Report Update: May 1, 2024

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

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Iron Ore Price in Singapore - 2022

Iron Ore Price in Singapore (CIF) - 2022

The average iron ore import price stood at $103 per ton in 2022, approximately mirroring the previous year. Over the period under review, the import price, however, showed a perceptible descent. The pace of growth appeared the most rapid in 2013 an increase of 68% against the previous year. The import price peaked at $305 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Australia amounted to -0.1% per year.

Iron Ore Price in Singapore (FOB) - 2022

The average iron ore export price stood at $344 per ton in 2022, increasing by 85% against the previous year. Over the period under review, the export price, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2020 when the average export price increased by 183%. The export price peaked at $803 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($415 per ton), while the average price for exports to Malaysia amounted to $98 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (-2.3%).

Iron Ore Imports in Singapore

In 2022, after three years of growth, there was significant decline in purchases abroad of iron ores and concentrates, when their volume decreased by -35.1% to 184K tons. Over the period under review, imports, however, enjoyed significant growth. The growth pace was the most rapid in 2021 when imports increased by 231%. As a result, imports reached the peak of 284K tons, and then shrank significantly in the following year.

In value terms, iron ore imports declined markedly to $19M in 2022. Overall, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 228% against the previous year. As a result, imports reached the peak of $29M, and then contracted markedly in the following year.

Import of Iron Ore in Singapore (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Australia	1.5	8.5	26.9	17.4	126.4%
Brazil	0.9	N/A	0.6	N/A	-18.4%
Others	0.3	0.3	1.7	1.6	74.7%
Total	2.7	8.9	29.1	19.0	91.6%

Top Suppliers of Iron Ore to Singapore in 2022:

Australia (167.3K tons)
Brazil (0.7K tons)

Iron Ore Exports in Singapore

In 2022, approx. 608 tons of iron ores and concentrates were exported from Singapore; which is down by -79.3% compared with 2021 figures. In general, exports continue to indicate a sharp reduction. The pace of growth was the most pronounced in 2021 when exports increased by 240% against the previous year. As a result, the exports reached the peak of 2.9K tons, and then dropped markedly in the following year.

In value terms, iron ore exports declined notably to $209K in 2022. Overall, exports continue to indicate a sharp slump. The pace of growth appeared the most rapid in 2020 when exports increased by 15%.

Export of Iron Ore in Singapore (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Indonesia	98.5	191	32.1	195	25.6%
Malaysia	N/A	147	512	13.4	-69.8%
Turkey	317	N/A	N/A	N/A	0%
Others	0.1	141	0.3	N/A	73.2%
Total	416	480	545	209	-20.5%

Top Export Markets for Iron Ore from Singapore in 2022:

Indonesia (470.4 tons)
Malaysia (137.3 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the iron ore market in Singapore. 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:

Singapore

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Singapore
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