United Kingdom: Iron Ore Market 2025

Iron Ore Market Size in the UK

After three years of decline, the UK iron ore market increased by 73% to $X in 2021. Overall, consumption saw a relatively flat trend pattern. Iron ore consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Iron Ore Exports

Exports from the UK

In 2021, the amount of iron ores and concentrates exported from the UK shrank remarkably to X tons, with a decrease of -28.4% against the previous year's figure. In general, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of 380%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, iron ore exports stood at $X in 2021. Overall, exports showed a abrupt decrease. The pace of growth was the most pronounced in 2020 with an increase of 117% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The Czech Republic (X tons), Ireland (X tons) and Spain (X tons) were the main destinations of iron ore exports from the UK, together accounting for 17% of total exports. These countries were followed by China, France, Brazil, Portugal, the United States and the Netherlands, which together accounted for a further 11%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Portugal (with a CAGR of +145.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron ore exported from the UK were China ($X), France ($X) and the Czech Republic ($X), together comprising 26% of total exports. Portugal, Brazil, Ireland, Spain, the United States and the Netherlands lagged somewhat behind, together accounting for a further 15%.

Among the main countries of destination, Portugal, with a CAGR of +130.7%, recorded the highest rates of growth with regard to the value of exports, 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, rising by 43% against the previous year. Over the period under review, the export price, however, showed a pronounced descent. The pace of growth appeared the most rapid in 2015 when the average export price increased by 66%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Portugal ($X per ton), while the average price for exports to Spain ($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 Ireland (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into the UK

After six years of decline, supplies from abroad of iron ores and concentrates increased by 40% to X tons in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 40%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, iron ore imports soared to $X in 2021. In general, imports recorded a relatively flat trend pattern. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Canada (X tons), Brazil (X tons) and South Africa (X tons) were the main suppliers of iron ore imports to the UK, together accounting for 53% of total imports. These countries were followed by Norway, Sweden, Russia and the United States, which together accounted for a further 32%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +164.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Brazil ($X) and South Africa ($X) appeared to be the largest iron ore suppliers to the UK, together comprising 58% of total imports. These countries were followed by Sweden, Norway, Russia and the United States, which together accounted for a further 24%.

In terms of the main suppliers, the United States, with a CAGR of +163.0%, 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 average iron ore import price stood at $X per ton in 2021, rising by 37% against the previous year. Overall, the import price continues to indicate a slight expansion. The growth pace was the most rapid in 2017 an increase of 39% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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