From 2013 to 2023, the import value of agglomerated iron ore and concentrate to the UK experienced notable fluctuations. Initially, there was a significant increase in 2013, followed by a consistent decline through 2016. A minor rebound was observed in 2017 before a mixed trend of slight decreases and occasional upticks ensued until 2023, when the value stood at approximately 239.69 million USD.
Year-on-year analysis shows considerable variation, ranging from a sharp decline of 42.82% in 2015 to a modest increase of 2.8% in 2019. The last two years showed slight decreases of 0.78% in 2022 and 0.77% in 2023. The compound annual growth rate (CAGR) over the last five years indicates an average annual decrease of around 0.08%.
Future trends to watch for include potential impacts of global economic conditions, shifts in the steel industry demand, and developments in alternative raw materials. The forecast indicates a gradual decline with an average annual decrease of 0.66% over the next five years, translating to an overall 3.25% reduction by 2028.