MENA: Iron Ore Market 2024

Iron Ore Market Size in MENA

The MENA's iron ore market surged to $X in 2023, increasing by X% against the previous year. In general, consumption enjoyed a perceptible expansion. The level of consumption peaked in 2023 and is likely to continue growth in years to come.

Iron Ore Production in MENA

In value terms, iron ore production skyrocketed to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a notable increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. The level of production peaked at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Iron Ore Exports

Exports in MENA

After two years of growth, overseas shipments of iron ores and concentrates decreased by X% to X tons in 2023. Overall, exports showed a noticeable curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2023, the exports stood at a somewhat lower figure.

In value terms, iron ore exports dropped slightly to $X in 2023. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

Bahrain represented the largest exporting country with an export of about X tons, which recorded X% of total exports. Oman (X tons) took the second position in the ranking, distantly followed by Iran (X tons) and Turkey (X tons). All these countries together held approx. X% share of total exports. The United Arab Emirates (X tons) took a minor share of total exports.

Exports from Bahrain increased at an average annual rate of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) and Turkey (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. Oman experienced a relatively flat trend pattern. By contrast, Iran (X%) illustrated a downward trend over the same period. While the share of Bahrain (X p.p.), Turkey (X p.p.), Oman (X p.p.) and the United Arab Emirates (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Iran (X p.p.) displayed negative dynamics.

In value terms, Bahrain ($X) remains the largest iron ore supplier in MENA, comprising X% of total exports. The second position in the ranking was held by Oman ($X), with a X% share of total exports. It was followed by Iran, with an X% share.

In Bahrain, iron ore exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (X% per year) and Iran (X% per year).

Export Prices by Country

In 2023, the export price in MENA amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price saw moderate growth. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2022 to 2023, the export prices remained at a somewhat lower figure.

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

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

Iron Ore Imports

Imports in MENA

In 2023, imports of iron ores and concentrates in MENA totaled X tons, picking up by X% on 2022 figures. Total imports indicated noticeable growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in the near future.

In value terms, iron ore imports expanded sharply to $X in 2023. Over the period under review, imports posted measured growth. The most prominent rate of growth was recorded 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

The countries with the highest levels of iron ore imports in 2023 were Bahrain (X tons), Oman (X tons), Egypt (X tons) and Turkey (X tons), together reaching X% of total import. The United Arab Emirates (X tons) took the next position in the ranking, followed by Algeria (X tons). All these countries together took approx. X% share of total imports. Qatar (X tons) took a little share 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 Algeria (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 MENA were Bahrain ($X), Oman ($X) and Egypt ($X), with a combined X% share of total imports. The United Arab Emirates, Turkey, Algeria and Qatar lagged somewhat behind, together comprising a further X%.

Algeria, 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 MENA amounted to $X per ton, stabilizing at the previous year. Over the period under review, the import price recorded a mild downturn. The pace of growth was the most pronounced in 2021 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2022 to 2023, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform