Saudi Arabia: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in Saudi Arabia

In 2021, after five years of growth, there was significant decline in the Saudi market for precious metal ores and concentrates, when its value decreased by -10.6% to $X. Over the period under review, consumption, however, continues to indicate a significant expansion. Precious metal ore and concentrate consumption peaked at $X in 2020, and then declined in the following year.

Production of Precious Metal Ores And Concentrates in Saudi Arabia

In value terms, precious metal ore and concentrate production dropped to $X in 2021 estimated in export price. In general, production, however, posted a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 81% against the previous year. Precious metal ore and concentrate production peaked at $X in 2020, and then reduced in the following year.

Exports of Precious Metal Ores And Concentrates

Exports from Saudi Arabia

In 2021, shipments abroad of precious metal ores and concentrates decreased by 0% to X tons, falling for the second year in a row after three years of decline. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 491% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, precious metal ore and concentrate exports stood at $X in 2021. Overall, exports enjoyed significant growth. The pace of growth was the most pronounced in 2013 when exports increased by 0.7% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Malaysia (X tons) was the main destination for precious metal ore and concentrate exports from Saudi Arabia, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia was relatively modest.

From 2012 to 2021, the average annual growth rate of value to Malaysia was relatively modest.

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2021, approximately equating the previous year. Over the period under review, the export price saw a perceptible decrease. The growth pace was the most rapid in 2017 when the average export price increased by 345% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Malaysia.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +344.7% per year.

Imports of Precious Metal Ores And Concentrates

Imports into Saudi Arabia

In 2015, precious metal ore and concentrate imports into Saudi Arabia was estimated at X tons, standing approx. at the year before. Overall, imports saw a significant expansion. The smallest decline of 99.9% was in 2014. Imports peaked in 2015 and are expected to retain growth in years to come.

In value terms, precious metal ore and concentrate imports totaled $X in 2015. In general, imports continue to indicate a deep reduction. The smallest decline of 99.9% was in 2014. Imports peaked at $X in 2013; however, from 2014 to 2015, imports stood at a somewhat lower figure.

Imports by Country

In 2015, China (X tons) was the main supplier of precious metal ore and concentrate to Saudi Arabia, with a approx. 99% share of total imports.

From 2013 to 2015, the average annual rate of growth in terms of volume from China was relatively modest.

In value terms, China ($X) constituted the largest supplier of precious metal ore and concentrate to Saudi Arabia.

From 2013 to 2015, the average annual growth rate of value from China stood at -9.2%.

Import Prices by Country

In 2015, the average import price for precious metal ores and concentrates amounted to $X per ton, remaining constant against the previous year. In general, the import price recorded a dramatic decline. The most prominent rate of growth was recorded in 2014 a decrease of 99.9% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2015, import prices remained at a lower figure.

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

From 2013 to 2015, the rate of growth in terms of prices for China amounted to -79.9% per year.

Source: IndexBox Market Intelligence Platform

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