India: Silver Ore Market 2024

Silver Ore Market Size in India

In 2021, the Indian silver ore market decreased by -29% to $X, falling for the third consecutive year after two years of growth. In general, consumption recorded a pronounced contraction. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Silver Ore Production in India

In value terms, silver ore production amounted to $X in 2021 estimated in export price. In general, the total production indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -39.2% against 2017 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 36% 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.

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Silver Ore Exports

Exports from India

In 2021, shipments abroad of silver ores and concentrates increased by 33% to X tons, rising for the third consecutive year after three years of decline. Overall, exports saw a pronounced increase. The most prominent rate of growth was recorded in 2019 when exports increased by 1,167%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, silver ore exports declined dramatically to $X in 2021. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 718%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for silver ore exports from India, accounting for a 77% share of total exports. Moreover, silver ore exports to China exceeded the volume sent to the second major destination, Nepal (X tons), sevenfold. Japan (X tons) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nepal (0.0% per year) and Japan (-9.0% per year).

In value terms, Japan ($X) remains the key foreign market for silver ore exports from India, comprising 89% of total exports. The second position in the ranking was held by China ($X), with a 10% share of total exports. It was followed by Nepal, with a 0.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+5.1% per year) and Nepal (0.0% per year).

Export Prices by Country

In 2021, the average silver ore export price amounted to $X per ton, reducing by -42.6% against the previous year. In general, the export price continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2016 when the average export price increased by 131% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+10.6%), while the prices for the other major destinations experienced a decline.

Silver Ore Imports

Imports into India

In 2021, purchases abroad of silver ores and concentrates increased by 6.1% to X tons, rising for the third consecutive year after three years of decline. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 7,254% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, silver ore imports reached $X in 2021. Overall, imports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 361% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Singapore (X tons) was the main silver ore supplier to India, with a 95% share of total imports. Moreover, silver ore imports from Singapore exceeded the figures recorded by the second-largest supplier, the United States (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore stood at +80.9%.

In value terms, Singapore ($X) constituted the largest supplier of silver ore to India, comprising 95% of total imports. The second position in the ranking was held by the United States ($X), with a 5.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Singapore totaled +22.8%.

Import Prices by Country

In 2021, the average silver ore import price amounted to $X per kg, falling by -4.4% against the previous year. Over the period under review, the import price faced a dramatic shrinkage. The pace of growth was the most pronounced in 2016 when the average import price increased by 159%. The import price peaked at $X per kg in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per kg), while the price for Singapore stood at $X per kg.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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