United Kingdom: Silver Ore Market 2024

Silver Ore Market Size in the UK

For the third consecutive year, the UK silver ore market recorded decline in sales value, which decreased by -7.6% to $X in 2021. In general, consumption posted moderate growth. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Silver Ore Production in the UK

In value terms, silver ore production reduced to $X in 2021 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +12.9% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 38% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Silver Ore Exports

Exports from the UK

In 2021, shipments abroad of silver ores and concentrates was finally on the rise to reach X tons for the first time since 2015, thus ending a five-year declining trend. Overall, exports, however, recorded a precipitous decrease. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, silver ore exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a abrupt curtailment. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Italy (X kg) was the main destination for silver ore exports from the UK, with a 63% share of total exports. Moreover, silver ore exports to Italy exceeded the volume sent to the second major destination, Singapore (X kg), fourfold. The third position in this ranking was held by Hong Kong SAR (X kg), with a 5.7% share.

From 2012 to 2021, the average annual growth rate of volume to Italy stood at -16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+7.2% per year) and Hong Kong SAR (+22.8% per year).

In value terms, Italy ($X) remains the key foreign market for silver ore exports from the UK, comprising 72% of total exports. The second position in the ranking was taken by Singapore ($X), with a 12% share of total exports. It was followed by Hong Kong SAR, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy stood at +9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+5.5% per year) and Hong Kong SAR (+19.0% per year).

Export Prices by Country

In 2021, the average silver ore export price amounted to $X per ton, increasing by 22% against the previous year. In general, the export price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 76% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Ireland ($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 Italy (+31.5%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Ore Imports

Imports into the UK

In 2021, after two years of decline, there was significant growth in purchases abroad of silver ores and concentrates, when their volume increased by 61% to X tons. In general, imports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2016 when imports increased by 1,069%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, silver ore imports soared to $X in 2021. Overall, imports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 326% against the previous year. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Zambia (X tons) constituted the largest silver ore supplier to the UK, accounting for a 70% share of total imports. Moreover, silver ore imports from Zambia exceeded the figures recorded by the second-largest supplier, South Africa (X kg), fivefold. Finland (X kg) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Zambia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+202.4% per year) and Finland (-3.2% per year).

In value terms, South Africa ($X) constituted the largest supplier of silver ore to the UK, comprising 94% of total imports. The second position in the ranking was held by Finland ($X), with a 3.9% share of total imports. It was followed by Denmark, with a 0.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Africa totaled +134.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Finland (-18.7% per year) and Denmark (-28.2% per year).

Import Prices by Country

In 2021, the average silver ore import price amounted to $X per ton, picking up by 43% against the previous year. Over the period under review, the import price, however, continues to indicate a mild reduction. The pace of growth was the most pronounced in 2019 an increase of 232%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was South Africa ($X per ton), while the price for Zambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+299.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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