Price for Iron Ore and Concentrate, Non-Agglomerated in Russia - 2022

Price for Iron Ore and Concentrate, Non-Agglomerated in Russia (FOB) - 2022

The average export price for iron ores and concentrates, non-agglomerated stood at $51.0 per ton in January 2022, with a decrease of -37.5% against the previous month. Overall, the export price saw a perceptible downturn. The pace of growth was the most pronounced in April 2021 when the average export price increased by 16% m-o-m. Over the period under review, the average export prices attained the peak figure at $164 per ton in August 2021; however, from September 2021 to January 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In January 2022, the country with the highest price was Ukraine ($92.0 per ton), while the average price for exports to Slovakia ($31.0 per ton) was amongst the lowest.

From January 2021 to January 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+12.2%), while the prices for the other major destinations experienced mixed trend patterns.

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

In January 2022, the average import price for iron ores and concentrates, non-agglomerated amounted to $90.4 per ton, growing by 12% against the previous month. Over the period under review, the import price, however, continues to indicate a noticeable reduction. The import price peaked at $144 per ton in August 2021; however, from September 2021 to January 2022, import prices stood at a somewhat lower figure.

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

From January 2021 to January 2022, the rate of growth in terms of prices for Kazakhstan amounted to -2.0% per month.

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

In 2022, after three years of growth, there was significant decline in shipments abroad of iron ores and concentrates, non-agglomerated, when their volume decreased by -39.7% to 12M tons. In general, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by 80%. As a result, the exports attained the peak of 20M tons, and then reduced remarkably in the following year.

In value terms, iron ore and concentrate, non-agglomerated exports reduced markedly to $1.1B in 2022. Overall, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 97%. As a result, the exports attained the peak of $1.5B, and then fell sharply in the following year.

Export of Iron Ore and Concentrate, Non-Agglomerated in Russia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Ukraine	143	67.0	73.4	463	47.9%
China	301	576	1,183	410	10.9%
Slovakia	43.6	52.5	105	139	47.2%
Czech Republic	11.8	48.4	94.6	123	118.4%
Others	27.1	20.0	50.9	N/A	37.0%
Total	526	764	1,507	1,136	29.3%

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

China (4.9M tons)
Ukraine (2.7M tons)
Slovakia (2.4M tons)
Czech Republic (1.8M tons)

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

After two years of decline, purchases abroad of iron ores and concentrates, non-agglomerated increased by 0.5% to 6.2M tons in 2022. In general, imports, however, showed a pronounced shrinkage.

In value terms, iron ore and concentrate, non-agglomerated imports contracted notably to $594M 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 +11.9% 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 +40.0% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by 59% against the previous year. As a result, imports reached the peak of $730M, and then dropped sharply in the following year.