South Africa: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in South Africa

In 2022, the South African market for precious metal ores and concentrates decreased by -46.4% to $X, falling for the second year in a row after two years of growth. In general, consumption saw a slight curtailment. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Production of Precious Metal Ores And Concentrates in South Africa

In value terms, precious metal ore and concentrate production expanded notably to $X in 2022 estimated in export price. Overall, production showed a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 67% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports from South Africa

For the fourth year in a row, South Africa recorded growth in overseas shipments of precious metal ores and concentrates, which increased by 93% to X tons in 2022. Overall, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 197% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, precious metal ore and concentrate exports reached $X in 2022. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 129% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The UK (X tons) was the main destination for precious metal ore and concentrate exports from South Africa, with a 73% share of total exports. Moreover, precious metal ore and concentrate exports to the UK exceeded the volume sent to the second major destination, Germany (X tons), fivefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK totaled +40.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+27.4% per year) and Taiwan (Chinese) (+173.0% per year).

In value terms, Germany ($X) remains the key foreign market for precious metal ores and concentrates exports from South Africa, comprising 69% of total exports. The second position in the ranking was taken by the UK ($X), with a 29% share of total exports. It was followed by Taiwan (Chinese), with a 1% share.

From 2012 to 2022, the average annual growth rate of value to Germany totaled +39.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+35.2% per year) and Taiwan (Chinese) (+135.2% per year).

Export Prices by Country

In 2022, the average export price for precious metal ores and concentrates amounted to $X per ton, falling by -44.6% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 90%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then dropped remarkably in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+6,665.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Precious Metal Ores And Concentrates

Imports into South Africa

In 2022, the amount of precious metal ores and concentrates imported into South Africa contracted to X tons, waning by -12.9% compared with the previous year's figure. Overall, imports faced a dramatic downturn. The pace of growth was the most pronounced in 2017 when imports increased by 4,750%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, precious metal ore and concentrate imports soared to $X in 2022. In general, imports saw a sharp decrease. The pace of growth was the most pronounced in 2019 when imports increased by 835%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), Canada (X tons) and Zimbabwe (X tons) were the main suppliers of precious metal ore and concentrate imports to South Africa, together comprising 93% of total imports. Burkina Faso and Swaziland lagged somewhat behind, together accounting for a further 4.9%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Burkina Faso (with a CAGR of +535.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest precious metal ore and concentrate suppliers to South Africa were Burkina Faso ($X), Canada ($X) and Germany ($X), together comprising 86% of total imports.

Among the main suppliers, Burkina Faso, with a CAGR of +11,194.1%, 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 2022, the average import price for precious metal ores and concentrates amounted to $X per ton, increasing by 175% against the previous year. Over the period under review, the import price enjoyed a strong expansion. The pace of growth appeared the most rapid in 2016 when the average import price increased by 341%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+1,677.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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