Agglomerated iron ores and concentrates market in Sweden

Earlier Report Observations

The Swedish market for agglomerated iron ores and concentrates was shaped by the dominant state-owned producer LKAB and its export orientation. International trade flows and global factors, such as price volatility and demand in key markets like China and the European Union, influenced production and domestic consumption from the start of the period. Production peaked at 27.6 million tonnes in 2020, supporting a domestic market volume of 6.8 million tonnes, but began to decline thereafter.

The market contracted significantly in physical terms from 2021 to 2024, with domestic consumption falling to 3.2 million tonnes. This reduction was driven by fluctuating global demand for iron ore, which affected Swedish export volumes. In value terms, the market reached a high of $912 million in 2021 due to elevated international prices, but then dropped to $317 million by 2024 as prices corrected. No major new entrants or changes in Swedish legislation were reported during these years.

Production agglomerated iron ores and concentrates in Sweden

In value, 2017-2020, M $ US

Annual dynamics of production in Sweden in value, 2017-2020, M $ US

In kind, 2017-2020, K t

Annual dynamics of production in Sweden in kind, 2017-2020, K t

Exports agglomerated iron ores and concentrates from Sweden

Exports in kind, K t

After two consecutive years of decline, Sweden's exports of agglomerated iron ores and concentrates rebounded. In 2020, shipments reached 20 791 K t, marking a significant 27.9% increase compared to the previous year. Over the 2017-2020 period, exports grew by 10.1%, with an average annual growth rate of 3.3%. The lowest export volume was recorded in 2019 at 16 255 K t, which also saw the largest decline of 13.6%.

Annual dynamics of product's exports from Sweden in kind, 2017-2020, K t

From 2017 to 2020, Sweden's exports of agglomerated iron ores and concentrates were distributed across numerous markets. Germany accounted for 18.1% of exports in kind, Saudi Arabia for 14.6%, and Finland for 10.1%. Together, these three countries represented just 42.8% of total export flows, highlighting the broad diversification of Sweden's export partners.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Sweden in kind, 2017-2020

Exports in value, M $ US

Sweden's exports of agglomerated iron ores and concentrates in value terms have increased for the third year in a row. In 2020, exports totaled 2 455 M $ US, showing a robust 19.3% rise from the previous year. Between 2017 and 2020, export value grew by 27.8%, equivalent to an annualized rate of 8.5%.

Annual dynamics of product's exports from Sweden in value, 2017-2020, M $ US

During the 2017-2020 period, Germany, Saudi Arabia, and Finland were among the largest buyers of agglomerated iron ores and concentrates from Sweden in value terms. Germany accounted for 17.4% of export value, Saudi Arabia for 14.5%, and Finland for 10.3%. However, even combined, these three markets made up only 42.2% of total export value, underscoring the wide diversification of Sweden's export base.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Sweden in value, 2017-2020

Imports agglomerated iron ores and concentrates to Sweden

Imports in kind, K t

Sweden's imports of agglomerated iron ores and concentrates in kind have declined for the second consecutive year. In 2020, imports stood at 23 K t, reflecting a sharp 68.5% drop compared to the previous year. Over the 2017-2020 period, imports decreased by 85.4%, with an average annual decline of 47.4%. The highest import volume was recorded in 2018 at 193 K t, which also saw the largest increase of 21.2%.

Annual dynamics of product's imports to Sweden in kind, 2017-2020, K t

From 2017 to 2020, Finland was the overwhelmingly dominant supplier of agglomerated iron ores and concentrates to Sweden, accounting for 100.0% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Sweden in kind, 2017-2020

Imports in value, M $ US

The market for Sweden's imports of agglomerated iron ores and concentrates in value terms showed significant volatility during these years. Imports peaked in 2018 at 18 M $ US and fell to a low of 3 M $ US in 2020, representing a 6.2-fold difference between these years. In 2020, imports amounted to 3 M $ US, indicating a 70.5% decline from the previous year. The largest increase was recorded in 2018 at 22.3%.

Annual dynamics of product's imports to Sweden in value, 2017-2020, M $ US

Over the 2017-2020 period, Finland was by far the main source for Sweden's imports of agglomerated iron ores and concentrates in value terms, accounting for 100.0% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Sweden in value, 2017-2020