Singapore: Iron Ore Market 2021

Iron Ore Market Size in Singapore

After four years of growth, the Singaporean iron ore market decreased by -X% to $X in 2019. Overall, consumption, however, recorded significant growth. The pace of growth was the most pronounced in 2009 when the market value increased by X% against the previous year. Over the period under review, the market attained the peak level at $X in 2018, and then dropped notably in the following year.

Iron Ore Production in Singapore

In value terms, iron ore production fell to $X in 2019 estimated in export prices. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2012 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2013 to 2019, production growth remained at a lower figure.

Iron Ore Exports

Exports from Singapore

Iron ore exports from Singapore declined markedly to X tons in 2019, waning by -X% compared with 2018 figures. In general, exports showed a pronounced downturn. The most prominent rate of growth was recorded in 2016 with an increase of X% year-to-year. As a result, exports attained the peak of X tons. From 2017 to 2019, the growth exports failed to regain the momentum.

In value terms, iron ore exports dropped significantly to $X in 2019. Over the period under review, exports saw a deep setback. The pace of growth appeared the most rapid in 2012 with an increase of X% against the previous year. Exports peaked at $X in 2014; however, from 2015 to 2019, exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for iron ore exports from Singapore, with a approx. X% share of total exports.

From 2007 to 2019, the average annual growth rate of volume to Indonesia stood at -X%.

In value terms, Indonesia ($X) also remains the key foreign market for iron ore exports from Singapore.

From 2007 to 2019, the average annual rate of growth in terms of value to Indonesia totaled -X%.

Export Prices by Country

In 2019, the average iron ore export price amounted to $X per ton, shrinking by -X% against the previous year. Over the period under review, the export price continues to indicate a noticeable decline. The most prominent rate of growth was recorded in 2012 when the average export price increased by X% year-to-year. As a result, export price reached the peak level of $X per ton. From 2013 to 2019, the growth in terms of the average export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Indonesia.

From 2007 to 2019, the rate of growth in terms of prices for Indonesia amounted to -X% per year.

Iron Ore Imports

Imports into Singapore

In 2019, supplies from abroad of iron ores decreased by -X% to X tons for the first time since 2015, thus ending a three-year rising trend. Overall, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Imports peaked at X tons in 2018, and then declined rapidly in the following year.

In value terms, iron ore imports fell sharply to $X in 2019. Over the period under review, imports, however, posted mild growth. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2019, the growth imports failed to regain the momentum.

Imports by Country

In 2019, South Africa (X tons) constituted the largest iron ore supplier to Singapore, with a X% share of total imports. Moreover, iron ore imports from South Africa exceeded the figures recorded by the second-largest supplier, Sweden (X tons), threefold.

From 2007 to 2019, the average annual rate of growth in terms of volume from South Africa stood at +X%.

In value terms, South Africa ($X) constituted the largest supplier of iron ore to Singapore, comprising X% of total imports. The second position in the ranking was occupied by Sweden ($X), with a X% share of total imports.

From 2007 to 2019, the average annual growth rate of value from South Africa amounted to +X%.

Import Prices by Country

In 2019, the average iron ore import price amounted to $X per ton, surging by X% against the previous year. Overall, the import price, however, continues to indicate a abrupt shrinkage. The import price peaked at $X per ton in 2011; however, from 2012 to 2019, import prices failed to regain the momentum.

Average prices varied somewhat amongst the major supplying countries. In 2019, the country with the highest price was South Africa ($X per ton), while the price for Sweden amounted to $X per ton.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by South Africa.

Source: IndexBox Platform

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