The import of iron ore to the UK has shown a notable declining trend from 2013 to 2023. In 2013, the value stood at 14.164 billion kilograms but by 2023, it had decreased to 6.9118 billion kilograms, marking a substantial reduction over a decade. The year-on-year variations indicate significant drops, most notably a 24.38% decrease in 2016, a 20.98% decrease in 2020, countered by an increase of 14.53% in 2021 which highlights some temporary recovery. However, the overall compound annual growth rate (CAGR) from 2018 to 2023 was -4.93%, illustrating a steady yearly decline.
Looking ahead, the forecast data from 2024 to 2028 suggest a continuation of this downward trend in iron ore imports. By 2028, the volume is expected to further decrease to around 4.9094 billion kilograms. The forecasted 5-year CAGR is -5.43%, indicating a further average annual reduction, leading to an approximate 24.36% decline by 2028.
Future trends to watch for include:
- Global shifts in supply chains and trade policies impacting iron ore availability and cost.
- Technological advancements and possible increases in the use of recycled materials reducing the need for raw iron ore imports.
- Impact of environmental regulations and shifts towards sustainable practices potentially altering demand for iron ore.
