Report Update: Apr 24, 2024

Russian Federation - Iron Ores And Concentrates - Market Analysis, Forecast, Size, Trends And Insights

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Iron Ore Price in Russia - 2022

Iron Ore Price in Russia (FOB) - 2022

In January 2022, the average iron ore export price amounted to $135 per ton, shrinking by -10.2% against the previous month. Overall, export price indicated a tangible increase from January 2021 to January 2022: its price increased at an average monthly rate of +2.4% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on January 2022 figures, iron ore export price decreased by -24.7% against August 2021 indices. The most prominent rate of growth was recorded in April 2021 an increase of 12% against the previous month. Over the period under review, the average export prices hit record highs at $179 per ton in August 2021; however, from September 2021 to January 2022, the export prices remained at a lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Finland ($244 per ton), while the average price for exports to the Czech Republic ($36.0 per ton) was amongst the lowest.

From January 2021 to January 2022, the most notable rate of growth in terms of prices was recorded for supplies to Finland (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Price in Russia (CIF) - 2022

In January 2022, the average iron ore import price amounted to $96.2 per ton, growing by 9.7% against the previous month. Over the period under review, the import price, however, showed a pronounced decline. The pace of growth was the most pronounced in June 2021 an increase of 14% month-to-month. Over the period under review, average import prices reached the maximum at $158 per ton in August 2021; however, from September 2021 to January 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Kazakhstan.

From January 2021 to January 2022, the rate of growth in terms of prices for Kazakhstan amounted to -2.0% per month.

Iron Ore Exports in Russia

In 2022, after three years of growth, there was significant decline in overseas shipments of iron ores and concentrates, when their volume decreased by -26.5% to 26M tons. In general, total exports indicated measured growth from 2019 to 2022: its volume increased at an average annual rate of +4.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +15.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 39% against the previous year. As a result, the exports attained the peak of 35M tons, and then dropped sharply in the following year.

In value terms, iron ore exports declined sharply to $2.9B in 2022. Overall, exports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of 93% against the previous year. As a result, the exports reached the peak of $3.8B, and then contracted notably in the following year.

Export of Iron Ore in Russia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	528	882	1,227	631	6.1%
Slovakia	130	127	374	501	56.8%
Ukraine	157	202	280	496	46.7%
United Kingdom	74.3	56.6	126	159	28.9%
Czech Republic	14.5	48.4	98.1	128	106.7%
Turkey	145	97.5	252	59.1	-25.9%
Vietnam	9.4	12.4	N/A	43.5	66.6%
France	109	36.3	323	30.8	-34.4%
Finland	242	52.4	131	30.7	-49.8%
Italy	31.6	33.6	2.7	25.4	-7.0%
Germany	237	155	390	23.9	-53.5%
Others	413	275	608	766	22.9%
Total	2,090	1,978	3,812	2,895	11.5%

Top Export Markets for Iron Ore from Russia in 2022:

China (8.5M tons)
Slovakia (4.6M tons)
Ukraine (2.9M tons)
Czech Republic (1.9M tons)
United Kingdom (1.0M tons)
Vietnam (0.5M tons)
Turkey (0.4M tons)
Italy (0.4M tons)
France (0.2M tons)
Finland (0.1M tons)
Germany (0.1M tons)

Iron Ore Imports in Russia

In 2022, imports of iron ores and concentrates into Russia shrank to 8.7M tons, reducing by -8% compared with 2021 figures. In general, imports recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 with an increase of 18% against the previous year. As a result, imports reached the peak of 9.4M tons, and then dropped in the following year.

In value terms, iron ore imports fell remarkably to $929M in 2022. Over the period under review, imports, however, continue to indicate resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 88%. As a result, imports reached the peak of $1.2B, and then contracted sharply in the following year.

Import of Iron Ore in Russia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Kazakhstan	648	642	1,213	924	12.6%
Others	11.7	2.4	0.3	4.3	-28.4%
Total	660	644	1,213	929	12.1%

Top Suppliers of Iron Ore to Russia in 2022:

Kazakhstan (8.6M tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the iron ore market in the Russian Federation. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 07101000 - Iron ores and concentrates (excluding roasted iron pyrites)
Prodcom 07101010 -
Prodcom 07101020 -

Country coverage:

Russia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the Russian Federation
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023