South Africa's Granite Block Price Decreases by 14% to $164/ton

South Africa

In June 2023, the price of granite blocks imported into South Africa dropped to $164 per ton (CIF) from the previous month, representing a decline of 13.8%. The import price experienced a gradual decrease during the review period, with the highest growth rate observed in July 2022 when the average import price rose by 50% compared to the previous month, reaching a peak of $303 per ton. From August 2022 to June 2023, the average import prices remained relatively lower. Notably, there were significant variations in average prices among the main supplying countries, with Zimbabwe having the highest price of $161 per ton, while Namibia's price stood at $148 per ton in June 2023. Namibia also experienced a marginal growth of -0.7% in terms of prices from June 2022 to June 2023. In terms of imports, after two months of decline, South Africa purchased 729 tons of granite blocks and slabs from abroad in June 2023, reflecting a substantial increase of 134%. However, overall imports showed a significant decline. Zimbabwe dominated as the largest supplier of granite block to South Africa, accounting for 79% of total imports in June 2023, surpassing the second-largest supplier Namibia by fivefold in terms of volume. In value terms, Zimbabwe also held the highest share of imports at 78%, followed by Namibia with a 16% share. The average monthly growth rate of volume from Zimbabwe from June 2022 to June 2023 was -5.0%, while the average monthly growth rates of imports from Namibia and Angola were -5.4% and 0.0% respectively. Similarly, the average monthly rate of value growth from Zimbabwe was -7.1%, with Namibia and Angola showing rates of -6.1% and 0.0% respectively.

Source: IndexBox Market Intelligence Platform

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