United Kingdom: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in the UK

The UK market for precious metal ores and concentrates amounted to $X in 2022, growing by 4% against the previous year. Overall, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.3% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Precious Metal Ores And Concentrates in the UK

In value terms, precious metal ore and concentrate production totaled $X in 2022 estimated in export price. Overall, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.8% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 44%. Precious metal ore and concentrate production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports from the UK

In 2022, overseas shipments of precious metal ores and concentrates increased by 437% to X tons, rising for the second year in a row after two years of decline. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 3,296% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, precious metal ore and concentrate exports soared to $X in 2022. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 2,632%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for precious metal ore and concentrate exports from the UK, with a 90% share of total exports. Moreover, precious metal ore and concentrate exports to Malaysia exceeded the volume sent to the second major destination, Singapore (X tons), ninefold. The third position in this ranking was taken by the Netherlands (X kg), with less than 0.1% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia stood at +309.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+170.2% per year) and the Netherlands (-50.4% per year).

In value terms, Malaysia ($X) remains the key foreign market for precious metal ores and concentrates exports from the UK, comprising 79% of total exports. The second position in the ranking was held by Singapore ($X), with a 19% share of total exports. It was followed by the Netherlands, with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia amounted to +176.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+134.5% per year) and the Netherlands (-43.7% per year).

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2022, waning by -9.2% against the previous year. In general, the export price saw a deep contraction. The pace of growth appeared the most rapid in 2014 an increase of 580%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+13.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Precious Metal Ores And Concentrates

Imports into the UK

In 2022, approx. X tons of precious metal ores and concentrates were imported into the UK; growing by 87% compared with the year before. Overall, imports showed a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of 164%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, precious metal ore and concentrate imports surged to $X in 2022. In general, imports showed a strong expansion. The growth pace was the most rapid in 2017 with an increase of 57% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

South Africa (X tons), Greece (X tons) and Germany (X tons) were the main suppliers of precious metal ore and concentrate imports to the UK, together comprising 89% of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +36.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest precious metal ore and concentrate suppliers to the UK were South Africa ($X), Germany ($X) and Greece ($X), together comprising 94% of total imports.

Among the main suppliers, Germany, with a CAGR of +73.3%, recorded the highest growth rate of 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

In 2022, the average import price for precious metal ores and concentrates amounted to $X per kg, which is down by -32.6% against the previous year. In general, the import price saw a noticeable slump. The pace of growth appeared the most rapid in 2021 when the average import price increased by 311% against the previous year. The import price peaked at $X per kg in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per kg), while the price for North Macedonia ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+26.9%).

Source: IndexBox Platform

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