Price for Iron Ore and Concentrate, Non-Agglomerated in Chile - 2023

Price for Iron Ore and Concentrate, Non-Agglomerated in Chile (FOB) - 2023

In July 2023, the average export price for iron ores and concentrates, non-agglomerated amounted to $89.6 per ton, waning by -12.3% against the previous month. Over the period under review, the export price saw a mild downturn. The most prominent rate of growth was recorded in March 2023 when the average export price increased by 22% month-to-month. Over the period under review, the average export prices hit record highs at $115 per ton in April 2023; however, from May 2023 to July 2023, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In July 2023, the country with the highest price was the United States ($103 per ton), while the average price for exports to China amounted to $89.0 per ton.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+0.7%), while the prices for the other major destinations experienced mixed trend patterns.

Price for Iron Ore and Concentrate, Non-Agglomerated in Chile (CIF) - 2022

In 2022, the average import price for iron ores and concentrates, non-agglomerated amounted to $126 per ton, falling by -6.9% against the previous year. Over the period under review, the import price showed a abrupt decline. The most prominent rate of growth was recorded in 2021 when the average import price increased by 52%. Over the period under review, average import prices attained the peak figure at $399 per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Brazil.

From 2012 to 2022, the rate of growth in terms of prices for Brazil amounted to -6.8% per year.

Exports of Iron Ore and Concentrate, Non-Agglomerated in Chile

In 2022, shipments abroad of iron ores and concentrates, non-agglomerated decreased by -17.2% to 13M tons for the first time since 2018, thus ending a three-year rising trend. Overall, total exports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +16.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 67%.

In value terms, iron ore and concentrate, non-agglomerated exports fell markedly to $1.3B in 2022. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 128%.

Export of Iron Ore and Concentrate, Non-Agglomerated in Chile (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	576	1,392	2,146	1,133	25.3%
Bahrain	7.4	N/A	89.7	101	139.0%
Japan	4.2	17.0	65.9	52.0	131.3%
Others	44.2	32.9	32.6	26.4	-15.8%
Total	631	1,442	2,334	1,313	27.7%

Top Export Markets for Iron Ore and Concentrate, Non-Agglomerated from Chile in 2022:

China (11.3M tons)
Bahrain (0.9M tons)
Japan (0.5M tons)

Imports of Iron Ore and Concentrate, Non-Agglomerated in Chile

In 2022, imports of iron ores and concentrates, non-agglomerated into Chile expanded significantly to 243K tons, with an increase of 5.5% compared with 2021 figures. Overall, imports, however, continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2021 with an increase of 20% against the previous year.

In value terms, iron ore and concentrate, non-agglomerated imports shrank modestly to $30M in 2022. Over the period under review, total imports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +8.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 82% against the previous year. As a result, imports reached the peak of $31M, and then contracted in the following year.