Australia: Iron Ore Market 2024

Iron Ore Market Size in Australia

The Australian iron ore market expanded significantly to $X in 2023, surging by X% against the previous year. In general, consumption saw significant growth. Over the period under review, the market hit record highs at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Iron Ore Production in Australia

In value terms, iron ore production expanded significantly to $X in 2023 estimated in export price. Overall, production enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Iron Ore Exports

Exports from Australia

In 2023, approx. X tons of iron ores and concentrates were exported from Australia; therefore, remained relatively stable against the previous year. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2023 and are expected to retain growth in the immediate term.

In value terms, iron ore exports expanded markedly to $X in 2023. Over the period under review, exports recorded tangible growth. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for iron ore exports from Australia, with a X% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and South Korea (X% per year).

In value terms, China ($X) remains the key foreign market for iron ores and concentrates exports from Australia, comprising X% of total exports. The second position in the ranking was held by Japan ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2023, the average iron ore export price amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2022 to 2023, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2023, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per ton) and China ($X per ton), while the average price for exports to Japan ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into Australia

In 2023, supplies from abroad of iron ores and concentrates decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of X%. Imports peaked at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, iron ore imports fell to $X in 2023. Over the period under review, imports, however, posted resilient growth. The pace of growth was the most pronounced in 2016 when imports increased by X%. Imports peaked at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Mauritania (X tons) was the main iron ore supplier to Australia, with a X% share of total imports. It was followed by South Africa (X tons), with a X% share of total imports. Brazil (X tons) ranked third in terms of total imports with less than X% share.

From 2012 to 2023, the average annual growth rate of volume from Mauritania totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and Brazil (X% per year).

In value terms, Mauritania ($X) constituted the largest supplier of iron ores and concentrates to Australia, comprising X% of total imports. The second position in the ranking was held by South Africa ($X), with a X% share of total imports. It was followed by Brazil, with less than X% share.

From 2012 to 2023, the average annual growth rate of value from Mauritania amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and Brazil (X% per year).

Import Prices by Country

The average iron ore import price stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the import price, however, showed temperate growth. The most prominent rate of growth was recorded in 2014 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2023, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform