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South Africa - Iron Ores And Concentrates - Market Analysis, Forecast, Size, Trends And Insights
Report Update: May 2, 2024

South Africa - Iron Ores And Concentrates - Market Analysis, Forecast, Size, Trends And Insights

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Article Publishing Date: May 2, 2024

Iron Ore Export in South Africa Increases Slightly to $6.5B in 2023

South Africa Iron Ore Exports

In 2023, the amount of iron ores and concentrates exported from South Africa soared to 60M tons, increasing by 32% against the previous year's figure. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 37%. The exports peaked at 69M tons in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

In value terms, iron ore exports stood at $6.5B (IndexBox estimates) in 2023. In general, exports, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 66%. As a result, the exports reached the peak of $10.2B. From 2022 to 2023, the growth of the exports failed to regain momentum.South Africa Iron Ore Exports By Country (Million USD)

COUNTRYExport Value of Iron Ore in South Africa (million USD)
20132014201520162017201820192020202120222023
China5,9563,9872,6282,1352,9652,5193,4773,6475,0533,3433,599
Netherlands3972791341682832214485711,193993970
Mozambique8.05.90.31.044.4139391412977483525
South Korea374435256228364307408513680531514
Japan756804395264263284295292647355343
Germany13810253.983.598.1127214189497287134
RomaniaN/AN/AN/AN/AN/A22.236.457.180.080.3104
India38.441426630925425574.449.81015.321.6
Others787847389398526409432382935412314
Total8,4556,8744,1213,5864,7984,2825,7776,11210,1636,4896,524

Exports by Country

China (33M tons) was the main destination for iron ore exports from South Africa, accounting for a 55% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, the Netherlands (8.7M tons), fourfold. Mozambique (5.2M tons) ranked third in terms of total exports with an 8.8% share.

From 2013 to 2023, the average annual growth rate of volume to China stood at -3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+10.2% per year) and Mozambique (+42.5% per year).

In value terms, China ($3.6B) remains the key foreign market for iron ores and concentrates exports from South Africa, comprising 55% of total exports. The second position in the ranking was taken by the Netherlands ($970M), with a 15% share of total exports. It was followed by Mozambique, with an 8% share.

From 2013 to 2023, the average annual rate of growth in terms of value to China stood at -4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+9.3% per year) and Mozambique (+51.9% per year).

Export Prices by Country

In 2023, the iron ore price amounted to $110 per ton (FOB, South Africa), falling by -23.6% against the previous year. Overall, the export price saw a slight contraction. The most prominent rate of growth was recorded in 2021 an increase of 60% against the previous year. As a result, the export price attained the peak level of $150 per ton. From 2022 to 2023, the average export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2023, amid the top suppliers, the countries with the highest prices were India ($121 per ton) and Japan ($117 per ton), while the average price for exports to Mozambique ($100 per ton) and China ($109 per ton) were amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+11.0%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the iron ore market in South Africa. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 07101000 - Iron ores and concentrates (excluding roasted iron pyrites)
  • Prodcom 07101010 -
  • Prodcom 07101020 -

Country coverage:

  • South Africa

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in South Africa
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2023
    22. Production, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, 2012–2023
    24. Imports, In Value Terms, 2012–2023
    25. Imports, In Physical Terms, By Country, 2023
    26. Imports, In Physical Terms, By Country, 2012–2023
    27. Imports, In Value Terms, By Country, 2012–2023
    28. Import Prices, By Country Of Origin, 2012–2023
    29. Exports, In Physical Terms, 2012–2023
    30. Exports, In Value Terms, 2012–2023
    31. Exports, In Physical Terms, By Country, 2023
    32. Exports, In Physical Terms, By Country, 2012–2023
    33. Exports, In Value Terms, By Country, 2012–2023
    34. Export Prices, By Country Of Destination, 2012–2023

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