EU: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in the EU

In 2021, the EU market for precious metal ores and concentrates decreased by -4.6% to $X for the first time since 2011, thus ending a nine-year rising trend. Over the period under review, consumption, however, recorded significant growth. The level of consumption peaked at $X in 2020, and then fell modestly in the following year.

Production of Precious Metal Ores And Concentrates in the EU

In value terms, precious metal ore and concentrate production contracted to $X in 2021 estimated in export price. In general, production, however, showed a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 44%. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Exports of Precious Metal Ores And Concentrates

Exports in the EU

In 2021, exports of precious metal ores and concentrates in the European Union skyrocketed to X tons, growing by 15% compared with 2020 figures. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 52%. The volume of export peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, precious metal ore and concentrate exports skyrocketed to $X in 2021. Overall, exports showed a prominent increase. The growth pace was the most rapid in 2019 when exports increased by 61% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

In 2021, Greece (X tons) represented the key exporter of precious metal ores and concentrates, constituting 58% of total exports. Spain (X tons) held the second position in the ranking, followed by the Netherlands (X tons). All these countries together took near 36% share of total exports. Finland (X tons) held a minor share of total exports.

Exports from Greece increased at an average annual rate of +26.1% from 2012 to 2021. At the same time, the Netherlands (+33.8%), Finland (+26.6%) and Spain (+19.1%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +33.8% from 2012-2021. While the share of Greece (+19 p.p.) and the Netherlands (+9.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Spain (-2.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest precious metal ore and concentrate supplying countries in the European Union were Spain ($X), Finland ($X) and the Netherlands ($X), together comprising 39% of total exports.

Among the main exporting countries, the Netherlands, with a CAGR of +53.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in the European Union amounted to $X per ton, jumping by 19% against the previous year. Overall, the export price, however, recorded a abrupt decline. The growth pace was the most rapid in 2019 when the export price increased by 35% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+14.5%), while the other leaders experienced a decline in the export price figures.

Imports of Precious Metal Ores And Concentrates

Imports in the EU

For the eighth year in a row, the European Union recorded growth in supplies from abroad of precious metal ores and concentrates, which increased by less than 0.1% to X tons in 2021. In general, imports saw a significant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 135% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, precious metal ore and concentrate imports skyrocketed to $X in 2021. Over the period under review, imports showed a significant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 73% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

Germany represented the largest importing country with an import of around X tons, which recorded 70% of total imports. It was distantly followed by Finland (X tons) and Bulgaria (X tons), together mixing up a 23% share of total imports. The Netherlands (X tons) and Sweden (X tons) held a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to precious metal ore and concentrate imports into Germany stood at +30.9%. At the same time, Finland (+94.5%), the Netherlands (+89.2%), Bulgaria (+47.1%) and Sweden (+34.3%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in the European Union, with a CAGR of +94.5% from 2012-2021. Finland (+16 p.p.), Bulgaria (+4 p.p.) and the Netherlands (+3.1 p.p.) significantly strengthened its position in terms of the total imports, while Germany saw its share reduced by -16.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($X) constitutes the largest market for imported precious metal ores and concentrates in the European Union, comprising 81% of total imports. The second position in the ranking was held by Finland ($X), with a 7.8% share of total imports. It was followed by Bulgaria, with a 5% share.

In Germany, precious metal ore and concentrate imports increased at an average annual rate of +20.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Finland (+109.2% per year) and Bulgaria (+55.7% per year).

Import Prices by Country

The import price in the European Union stood at $X per ton in 2021, with an increase of 20% against the previous year. Over the period under review, the import price, however, recorded a deep reduction. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+7.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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