The import of agglomerated iron ore and concentrate to Canada has displayed considerable fluctuations over the past decade. Actual values peaked at $1022.4 million in 2014 before seeing a sharp decline to $462.08 million by 2016. From 2017 onwards, the values showed a gradual recovery, stabilizing around the $700 million mark from 2018 to 2022, and reached $782.17 million by 2023. This translates to a modest year-on-year growth rate of 1.4% from 2022 to 2023 and a recent 5-year CAGR of 0.94%, indicating a recovering but stable trend.
Looking forward from 2024, forecasted values suggest a gradual increase, reaching $838.57 million by 2028. This projected growth rate of 1.1% CAGR over the next five years anticipates moderate but consistent expansion in imports.
Future trends to watch for:
• Global market fluctuations and iron ore pricing.
• Changes in Canadian steel production and demand.
• Potential geopolitical impacts on trade dynamics.