Overview of the Global Market for Iron Ore and Concentrate
In value terms, iron ore and concentrate production soared to $ in estimated in export prices. Overall, production, however, recorded slight growth. The pace of growth was the most pronounced in 2011 when the production volume increased by % against the previous year. As a result, production attained the peak level of $. From 2012 to , global production growth remained at a lower figure.
The country with the largest volume of iron ore and concentrate production was Australia ( tonnes), accounting for % of total volume. Moreover, iron ore and concentrate production in Australia exceeded the figures recorded by the second-largest producer, Brazil ( tonnes), twofold. China ( tonnes) ranked third in terms of total production with a % share.
In Australia, iron ore and concentrate production expanded at an average annual rate of +% over the period from 2007-. In the other countries, the average annual rates were as follows: Brazil (+% per year) and China (+% per year).
The global iron ore and concentrate market revenue rose remarkably to $ in , increasing by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a tangible expansion from 2007 to : its value increased at an average annual rate of +% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption increased by +% against 2016 indices. The pace of growth appeared the most rapid in 2011 when the market value increased by % against the previous year. Global consumption peaked at $ in 2013; however, from 2014 to , consumption failed to regain the momentum.
From 2007 to , the average annual growth rate of volume in China amounted to +%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+% per year) and Brazil (+% per year).
In value terms, China ($) led the market, alone. The second position in the ranking was occupied by India ($). It was followed by Brazil.
From 2007 to , the average annual rate of growth in terms of value in China amounted to +%. In the other countries, the average annual rates were as follows: India (+% per year) and Brazil (+% per year).
The countries with the highest levels of iron ore and concentrate per capita consumption in were South Korea ( kg per person), China ( kg per person) and Japan ( kg per person).
From 2007 to , the biggest increases were in China, while iron ore and concentrate per capita consumption for the other global leaders experienced more modest paces of growth.