PRODUCT CLASSIFICATION
Iron Ore is one of the most traded raw materials in the world. It typically appears as a reddish-brown rock because it’s composed primarily of iron oxides and it’s known for its strength and versatility. It’s mined in large quantities, crushed and refined and shipped to steel manufacturers, that process these materials into steel products.
It’s essential in modern society, as it’s a demanded resource that supports industries, ranging from the automotive to the architecture sectors, in both emerging and developed economies.
Iron ore is a part of Ores, slag and ash, a category of the Mineral Products section that includes a wide range of related by-products like Unagglomerated Iron Ore Concentrate (Excl. Iron Pyrites), Agglomerated Iron Ore Concentrates (excl. Pyrites), and Roasted iron pyrites.
It also has a Product Complexity Index of -2.02, ranking 1012 out of 1044 products in 2023.
This post will not consider the Iron Ore trade in general, but it will be focused on the Mauritanian market, the tenth largest exporter of this product in the world.
EXPORT
In 2023 Mauritania exported an amount of $1.67B of Iron Ore, becoming the 10th largest exporter of this category out of 127 countries in the world, with an estimated percentage of 1.03 of share in global exports; during the same year, Iron Ore was the 2nd most exported product in Mauritania out of 540.
The main destinations of the country’s exports were
- China - $853M;
- Algeria - $330M;
- Australia - $124M;
- Italy - $119M;
- Japan - $85.7M.
IMPORT
In 2022 it was estimated that Mauritania imported around $200 worth of Iron Ore, becoming the 126th largest importer of the product out of 133 countries, with a <0.005% of share in global imports; during the same year, Iron Ore was the 1013rd most imported product in the country out of 1036.
It was imported primarily from
- Egypt - $200.
GROWTH POTENTIAL
According to the source, between 2022 and 2023 the fastest growing markets for the category’s imports and exports in Mauritania were the following
MARKETS FOR IRON ORE EXPORTS
- Algeria - $170M;
- Serbia - $19.8M;
- Germany - $18.7M.
MARKETS FOR IRON ORE IMPORTS
- No data.
CONCLUSIONS
In 2023 Mauritania’s Iron Ore trade remained one of the few sectors driving the country’s economy. All the mining activities are concentrated in specific regions and are tied to the country’s geography and infrastructure.
While challenges such as limited diversification and logistical constraints remain, Iron Ore represents a strategic resource for Mauritania, and its presence in the global market reflects the country’s potential to strengthen its role through investment, modernization and regional cooperation.
Source: https://oec.world/en
