Northern America: Iron Ore Market 2024

Iron Ore Market Size in Northern America

In 2022, the North American iron ore market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a noticeable slump. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Iron Ore Production in Northern America

In value terms, iron ore production dropped slightly to $X in 2022 estimated in export price. Overall, production, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Iron Ore Exports

Exports in Northern America

In 2022, after six years of growth, there was decline in shipments abroad of iron ores and concentrates, when their volume decreased by X% to X tons. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined modestly in the following year.

In value terms, iron ore exports dropped dramatically to $X in 2022. Over the period under review, exports, however, showed a perceptible expansion. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

Canada was the key exporter of iron ores and concentrates in Northern America, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2022. It was distantly followed by the United States (X tons), creating a X% share of total exports.

Canada was also the fastest-growing in terms of the iron ores and concentrates exports, with a CAGR of X% from 2012 to 2022. The United States experienced a relatively flat trend pattern. Canada (X p.p.) significantly strengthened its position in terms of the total exports, while the United States saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Canada ($X) remains the largest iron ore supplier in Northern America, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports.

In Canada, iron ore exports expanded at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (X%).

Iron Ore Imports

Imports in Northern America

In 2022, approx. X tons of iron ores and concentrates were imported in Northern America; dropping by X% on the previous year's figure. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, iron ore imports reduced to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then shrank in the following year.

Imports by Country

Canada was the main importing country with an import of about X tons, which recorded X% of total imports. It was distantly followed by the United States (X tons), mixing up a X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of X%).

In value terms, the largest iron ore importing markets in Northern America were the United States ($X) and Canada ($X).

In terms of the main importing countries, the United States, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, which is down by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the import price increased by X%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :