Thailand: Iron Ore Market 2024

Iron Ore Market Size in Thailand

In 2021, the Thai iron ore market decreased by -75.5% to $X, falling for the sixth consecutive year after four years of growth. Overall, consumption saw a abrupt descent. Iron ore consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Iron Ore Production in Thailand

In value terms, iron ore production rose sharply to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt contraction. Iron ore production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Iron Ore Exports

Exports from Thailand

Iron ore exports from Thailand surged to X tons in 2021, with an increase of 188% compared with the year before. In general, exports enjoyed slight growth. The most prominent rate of growth was recorded in 2018 with an increase of 4,030%. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, iron ore exports soared to $X in 2021. Overall, exports showed a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 6,648% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

China (X tons) was the main destination for iron ore exports from Thailand, accounting for a 97% share of total exports. It was followed by Vietnam (X tons), with a 2.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+67.5% per year) and Singapore (-40.7% per year).

In value terms, China ($X) remains the key foreign market for iron ores and concentrates exports from Thailand, comprising 96% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 4.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+63.9% per year) and Singapore (-49.7% per year).

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, rising by 5.4% against the previous year. Over the period under review, export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron ore export price increased by +128.6% against 2016 indices. The pace of growth was the most pronounced in 2018 an increase of 63%. The export price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+5.0%), while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into Thailand

In 2021, overseas purchases of iron ores and concentrates were finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a abrupt shrinkage. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, iron ore imports soared to $X in 2021. Overall, imports, however, saw a deep reduction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Sweden (X tons) constituted the largest iron ore supplier to Thailand, accounting for a 88% share of total imports. Moreover, iron ore imports from Sweden exceeded the figures recorded by the second-largest supplier, Lao People's Democratic Republic (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Sweden totaled +198.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Lao People's Democratic Republic (-16.2% per year) and Japan (+41.9% per year).

In value terms, Sweden ($X) constituted the largest supplier of iron ores and concentrates to Thailand, comprising 80% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Sweden amounted to +142.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+27.1% per year) and Lao People's Democratic Republic (-8.6% per year).

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, reducing by -20.9% against the previous year. In general, the import price, however, continues to indicate resilient growth. The growth pace was the most rapid in 2019 an increase of 154% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices remained 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 Japan ($X per ton), while the price for Lao People's Democratic Republic ($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 Netherlands (+38.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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