Spain: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in Spain

After six years of growth, the Spanish market for precious metal ores and concentrates decreased by -83.9% to $X in 2021. Over the period under review, consumption recorded a noticeable curtailment. Over the period under review, the market hit record highs at $X in 2020, and then fell remarkably in the following year.

Production of Precious Metal Ores And Concentrates in Spain

In value terms, precious metal ore and concentrate production soared to $X in 2021 estimated in export price. Overall, production showed a prominent expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 80%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Precious Metal Ores And Concentrates

Exports from Spain

In 2021, shipments abroad of precious metal ores and concentrates increased by 216% to X tons, rising for the second year in a row after three years of decline. Overall, exports enjoyed buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, precious metal ore and concentrate exports skyrocketed to $X in 2021. Over the period under review, exports recorded strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons) was the main destination for precious metal ore and concentrate exports from Spain, accounting for a 66% share of total exports. Moreover, precious metal ore and concentrate exports to Russia exceeded the volume sent to the second major destination, China (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume to Russia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+1.1% per year) and Italy (+83.3% per year).

In value terms, the largest markets for precious metal ore and concentrate exported from Spain were Russia ($X), China ($X) and Italy ($X), together accounting for 99% of total exports.

Italy, with a CAGR of +47.8%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for precious metal ores and concentrates amounted to $X per ton, reducing by -20.7% against the previous year. Overall, the export price saw a noticeable curtailment. The pace of growth appeared the most rapid in 2017 when the average export price increased by 90% against the previous year. The export price peaked at $X per ton in 2020, and then reduced notably in the following year.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per ton), while the average price for exports to Russia ($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 (+1.4%).

Imports of Precious Metal Ores And Concentrates

Imports into Spain

In 2021, supplies from abroad of precious metal ores and concentrates decreased by -85.3% to X tons for the first time since 2014, thus ending a six-year rising trend. Over the period under review, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 695% against the previous year. As a result, imports attained the peak of X tons, and then contracted dramatically in the following year.

In value terms, precious metal ore and concentrate imports contracted significantly to $X in 2021. Overall, imports, however, enjoyed a buoyant increase. The pace of growth was the most pronounced in 2020 when imports increased by 402%. As a result, imports reached the peak of $X, and then shrank markedly in the following year.

Imports by Country

Portugal (X tons), the Netherlands (X tons) and Morocco (X tons) were the main suppliers of precious metal ore and concentrate imports to Spain, together accounting for 98% of total imports.

From 2012 to 2021, the biggest increases were in Portugal (with a CAGR of +259.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Portugal ($X) constituted the largest supplier of precious metal ore and concentrate to Spain, comprising 68% of total imports. The second position in the ranking was held by Morocco ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Portugal stood at +159.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Morocco (0.0% per year) and the Netherlands (-10.8% per year).

Import Prices by Country

In 2021, the average import price for precious metal ores and concentrates amounted to $X per ton, waning by -19.2% against the previous year. In general, the import price continues to indicate a deep reduction. The growth pace was the most rapid in 2015 when the average import price increased by 133% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Morocco ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (-25.2%).

Source: IndexBox Market Intelligence Platform

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