Singapore: Silver Ore Market 2024

Silver Ore Market Size in Singapore

In 2021, after three years of growth, there was significant decline in the Singaporean silver ore market, when its value decreased by -15.9% to $X. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2020, and then shrank remarkably in the following year.

Silver Ore Production in Singapore

In value terms, silver ore production fell to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 16%. As a result, production attained the peak level of $X, and then dropped in the following year.

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Silver Ore Exports

Exports from Singapore

In 2021, overseas shipments of silver ores and concentrates increased by 57% to X kg, rising for the second consecutive year after two years of decline. In general, exports, however, saw a pronounced descent. The growth pace was the most rapid in 2017 when exports increased by 308%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, silver ore exports soared to $X in 2021. Over the period under review, exports enjoyed a notable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 183%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Germany (X kg) was the main destination for silver ore exports from Singapore, accounting for a 97% share of total exports. It was followed by South Korea (X kg), with a 1.1% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-37.4% per year) and China (-42.6% per year).

In value terms, Germany ($X) emerged as the key foreign market for silver ore exports from Singapore, comprising 96% of total exports. The second position in the ranking was held by Japan ($X), with a 0.1% share of total exports. It was followed by South Korea, with less than 0.1% share.

From 2012 to 2021, the average annual growth rate of value to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-48.7% per year) and South Korea (-49.6% per year).

Export Prices by Country

The average silver ore export price stood at $X per ton in 2021, growing by 50% against the previous year. Over the period under review, the export price enjoyed a buoyant increase. The growth pace was the most rapid in 2019 when the average export price increased by 352%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to South Korea ($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 (+20.1%), while the prices for the other major destinations experienced mixed trend patterns.

Silver Ore Imports

Imports into Singapore

For the fourth year in a row, Singapore recorded decline in purchases abroad of silver ores and concentrates, which decreased by -61.3% to X kg in 2021. In general, imports faced a deep downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 938%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, silver ore imports contracted sharply to $X in 2021. Overall, imports recorded a abrupt setback. The growth pace was the most rapid in 2014 with an increase of 3,142%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X kg) was the main supplier of silver ore to Singapore, accounting for a approx. 98% share of total imports.

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

In value terms, Japan ($X) constituted the largest supplier of silver ore to Singapore, comprising 28% of total imports. The second position in the ranking was held by the United States ($X), with a 9.7% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-26.2% per year) and India (-56.4% per year).

Import Prices by Country

In 2021, the average silver ore import price amounted to $X per ton, rising by 31% against the previous year. In general, the import price, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2014 when the average import price increased by 208%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bolivia (+89.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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