HS Code:
The 'Ores, slag and ash' category, classified under HS Code 26, encompasses a wide range of mineral products including iron ores, copper ores, nickel ores, aluminum ores, and other base metal ores, as well as slag and ash resulting from industrial processes. This category is critical to global industrial and manufacturing sectors, providing raw materials for steel production, non-ferrous metal industries, and energy generation. Trade in this category is influenced by factors such as resource availability, mining capabilities, geopolitical stability, and industrial demand.
Total Trade Volume
USD 250 billion
Data from 2022
Source
United Nations Comtrade Database
USD 120 billion
48% of total trade of total trade
Increasing
USD 45 billion
18% of total trade of total trade
Increasing
USD 30 billion
12% of total trade of total trade
Stable
USD 15 billion
6% of total trade of total trade
Increasing
USD 10 billion
4% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
15% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like the EU-Australia FTA)
Rising demand for iron ore due to global infrastructure projects
Increased export volumes from major producers like Australia and Brazil, driving up prices
2021-2022
Shift towards sustainable mining practices
Higher compliance costs for exporters but improved long-term market access in environmentally conscious regions like the EU
2020-2022
Growing interest in rare earth ores for renewable energy technologies
Diversification of trade portfolios in countries with rare earth deposits, impacting traditional ore markets
2022
Australia and China have resumed normal trade relations for iron ore after a period of diplomatic strain, with China lifting unofficial restrictions on Australian imports.
March 2023
Stabilization of iron ore prices and increased export revenue for Australia
Following environmental disasters in Brazil, stricter mining regulations have been imposed, affecting iron ore production and export timelines.
January 2023
Temporary reduction in export volumes, leading to global supply concerns and price volatility
The European Union's Green Deal policies are pushing for sustainable sourcing of ores, influencing trade agreements and tariff structures.
July 2023
Increased scrutiny on exporters to meet environmental standards, potentially benefiting countries with sustainable practices