Latin America and the Caribbean: Iron Ore Market 2021

Iron Ore Market Size in Latin America and the Caribbean

The Latin American iron ore market surged to $X in 2019, growing by X% against the previous year. Overall, consumption posted a slight expansion. The pace of growth was the most pronounced in 2011 when the market value increased by X% against the previous year. As a result, consumption reached the peak level of $X. From 2012 to 2019, the growth of the market remained at a lower figure.

Iron Ore Production in Latin America and the Caribbean

In value terms, iron ore production skyrocketed to $X in 2019 estimated in export prices. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2019, production stood at a somewhat lower figure.

Production By Country in Latin America and the Caribbean

Brazil (X tons) remains the largest iron ore producing country in Latin America and the Caribbean, accounting for X% of total volume. It was followed by Peru (X tons), with a X% share of total production. The third position in this ranking was occupied by Chile (X tons), with a X% share.

In Brazil, iron ore production expanded at an average annual rate of +X% over the period from 2007-2019. The remaining producing countries recorded the following average annual rates of production growth: Peru (+X% per year) and Chile (+X% per year).

Iron Ore Exports

Exports in Latin America and the Caribbean

In 2019, after five years of growth, there was significant decline in shipments abroad of iron ores, when their volume decreased by -X% to X tons. The total export volume increased at an average annual rate of +X% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2010 when exports increased by X% y-o-y. Over the period under review, exports reached the peak figure at X tons in 2018, and then contracted in the following year.

In value terms, iron ore exports rose notably to $X in 2019. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 when exports increased by X% year-to-year. Over the period under review, exports reached the peak figure at $X in 2012; however, from 2013 to 2019, exports stood at a somewhat lower figure.

Exports by Country

Brazil dominates iron ore exports structure, recording X tons, which was approx. X% of total exports in 2019. Peru (X tons) and Chile (X tons) took a minor share of total exports.

Exports from Brazil increased at an average annual rate of +X% from 2007 to 2019. At the same time, Peru (+X%) and Chile (+X%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +X% from 2007-2019. From 2007 to 2019, the share of Peru increased by +X% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest iron ore supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was occupied by Peru ($X), with a X% share of total exports.

In Brazil, iron ore exports remained relatively stable over the period from 2007-2019. The remaining exporting countries recorded the following average annual rates of exports growth: Peru (+X% per year) and Chile (+X% per year).

Export Prices by Country

The iron ore export price in Latin America and the Caribbean stood at $X per ton in 2019, growing by X% against the previous year. Overall, the export price, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2010 an increase of X% y-o-y. The level of export peaked at $X per ton in 2012; however, from 2013 to 2019, export prices failed to regain the momentum.

Average prices varied somewhat amongst the major exporting countries. In 2019, the country with the highest price was Chile ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Chile, while the other leaders experienced a decline in the export price figures.

Iron Ore Imports

Imports in Latin America and the Caribbean

In 2019, supplies from abroad of iron ores decreased by -X% to X tons for the first time since 2016, thus ending a two-year rising trend. Overall, imports saw a noticeable reduction. The most prominent rate of growth was recorded in 2010 when imports increased by X% y-o-y. The volume of import peaked at X tons in 2008; however, from 2009 to 2019, imports remained at a lower figure.

In value terms, iron ore imports shrank to $X in 2019. In general, imports saw a noticeable setback. The growth pace was the most rapid in 2010 with an increase of X% y-o-y. The level of import peaked at $X in 2011; however, from 2012 to 2019, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of iron ore imports in 2019 were Argentina (X tons), Mexico (X tons) and Trinidad and Tobago (X tons), together reaching X% of total import. Bahamas (X tons) took a relatively small share of total imports.

From 2007 to 2019, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bahamas, while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Mexico ($X), Argentina ($X) and Trinidad and Tobago ($X) constituted the countries with the highest levels of imports in 2019, together accounting for X% of total imports.

Among the main importing countries, Mexico recorded 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 trends in the imports figures.

Import Prices by Country

In 2019, the iron ore import price in Latin America and the Caribbean amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 when the import price increased by X% year-to-year. As a result, import price attained the peak level of $X per ton. From 2012 to 2019, the growth in terms of the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2019, the country with the highest price was Trinidad and Tobago ($X per ton), while Bahamas ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Mexico, while the other leaders experienced more modest paces of growth.

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