Turkey: Iron Ore Market 2024

Iron Ore Market Size in Turkey

In 2021, the Turkish iron ore market increased by 58% to $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iron Ore Production in Turkey

In value terms, iron ore production soared to $X in 2021 estimated in export price. Overall, production saw a significant increase. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Iron Ore Exports

Exports from Turkey

Iron ore exports from Turkey soared to X tons in 2021, growing by 57% on 2020 figures. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 165% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, iron ore exports skyrocketed to $X in 2021. Overall, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 217% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for iron ore exports from Turkey, accounting for a 48% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, Romania (X tons), twofold. The third position in this ranking was taken by Serbia (X tons), with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +22.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+50.6% per year) and Serbia (+49.8% per year).

In value terms, China ($X) remains the key foreign market for iron ores and concentrates exports from Turkey, comprising 53% of total exports. The second position in the ranking was taken by Romania ($X), with a 22% share of total exports. It was followed by Algeria, with a 9.7% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+65.5% per year) and Algeria (+36.5% per year).

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, rising by 36% against the previous year. Overall, export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron ore export price increased by +136.1% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Algeria ($X per ton), while the average price for exports to Iraq ($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 Bahrain (+28.5%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Turkey

In 2021, purchases abroad of iron ores and concentrates was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when imports increased by 17% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, iron ore imports soared to $X in 2021. Over the period under review, imports recorded a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Brazil (X tons) constituted the largest supplier of iron ore to Turkey, accounting for a 52% share of total imports. Moreover, iron ore imports from Brazil exceeded the figures recorded by the second-largest supplier, Sweden (X tons), fourfold. Russia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Brazil totaled +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+3.1% per year) and Russia (+6.3% per year).

In value terms, Brazil ($X) constituted the largest supplier of iron ores and concentrates to Turkey, comprising 44% of total imports. The second position in the ranking was held by Sweden ($X), with a 16% share of total imports. It was followed by Ukraine, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from Brazil totaled +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+5.4% per year) and Ukraine (+12.1% per year).

Import Prices by Country

In 2021, the average iron ore import price amounted to $X per ton, rising by 71% against the previous year. Overall, the import price continues to indicate a temperate expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Brazil ($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 (+17.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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