Europe: Iron Ore Market 2024

Iron Ore Market Size in Europe

The Europe iron ore market rose to $X in 2023, surging by X% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Iron Ore Production in Europe

In value terms, iron ore production expanded sharply to $X in 2023 estimated in export price. Over the period under review, production enjoyed a notable expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Iron Ore Exports

Exports in Europe

In 2023, shipments abroad of iron ores and concentrates was finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, iron ore exports reached $X in 2023. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

In 2023, Sweden (X tons) represented the main exporter of iron ores and concentrates, committing X% of total exports. The Netherlands (X tons) took the second position in the ranking, followed by Ukraine (X tons) and Russia (X tons). All these countries together took approx. X% share of total exports. Norway (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Netherlands (with a CAGR of X%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Sweden ($X), Russia ($X) and the Netherlands ($X) appeared to be the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

The Netherlands, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Europe stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2022 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Russia ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Russia (X%), while the other leaders experienced mixed trends in the export price figures.

Iron Ore Imports

Imports in Europe

In 2023, imports of iron ores and concentrates in Europe dropped to X tons, with a decrease of X% on the year before. In general, imports saw a noticeable reduction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, iron ore imports dropped rapidly to $X in 2023. Overall, imports continue to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Germany (X tons) and the Netherlands (X tons) were the largest importers of iron ores and concentrates in 2023, recording approx. X% and X% of total imports, respectively. France (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Belgium (X%), Russia (X%) and Slovakia (X%). The following importers - Spain (X tons), Italy (X tons), the Czech Republic (X tons), Poland (X tons), Finland (X tons) and the UK (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Netherlands (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron ore importing markets in Europe were Germany ($X), the Netherlands ($X) and France ($X), together accounting for X% of total imports.

The Netherlands, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Europe amounted to $X per ton, waning by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2022 to 2023, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Finland ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the UK (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform