Sweden: Iron Ore Market 2024

Iron Ore Market Size in Sweden

The Swedish iron ore market soared to $X in 2021, jumping by 82% against the previous year. Overall, consumption, however, saw a slight contraction. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Iron Ore Production in Sweden

In value terms, iron ore production totaled $X in 2021 estimated in export price. Overall, production continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2016 with an increase of 14%. Iron ore production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Iron Ore Exports

Exports from Sweden

In 2021, exports of iron ores and concentrates from Sweden reduced to X tons, waning by -10.9% against the previous year. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 22%. As a result, the exports reached the peak of X tons, and then fell in the following year.

In value terms, iron ore exports soared to $X in 2021. In general, exports, however, posted a temperate increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons), the Netherlands (X tons) and Finland (X tons) were the main destinations of iron ore exports from Sweden, with a combined 40% share of total exports. Saudi Arabia, the UK, Turkey, the United Arab Emirates, Belgium, Qatar, the United States, Bahrain, Egypt and China lagged somewhat behind, together accounting for a further 56%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +26.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Finland ($X) and the Netherlands ($X) were the largest markets for iron ore exported from Sweden worldwide, together accounting for 39% of total exports. Saudi Arabia, the UK, the United Arab Emirates, Turkey, Qatar, Egypt, Belgium, the United States, Bahrain and China lagged somewhat behind, together comprising a further 58%.

Bahrain, with a CAGR of +31.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, picking up by 71% against the previous year. Overall, the export price posted moderate growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Egypt ($X per ton) and Qatar ($X per ton), while the average price for exports to Bahrain ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Sweden

In 2021, approx. X tons of iron ores and concentrates were imported into Sweden; falling by -23.7% against the year before. Over the period under review, imports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 151%. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, iron ore imports expanded to $X in 2021. Overall, imports showed a abrupt decline. The pace of growth appeared the most rapid in 2016 when imports increased by 37% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Norway (X tons) constituted the largest iron ore supplier to Sweden, accounting for a 72% share of total imports. Moreover, iron ore imports from Norway exceeded the figures recorded by the second-largest supplier, Russia (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume from Norway stood at -7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+778.4% per year) and Finland (-37.3% per year).

In value terms, the largest iron ore suppliers to Sweden were Norway ($X), Russia ($X) and Finland ($X), with a combined 97% share of total imports.

In terms of the main suppliers, Russia, with a CAGR of +1,021.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, with an increase of 38% against the previous year. In general, the import price, however, continues to indicate a deep setback. The most prominent rate of growth was recorded in 2019 when the average import price increased by 41% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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 ($X per ton), while the price for Finland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+27.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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