Russian Federation: Iron Ore Market 2021

Iron Ore Market Size in the Russian Federation

In 2019, the Russian iron ore market increased by X% to $X, rising for the third consecutive year after four years of decline. In general, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 with an increase of X% year-to-year. Iron ore consumption peaked at $X in 2012; however, from 2013 to 2019, consumption remained at a lower figure.

Iron Ore Production in the Russian Federation

In value terms, iron ore production rose markedly to $X in 2019 estimated in export prices. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2019, production stood at a somewhat lower figure.

Iron Ore Exports

Exports from the Russian Federation

Iron ore exports from Russia expanded significantly to X tons in 2019, growing by X% on the year before. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2011 with an increase of X% year-to-year. As a result, exports attained the peak of X tons. From 2012 to 2019, the growth exports remained at a lower figure.

In value terms, iron ore exports skyrocketed to $X in 2019. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2011 when exports increased by X% year-to-year. Over the period under review, exports attained the peak figure at $X in 2012; however, from 2013 to 2019, exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for iron ore exports from Russia, with a X% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, Germany (X tons), fivefold. The third position in this ranking was occupied by Slovakia (X tons), with a X% share.

From 2007 to 2019, the average annual rate of growth in terms of volume to China amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+X% per year) and Slovakia (-X% per year).

In value terms, China ($X) remains the key foreign market for iron ore exports from Russia, comprising X% of total exports. The second position in the ranking was occupied by Germany ($X), with a X% share of total exports. It was followed by Slovakia, with a X% share.

From 2007 to 2019, the average annual growth rate of value to China amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+X% per year) and Slovakia (-X% per year).

Export Prices by Country

The average iron ore export price stood at $X per ton in 2019, increasing by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2011 an increase of X% y-o-y. Over the period under review, average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2019, export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2019, the country with the highest price was Serbia ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Egypt, while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into the Russian Federation

In 2019, approx. X tons of iron ores were imported into Russia; with an increase of X% on 2018 figures. Overall, imports, however, continue to indicate a perceptible contraction. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2007; however, from 2008 to 2019, imports failed to regain the momentum.

In value terms, iron ore imports surged to $X in 2019. In general, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2008; however, from 2009 to 2019, imports failed to regain the momentum.

Imports by Country

In 2019, Kazakhstan (X tons) was the main iron ore supplier to Russia, with a approx. X% share of total imports.

From 2007 to 2019, the average annual growth rate of volume from Kazakhstan amounted to -X%.

In value terms, Kazakhstan ($X) constituted the largest supplier of iron ore to Russia.

From 2007 to 2019, the average annual rate of growth in terms of value from Kazakhstan was relatively modest.

Import Prices by Country

The average iron ore import price stood at $X per ton in 2019, with an increase of X% against the previous year. In general, import price indicated mild growth from 2007 to 2019: its price increased at an average annual rate of +X% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, iron ore import price increased by +X% against 2016 indices. The most prominent rate of growth was recorded in 2008 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2019, import prices failed to regain the momentum.

As there is only one major supplying country, the average price level is determined by prices for Kazakhstan.

From 2007 to 2019, the rate of growth in terms of prices for Kazakhstan amounted to +X% per year.

Source: IndexBox Platform

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