Spain: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Spain

In 2022, the Spanish market for precious metal ores and concentrates was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption showed a buoyant expansion. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Precious Metal Ores And Concentrates in Spain

In value terms, precious metal ore and concentrate production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate strong growth. The pace of growth was the most pronounced in 2016 when the production volume increased by 147% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Exports of Precious Metal Ores And Concentrates

Exports from Spain

In 2022, overseas shipments of precious metal ores and concentrates decreased by -69.1% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, showed a temperate expansion. The pace of growth appeared the most rapid in 2021 with an increase of 203%. As a result, the exports attained the peak of X tons, and then declined dramatically in the following year.

In value terms, precious metal ore and concentrate exports reduced sharply to $X in 2022. Over the period under review, exports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 150%. As a result, the exports reached the peak of $X, and then reduced markedly in the following year.

Exports by Country

China (X tons) and Italy (X tons) were the main destinations of precious metal ore and concentrate exports from Spain.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +74.8%).

In value terms, the largest markets for precious metal ore and concentrate exported from Spain were China ($X) and Italy ($X).

Among the main countries of destination, Italy, with a CAGR of +48.4%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the average export price for precious metal ores and concentrates amounted to $X per ton, picking up by 61% against the previous year. Over the period under review, the export price continues to indicate a perceptible expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 75% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.1%).

Imports of Precious Metal Ores And Concentrates

Imports into Spain

In 2022, overseas purchases of precious metal ores and concentrates decreased by -16.4% to X tons, falling for the second consecutive year after four years of growth. Overall, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2020 with an increase of 302% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, precious metal ore and concentrate imports reduced notably to $X in 2022. In general, imports, however, posted significant growth. The growth pace was the most rapid in 2020 when imports increased by 1,241% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest precious metal ore and concentrate supplier to Spain, accounting for a 70% share of total imports. Moreover, precious metal ore and concentrate imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Morocco (X tons), fourfold. Portugal (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +32.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Morocco (+78.2% per year) and Portugal (+194.8% per year).

In value terms, Morocco ($X), Portugal ($X) and the Netherlands ($X) constituted the largest precious metal ore and concentrate suppliers to Spain, with a combined 91% share of total imports.

Portugal, with a CAGR of +164.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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, declining by -2.3% against the previous year. Overall, the import price, however, enjoyed a modest increase. The most prominent rate of growth was recorded in 2015 an increase of 272%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Portugal ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+7.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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