South-Eastern Asia: Iron Ore Market 2024

Iron Ore Market Size in South-Eastern Asia

In 2021, the Southeast Asian iron ore market increased by 37% to $X, rising for the sixth year in a row after three years of decline. Over the period under review, consumption saw a strong increase. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Iron Ore Production in South-Eastern Asia

In value terms, iron ore production reduced to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 63% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Iron Ore Exports

Exports in South-Eastern Asia

In 2021, approx. X tons of iron ores and concentrates were exported in South-Eastern Asia; with an increase of 12% against the previous year's figure. Total exports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +31.9% against 2018 indices. The pace of growth appeared the most rapid in 2016 when exports increased by 41% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, iron ore exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by 41%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia was the key exporter of iron ores and concentrates in South-Eastern Asia, with the volume of exports accounting for X tons, which was near 61% of total exports in 2021. It was distantly followed by the Philippines (X tons), Indonesia (X tons) and Lao People's Democratic Republic (X tons), together achieving a 33% share of total exports. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to iron ore exports from Malaysia stood at +11.4%. At the same time, Lao People's Democratic Republic (+37.3%) and the Philippines (+4.4%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +37.3% from 2012-2021. By contrast, Myanmar (-1.4%) and Indonesia (-14.5%) illustrated a downward trend over the same period. Malaysia (+31 p.p.), Lao People's Democratic Republic (+5.8 p.p.) and the Philippines (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while Myanmar and Indonesia saw its share reduced by -1.8% and -32.4% from 2012 to 2021, respectively.

In value terms, Malaysia ($X) remains the largest iron ore supplier in South-Eastern Asia, comprising 62% of total exports. The second position in the ranking was taken by Lao People's Democratic Republic ($X), with a 12% share of total exports. It was followed by the Philippines, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Malaysia totaled +5.5%. In the other countries, the average annual rates were as follows: Lao People's Democratic Republic (+38.6% per year) and the Philippines (+4.8% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, increasing by 7.2% against the previous year. Overall, the export price, however, continues to indicate a pronounced slump. The growth pace was the most rapid in 2020 when the export price increased by 36% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+1.3%), while the other leaders experienced more modest paces of growth.

Iron Ore Imports

Imports in South-Eastern Asia

In 2021, the amount of iron ores and concentrates imported in South-Eastern Asia soared to X tons, surging by 28% compared with 2020 figures. Overall, imports showed a significant increase. The growth pace was the most rapid in 2015 when imports increased by 136%. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, iron ore imports soared to $X in 2021. Over the period under review, imports showed a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons) and Vietnam (X tons) were the key importers of iron ores and concentrates in 2021, finishing at near 40% and 33% of total imports, respectively. Indonesia (X tons) ranks next in terms of the total imports with a 17% share, followed by the Philippines (10%).

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +94.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Malaysia ($X) and Indonesia ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 85% of total imports.

Among the main importing countries, Vietnam, with a CAGR of +95.0%, 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

The import price in South-Eastern Asia stood at $X per ton in 2021, surging by 26% against the previous year. Over the period under review, the import price, however, recorded a noticeable setback. The pace of growth appeared the most rapid in 2020 an increase of 49% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+0.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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