Canada: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in Canada

In 2021, after five years of growth, there was decline in the Canadian market for precious metal ores and concentrates, when its value decreased by -1.7% to $X. Over the period under review, consumption, however, enjoyed buoyant growth. Precious metal ore and concentrate consumption peaked at $X in 2020, and then shrank slightly in the following year.

Production of Precious Metal Ores And Concentrates in Canada

In value terms, precious metal ore and concentrate production dropped to $X in 2021 estimated in export price. Over the period under review, the total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.8% 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 +53.0% against 2015 indices. The growth pace was the most rapid in 2020 when the production volume increased by 11%. As a result, production attained the peak level of $X, and then declined in the following year.

Exports of Precious Metal Ores And Concentrates

Exports from Canada

In 2021, approx. X tons of precious metal ores and concentrates were exported from Canada; increasing by 47% against the previous year. Overall, exports showed a prominent expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 192% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, precious metal ore and concentrate exports rose remarkably to $X in 2021. In general, exports saw strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 179% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

Germany (X tons) was the main destination for precious metal ore and concentrate exports from Canada, accounting for a approx. 98% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany stood at +13.3%.

In value terms, Germany ($X) also remains the key foreign market for precious metal ore and concentrate exports from Canada.

From 2012 to 2021, the average annual growth rate of value to Germany totaled +3.1%.

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2021, declining by -26.1% against the previous year. Overall, the export price, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2019 an increase of 134%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Germany.

From 2012 to 2021, the rate of growth in terms of prices for Germany amounted to -9.0% per year.

Imports of Precious Metal Ores And Concentrates

Imports into Canada

For the third consecutive year, Canada recorded growth in purchases abroad of precious metal ores and concentrates, which increased by 235% to X tons in 2021. Over the period under review, imports continue to indicate modest growth. The most prominent rate of growth was recorded in 2014 when imports increased by 239% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, precious metal ore and concentrate imports reached $X in 2021. Overall, imports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 49%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Ecuador (X tons) constituted the largest precious metal ore and concentrate supplier to Canada, accounting for a 87% share of total imports. Moreover, precious metal ore and concentrate imports from Ecuador exceeded the figures recorded by the second-largest supplier, Mexico (X tons), more than tenfold. The third position in this ranking was held by Bolivia (X tons), with a 3.8% share.

From 2012 to 2021, the average annual growth rate of volume from Ecuador stood at +15,247.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+24.8% per year) and Bolivia (+0.6% per year).

In value terms, the largest precious metal ore and concentrate suppliers to Canada were Mexico ($X), Ecuador ($X) and Peru ($X), together comprising 83% of total imports.

Among the main suppliers, Ecuador, with a CAGR of +16,169.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2021, falling by -69.8% against the previous year. Overall, the import price continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2018 an increase of 138%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Peru ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ecuador (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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