Agglomerated iron ores and concentrates market in Russia

Earlier Report Observations

From 2018 to 2020, the market volume for agglomerated iron ores and concentrates in Russia remained stable at around 46 000 tons. This stability was supported by the 2018 completion of the pelletizing plant at Stoylensky GOK, which secured the supply for the Novolipetsk Steel Plant, and by continuous production growth driven by domestic demand and exports. Despite the COVID-19 pandemic's impact on global supply chains in 2020, Russian production of concentrate and pellets continued to expand, maintaining the market volume.

The market entered a growth phase from 2021 to 2023, rising from 48 000 tons to 56 000 tons. In 2021, post-pandemic demand recovery boosted mining and production, while technological upgrades like fine screening equipment enhanced concentrate quality. Government procurement under laws 44-FZ and 223-FZ increased public sector demand. In 2022, Government Decree No. 2358, effective January 1, 2022, regulated iron ore production, and sustained global demand from China, which accounts for 54% of world steel output, further stimulated the market.

In 2024, the market volume declined to 54 000 tons, reflecting an adjustment after the peak in 2023, with production also decreasing during this period.

Production agglomerated iron ores and concentrates in Russia

In kind, 2018-2021, K t

Following two consecutive years of growth, Russia's production of agglomerated iron ores and concentrates experienced a decline. In 2021, output reached 58 358 thousand tonnes, marking a 1.4% decrease from the previous year. The highest production level was achieved in 2020 at 59 201 thousand tonnes, which also saw the largest annual increase of 1.5%.

Annual dynamics of production in Russia in kind, 2018-2021, K t

Exports agglomerated iron ores and concentrates from Russia

Exports in kind, K t

After two years of expansion, Russia's export volume of agglomerated iron ores and concentrates contracted. In 2021, exports totaled 13 389 thousand tonnes, representing a 10.1% decline compared to 2020. Over the 2018-2021 period, exports decreased by 2.5%, with a compound annual growth rate of 0.8%. The peak export volume occurred in 2020 at 14 885 thousand tonnes, while the largest annual increase was recorded in 2019 at 6.7%.

Annual dynamics of product's exports from Russia in kind, 2018-2021, K t

During the 2018-2021 period, Russia's export destinations for agglomerated iron ores and concentrates were highly diversified. Ukraine (18.4% of exports), China (14.3%), and Germany (11.4%) together accounted for just 44.1% of total export flows, with the remaining 55.9% distributed among numerous other trading partners.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Russia in kind, 2018-2021

Exports in value, M $ US

The export market demonstrated significant volatility throughout the observed period. The lowest value was recorded in 2020 at 1 214 million US dollars, while exports peaked in 2021 at 2 305 million US dollars - representing a 1.9-fold increase between these years. The 2021 figure showed a sharp 89.9% growth compared to 2020. The largest annual decline occurred in 2020 at 22.4%.

Annual dynamics of product's exports from Russia in value, 2018-2021, M $ US

From 2018 to 2021, Russia's export revenue from agglomerated iron ores and concentrates showed remarkable geographical diversification. Ukraine (17.5% of export value), Germany (12.9%), and Turkey (9.1%) together represented only 39.6% of total export earnings, while the remaining 60.4% came from numerous smaller trading partners.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Russia in value, 2018-2021

Imports agglomerated iron ores and concentrates to Russia

Imports in kind, K t

Import volumes exhibited considerable volatility during these years. The lowest point was recorded in 2020 at 1 787 thousand tonnes, while imports peaked in 2021 at 3 258 thousand tonnes - showing a 1.8-fold difference between these years. The 2021 import volume represented an 82.3% increase compared to the previous year. The largest annual decline occurred in 2020 at 28.9%.

Annual dynamics of product's imports to Russia in kind, 2018-2021, K t

Between 2018 and 2021, Kazakhstan maintained an overwhelming dominance as Russia's supplier of agglomerated iron ores and concentrates, accounting for 99.2% of total import volume.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Russia in kind, 2018-2021

Imports in value, M $ US

The import market showed noticeable fluctuations during this period. The lowest value was recorded in 2018, while imports reached their peak in 2021 at 488 million US dollars - representing a 3.2-fold increase between these years. The 2021 figure reflected a substantial 156.1% growth compared to the previous year. The largest annual decline occurred in 2020 at 19.0%.

Annual dynamics of product's imports to Russia in value, 2018-2021, M $ US

Throughout the 2018-2021 period, Kazakhstan served as the primary source for Russia's imports of agglomerated iron ores and concentrates, consistently representing 99.1% of total import value.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Russia in value, 2018-2021