![]() ![]() ![]() The rapid decline in prices coincides with decreased demand of iron ore from steel manufacturers in China. In 2021, prices continued a salient rise to a high of US$214 per tonne by June before rapidly declining to US$116 per tonne in December. Iron ore prices have fluctuated significantly over the past decade, reaching a high of US$214 per tonne in June 2021 and a low of US$41 per tonne in December 2015. In 2021, Canada was a net importer of semi-finished steel products, with imports of 10.0 million tonnes and exports of 6.8 million tonnes. Concentrates are unfinished products used in the production of blast furnace pellets and pellets used for metallization. Imports of concentrates came primarily from Brazil (44%), Australia (24%) and Sweden (20%). The import of pellets came almost exclusively from the United States. Pellets represented 98% of the imported volume, whereas concentrates represented 2%. ImportsĬanada imported 8.0 million tonnes of iron ore valued at $1.0 billion in 2021, an increase from 2020, which was 7.1 million tonnes valued at $0.8 billion. ![]() Iron ore pellets accounted for 28% of the volume, whereas concentrates accounted for the remaining 72%. Lower export volumes but higher export value reflect higher prices in 2021. World reserves of crude iron ore, by country, 2021 (p) RankingĬanada exported 53.8 million tonnes of iron ore valued at $10.1 billion in 2021 compared to 55.1 million tonnes valued at $7.6 billion in 2020. ![]()
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