The pace of growth was the most pronounced in 2012 with an increase of X% y-o-y. Exports peaked in 2019 and are likely to continue growth in years to come.

In value terms, iron ore exports surged to $X in 2019. Over the period under review, exports posted a buoyant expansion. The growth pace was the most rapid in 2012 with an increase of X% against the previous year. As a result, exports reached the peak of $X. From 2013 to 2019, the growth exports failed to regain the momentum.

Exports by Country

China (X tons) was the main destination for iron ore exports from the Philippines, with a X% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, India (X tons), twofold.

From 2007 to 2019, the average annual growth rate of volume to China stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+X% per year) and Vietnam (+X% per year).

From 2007 to 2019, the average annual rate of growth in terms of value to China stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+X% per year) and Vietnam (+X% per year).

Export Prices by Country

The average iron ore export price stood at $X per ton in 2019, rising by X% against the previous year. Overall, the export price, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2012 when the average export price increased by X% y-o-y. Over the period under review, average export prices attained the maximum at $X per ton in 2007; however, from 2008 to 2019, export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2019, the country with the highest price was Vietnam ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to India, while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into the Philippines

In 2019, the amount of iron ores imported into the Philippines surged to X tons, increasing by X% on the previous year's figure. Over the period under review, imports continue to indicate modest growth. The pace of growth was the most pronounced in 2016 when imports increased by X% year-to-year. Imports peaked at X tons in 2017; however, from 2018 to 2019, imports stood at a somewhat lower figure.

In value terms, iron ore imports skyrocketed to $X in 2019. In general, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2019 and are likely to see steady growth in years to come.

Imports by Country

In 2019, Brazil (X tons) constituted the largest supplier of iron ore to the Philippines, with a X% share of total imports. Moreover, iron ore imports from Brazil exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. The third position in this ranking was occupied by Indonesia (X tons), with a X% share.

From 2007 to 2019, the average annual growth rate of volume from Brazil totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Indonesia (+X% per year).

In value terms, Brazil ($X) constituted the largest supplier of iron ore to the Philippines, comprising X% of total imports. The second position in the ranking was occupied by Malaysia ($X), with a X% share of total imports. It was followed by Australia, with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of value from Brazil amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Australia (+X% per year).

Import Prices by Country

The average iron ore import price stood at $X per ton in 2019, jumping by X% against the previous year. Overall, the import price saw a strong expansion. The most prominent rate of growth was recorded in 2012 when the average import price increased by X% y-o-y. Over the period under review, average import prices attained the maximum in 2019 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was Australia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Brazil, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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