Russian Federation: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in the Russian Federation

The Russian market for precious metal ores and concentrates expanded to $X in 2021, picking up by 3.8% against the previous year. Overall, consumption recorded significant growth. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Production of Precious Metal Ores And Concentrates in the Russian Federation

In value terms, precious metal ore and concentrate production totaled $X in 2021 estimated in export price. In general, production enjoyed a prominent increase. The growth pace was the most rapid in 2015 with an increase of 67%. Precious metal ore and concentrate production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports from the Russian Federation

In 2021, the amount of precious metal ores and concentrates exported from Russia totaled X tons, growing by 8.5% against 2020 figures. Over the period under review, total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -17.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 36%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, precious metal ore and concentrate exports skyrocketed to $X in 2021. In general, total exports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +108.1% against 2015 indices. The pace of growth was the most pronounced in 2016 when exports increased by 38% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Russia, with a 77% share of total exports. Moreover, precious metal ore and concentrate exports to China exceeded the volume sent to the second major destination, Kazakhstan (X tons), fourfold. Belgium (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (-4.5% per year) and Belgium (+86.1% per year).

In value terms, China ($X) remains the key foreign market for precious metal ore and concentrate exports from Russia, comprising 61% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 29% share of total exports. It was followed by Japan, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (-3.9% per year) and Japan (-7.7% per year).

Export Prices by Country

In 2021, the average export price for precious metal ores and concentrates amounted to $X per ton, growing by 13% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 14%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to China ($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 China (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Precious Metal Ores And Concentrates

Imports into the Russian Federation

In 2021, the amount of precious metal ores and concentrates imported into Russia surged to X tons, increasing by 30% on 2020. Overall, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2019 with an increase of 461%. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, precious metal ore and concentrate imports shrank modestly to $X in 2021. In general, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 698% against the previous year. Imports peaked at $X in 2020, and then reduced modestly in the following year.

Imports by Country

In 2021, Kazakhstan (X tons) constituted the largest supplier of precious metal ore and concentrate to Russia, accounting for a 73% share of total imports. Moreover, precious metal ore and concentrate imports from Kazakhstan exceeded the figures recorded by the second-largest supplier, Greece (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume from Kazakhstan amounted to +7.0%.

In value terms, Kazakhstan ($X) constituted the largest supplier of precious metal ore and concentrate to Russia, comprising 95% of total imports. The second position in the ranking was taken by Greece ($X), with a 5.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Kazakhstan stood at +24.8%.

Import Prices by Country

The average import price for precious metal ores and concentrates stood at $X per ton in 2021, declining by -26.1% against the previous year. In general, the import price, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2013 an increase of 85% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then dropped notably in the following year.

Prices varied noticeably country of origin: the country with the highest price was Kazakhstan ($X per ton), while the price for Greece totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+16.6%).

Source: IndexBox Market Intelligence Platform

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