India: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in India

In 2021, after nine years of growth, there was decline in the Indian market for precious metal ores and concentrates, when its value decreased by -4.5% to $X. Overall, consumption, however, showed strong growth. Precious metal ore and concentrate consumption peaked at $X in 2020, and then dropped modestly in the following year.

Production of Precious Metal Ores And Concentrates in India

In value terms, precious metal ore and concentrate production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when the production volume increased by 5%. Precious metal ore and concentrate production peaked at $X in 2020, and then shrank in the following year.

Exports of Precious Metal Ores And Concentrates

Exports from India

In 2021, the amount of precious metal ores and concentrates exported from India contracted dramatically to X tons, with a decrease of -33.2% on 2020. In general, exports, however, saw a modest expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 3,120% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then reduced sharply in the following year.

In value terms, precious metal ore and concentrate exports declined significantly to $X in 2021. Overall, exports saw a dramatic contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 261% against the previous year. 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 India, with a 96% share of total exports. It was followed by Singapore (X tons), with a 2.2% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China was relatively modest.

In value terms, China ($X) remains the key foreign market for precious metal ore and concentrate exports from India, comprising 79% of total exports. The second position in the ranking was taken by Singapore ($X), with a 2.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China amounted to -53.7%.

Export Prices by Country

In 2021, the average export price for precious metal ores and concentrates amounted to $X per ton, falling by -30.9% against the previous year. Over the period under review, the export price saw a precipitous descent. The growth pace was the most rapid in 2016 when the average export price increased by 156%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-54.1%).

Imports of Precious Metal Ores And Concentrates

Imports into India

In 2021, the amount of precious metal ores and concentrates imported into India soared to X tons, increasing by 311,815% compared with 2020. Overall, imports posted a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, precious metal ore and concentrate imports soared to $X in 2021. In general, imports posted significant growth. The pace of growth appeared the most rapid in 2014 when imports increased by 43,158%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Colombia (X tons) and Tanzania (X tons) were the main suppliers of precious metal ore and concentrate imports to India, with a combined 100% share of total imports.

From 2012 to 2021, the biggest increases were in Tanzania (with a CAGR of +82.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X) constituted the largest supplier of precious metal ore and concentrate to India, comprising 30% of total imports. The second position in the ranking was taken by Tanzania ($X), with a 6.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Colombia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Tanzania (+18.8% per year) and Malaysia (0.0% per year).

Import Prices by Country

In 2021, the average import price for precious metal ores and concentrates amounted to $X per kg, falling by -97.2% against the previous year. Overall, the import price recorded a precipitous decrease. The pace of growth was the most pronounced in 2020 an increase of 39,171%. The import price peaked at $X per kg 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 supplying countries. In 2021, the country with the highest price was Colombia ($X per kg), while the price for Malaysia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tanzania (-34.8%).

Source: IndexBox Market Intelligence Platform

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