Slovakia: Iron Ore Market 2025

Iron Ore Market Size in Slovakia

In 2021, after two years of decline, there was significant growth in the Slovak iron ore market, when its value increased by 102% to $X. Overall, the total consumption indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iron Ore Exports

Exports from Slovakia

Iron ore exports from Slovakia surged to X tons in 2021, picking up by 109% on the previous year. In general, exports, however, saw a deep reduction. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, iron ore exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt shrinkage. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The Czech Republic (X tons) was the main destination for iron ore exports from Slovakia, with a 95% share of total exports. Moreover, iron ore exports to the Czech Republic exceeded the volume sent to the second major destination, Hungary (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the Czech Republic totaled +10.4%.

In value terms, the Czech Republic ($X) emerged as the key foreign market for iron ores and concentrates exports from Slovakia, comprising 98% of total exports. The second position in the ranking was taken by Hungary ($X), with a 2.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the Czech Republic stood at +11.1%.

Export Prices by Country

The average iron ore export price stood at $X per ton in 2021, surging by 61% against the previous year. Overall, the export price, however, continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2018 when the average export price increased by 67%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

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 the Czech Republic ($X per ton), while the average price for exports to Hungary totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+0.6%), while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into Slovakia

In 2021, supplies from abroad of iron ores and concentrates was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, iron ore imports skyrocketed to $X in 2021. In general, imports saw a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Ukraine (X tons), Russia (X tons) and the United States (X tons) were the main suppliers of iron ore imports to Slovakia, together comprising 98% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +11.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest iron ore suppliers to Slovakia were Ukraine ($X), Russia ($X) and the United States ($X), with a combined 99% share of total imports.

In terms of the main suppliers, Russia, with a CAGR of +8.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average iron ore import price amounted to $X per ton, increasing by 73% against the previous year. Over the period under review, the import price enjoyed tangible growth. As a result, import price reached the peak level and is likely to continue 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 ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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