Turkey: Iron Ore Market 2021

Iron Ore Market Size in Turkey

In 2019, the Turkish iron ore market was finally on the rise to reach $X after five years of decline. Overall, the total consumption indicated a pronounced expansion from 2007 to 2019: its value increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption decreased by -X% against 2013 indices. The most prominent rate of growth was recorded in 2010 when the market value increased by X% y-o-y. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2019, consumption failed to regain the momentum.

Iron Ore Production in Turkey

In value terms, iron ore production soared to $X in 2019 estimated in export prices. Over the period under review, production enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2019, production growth failed to regain the momentum.

Iron Ore Exports

Exports from Turkey

In 2019, exports of iron ores from Turkey surged to X tons, growing by X% compared with 2018 figures. Over the period under review, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, exports attained the maximum in 2019 and are likely to continue growth in years to come.

In value terms, iron ore exports soared to $X in 2019. In general, exports showed a strong expansion. The pace of growth was the most pronounced in 2017 when exports increased by X% y-o-y. Over the period under review, exports hit record highs at $X in 2014; however, from 2015 to 2019, exports remained at a lower figure.

Exports by Country

Romania (X tons), China (X tons) and Serbia (X tons) were the main destinations of iron ore exports from Turkey, with a combined X% share of total exports. The U.S. and Germany lagged somewhat behind, together accounting for a further X 2007 to 2019, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the U.S. (+X% per year), while exports for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron ore exported from Turkey were Romania ($X), China ($X) and Serbia ($X), with a combined X% share of total exports. These countries were followed by Germany and the U.S., which together accounted for a further X the main countries of destination, the U.S. (+X% per year) saw the highest growth rate of 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 2019, the average iron ore export price amounted to $X per ton, growing by X% against the previous year. In general, the export price, however, recorded a deep slump. The export price peaked at $X per ton in 2008; however, from 2009 to 2019, export prices failed to regain the momentum.

Prices varied noticeably by the country of destination; the country with the highest price was Romania ($X per ton), while the average price for exports to the U.S. ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to China, while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into Turkey

In 2019, overseas purchases of iron ores decreased by -X% to X tons, falling for the second year in a row after eight years of growth. Over the period under review, total imports indicated a pronounced expansion from 2007 to 2019: its volume increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, imports decreased by -X% against 2017 indices. The growth pace was the most rapid in 2010 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2019, imports failed to regain the momentum.

In value terms, iron ore imports skyrocketed to $X in 2019. Overall, imports, however, continue to indicate pronounced growth. The most prominent rate of growth was recorded in 2010 when imports increased by X% y-o-y. Imports peaked at $X in 2013; however, from 2014 to 2019, imports failed to regain the momentum.

Imports by Country

In 2019, Brazil (X tons) constituted the largest supplier of iron ore to Turkey, with a X% share of total imports. Moreover, iron ore imports from Brazil exceeded the figures recorded by the second-largest supplier, Sweden (X tons), fourfold. Canada (X tons) ranked third in terms of total imports with a X% share.

From 2007 to 2019, the average annual growth rate of volume from Brazil totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-X% per year) and Canada (+X% per year).

In value terms, Brazil ($X) constituted the largest supplier of iron ore to Turkey, comprising X% of total imports. The second position in the ranking was occupied by Sweden ($X), with a X% share of total imports. It was followed by Canada, with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of value from Brazil totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-X% per year) and Canada (+X% per year).

Import Prices by Country

In 2019, the average iron ore import price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 an increase of X% year-to-year. The import price peaked at $X per ton in 2012; however, from 2013 to 2019, import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was Canada ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Russia, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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