United Kingdom: Market for Precious Metal Ores And Concentrates 2023

Market Size for Precious Metal Ores And Concentrates in the UK

After three years of growth, the UK market for precious metal ores and concentrates decreased by -1% to $X in 2021. Over the period under review, consumption enjoyed a significant increase. Over the period under review, the market reached the peak level at $X in 2020, and then contracted in the following year.

Production of Precious Metal Ores And Concentrates in the UK

In value terms, precious metal ore and concentrate production declined to $X in 2021 estimated in export price. Over the period under review, production saw a significant increase. The growth pace was the most rapid in 2016 with an increase of 67% against the previous year. Precious metal ore and concentrate production peaked at $X in 2020, and then dropped modestly in the following year.

Exports of Precious Metal Ores And Concentrates

Exports from the UK

In 2021, after two years of decline, there was significant growth in overseas shipments of precious metal ores and concentrates, when their volume increased by 6,398% to X tons. Over the period under review, exports recorded a significant expansion. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, precious metal ore and concentrate exports skyrocketed to $X in 2021. In general, exports enjoyed a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by 2,632%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

France (X tons) was the main destination for precious metal ore and concentrate exports from the UK, with a 66% share of total exports. Moreover, precious metal ore and concentrate exports to France exceeded the volume sent to the second major destination, Malaysia (X tons), fourfold. Romania (X tons) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume to France was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+247.8% per year) and Romania (+395.1% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for precious metal ore and concentrate exports from the UK, comprising 90% of total exports. The second position in the ranking was taken by France ($X), with a 0.9% share of total exports. It was followed by Mongolia, with a 0.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia totaled +160.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (0.0% per year) and Mongolia (+5.5% per year).

Export Prices by Country

The average export price for precious metal ores and concentrates stood at $X per ton in 2021, with a decrease of -72.1% against the previous year. Overall, the export price saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 an increase of 598%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Finland ($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 Italy (-16.4%), while the prices for the other major destinations experienced a decline.

Imports of Precious Metal Ores And Concentrates

Imports into the UK

After six years of growth, supplies from abroad of precious metal ores and concentrates decreased by -0.8% to X tons in 2021. In general, imports, however, saw a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 208%. As a result, imports reached the peak of X tons, leveling off in the following year.

In value terms, precious metal ore and concentrate imports soared to $X in 2021. Overall, imports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2017 when imports increased by 57% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Germany (X tons) was the main precious metal ore and concentrate supplier to the UK, accounting for a 97% share of total imports. It was followed by South Africa (X tons), with a 2.8% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled +96.5%.

In value terms, the largest precious metal ore and concentrate suppliers to the UK were Germany ($X) and South Africa ($X).

In terms of the main suppliers, Germany, with a CAGR of +86.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2021, the average import price for precious metal ores and concentrates amounted to $X per kg, growing by 24% against the previous year. Over the period under review, the import price, however, recorded a deep contraction. The growth pace was the most rapid in 2017 an increase of 30%. Over the period under review, average import prices reached the maximum at $X per kg in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was South Africa ($X per kg), while the price for Germany totaled $X per kg.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+14.5%).

Source: IndexBox Market Intelligence Platform

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