Price for Iron Ore and Concentrate, Non-Agglomerated in Latvia - 2023

Price for Iron Ore and Concentrate, Non-Agglomerated in Latvia (CIF) - 2022

The average import price for iron ores and concentrates, non-agglomerated stood at $246 per ton in 2022, reducing by -43.7% against the previous year. Over the period under review, the import price continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 75% against the previous year. As a result, import price attained the peak level of $436 per ton, and then contracted notably in the following year.

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 France ($407 per ton), while the price for Estonia amounted to $189 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+10.1%), while the prices for the other major suppliers experienced a decline.

Price for Iron Ore and Concentrate, Non-Agglomerated in Latvia (FOB) - 2022

In 2022, the average export price for iron ores and concentrates, non-agglomerated amounted to $407 per ton, reducing by -6.6% against the previous year. Overall, the export price, however, showed strong growth. The pace of growth appeared the most rapid in 2021 when the average export price increased by 30% against the previous year. As a result, the export price reached the peak level of $436 per ton, and then reduced in the following year.

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 Lithuania ($1,011 per ton), while the average price for exports to the Netherlands stood at $231 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (-17.1%).

Imports of Iron Ore and Concentrate, Non-Agglomerated in Latvia

In 2022, approx. 76 tons of iron ores and concentrates, non-agglomerated were imported into Latvia; rising by 29% against the previous year. Overall, total imports indicated a significant increase from 2019 to 2022: its volume increased at an average annual rate of +23.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +87.5% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 48%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, iron ore and concentrate, non-agglomerated imports fell notably to $19K in 2022. Over the period under review, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 89%.

Import of Iron Ore and Concentrate, Non-Agglomerated in Latvia (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Estonia	7.8	8.2	N/A	10.6	10.8%
France	N/A	6.6	25.5	7.9	9.4%
Others	0.1	0.1	N/A	N/A	0.0%
Total	7.8	14.8	25.5	18.5	33.4%

Top Suppliers of Iron Ore and Concentrate, Non-Agglomerated to Latvia in 2022:

Estonia (56.0 tons)
France (19.5 tons)

Exports of Iron Ore and Concentrate, Non-Agglomerated in Latvia

In 2022, shipments abroad of iron ores and concentrates, non-agglomerated decreased by -66.7% to 20 tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 200%. As a result, the exports attained the peak of 59 tons, and then dropped dramatically in the following year.

In value terms, iron ore and concentrate, non-agglomerated exports dropped significantly to $7.9K in 2022. Overall, exports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 289%. As a result, the exports attained the peak of $26K, and then fell significantly in the following year.