The forecasted import value of iron ores and concentrates to the UK from 2024 to 2028 shows a steady decline. From 2024 at 607.03 million USD, it decreases by approximately 4-5% annually, reaching 504.72 million USD by 2028. Compared to 2023, these figures highlight a downward trend, indicating a consistent contraction over these five years with a calculated Compound Annual Growth Rate (CAGR) of -4.4%. This downturn comes after stability in previous years and raises concerns about future import reliance and domestic industry changes.
Future trends to watch include:
- Fluctuations in global iron ore prices and their impact on UK import strategies.
- Potential policy changes or trade agreements affecting import volumes.
- Technological advancements in recycling and alternative material use that may reduce dependency on iron ore imports.
- UK steel industry demand shifts influencing overall import needs.
