Chile: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in Chile

In 2021, the Chilean market for precious metal ores and concentrates decreased by -5.5% to $X for the first time since 2014, thus ending a six-year rising trend. Overall, consumption, however, enjoyed buoyant growth. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Production of Precious Metal Ores And Concentrates in Chile

In value terms, precious metal ore and concentrate production shrank modestly to $X in 2021 estimated in export price. Over the period under review, production saw a mild descent. The pace of growth appeared the most rapid in 2016 with an increase of 82% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Exports of Precious Metal Ores And Concentrates

Exports from Chile

In 2021, shipments abroad of precious metal ores and concentrates increased by 133% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports, however, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2020 when exports increased by 229%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, precious metal ore and concentrate exports skyrocketed to $X in 2021. In general, exports, however, recorded a significant decline. The most prominent rate of growth was recorded in 2020 when exports increased by 740%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Chile, with a 90% share of total exports. Moreover, precious metal ore and concentrate exports to China exceeded the volume sent to the second major destination, Germany (X tons), ninefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -9.4%.

In value terms, China ($X) emerged as the key foreign market for precious metal ore and concentrate exports from Chile, comprising 87% of total exports. The second position in the ranking was held by Germany ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China totaled -10.5%.

Export Prices by Country

In 2021, the average export price for precious metal ores and concentrates amounted to $X per ton, reducing by -10.7% against the previous year. In general, the export price continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2020 when the average export price increased by 155%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+20.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Precious Metal Ores And Concentrates

Imports into Chile

In 2021, overseas purchases of precious metal ores and concentrates increased by 26% to X tons, rising for the fourth year in a row after two years of decline. In general, imports posted a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 923,324% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, precious metal ore and concentrate imports soared to $X in 2021. Over the period under review, imports showed a significant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 49,735%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, Bolivia (X tons) constituted the largest supplier of precious metal ore and concentrate to Chile, with a 67% share of total imports. Moreover, precious metal ore and concentrate imports from Bolivia exceeded the figures recorded by the second-largest supplier, Argentina (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Bolivia totaled +79.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+9.8% per year) and Peru (+107.8% per year).

In value terms, Bolivia ($X) constituted the largest supplier of precious metal ore and concentrate to Chile, comprising 74% of total imports. The second position in the ranking was held by Argentina ($X), with a 21% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Bolivia totaled +112.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+10.7% per year) and Peru (+116.5% per year).

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2021, surging by 2.4% against the previous year. In general, the import price continues to indicate a perceptible increase. The most prominent rate of growth was recorded in 2014 when the average import price increased by 938%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Peru ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bolivia (+18.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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