Asia: Pig Iron Market 2022

Pig Iron Market Size in Asia

The Asian pig iron market contracted to $X in 2021, which is down by -3.7% against the previous year. The total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +48.8% against 2015 indices. The level of consumption peaked at $X in 2020, and then dropped slightly in the following year.

Pig Iron Production in Asia

In value terms, pig iron production declined slightly to $X in 2021 estimated in export price. In general, production, however, posted a noticeable expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 126%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Pig Iron Exports

Exports in Asia

In 2021, shipments abroad of pig iron and spiegeleisen increased by 14% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2020 when exports increased by 51% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, pig iron exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a noticeable decrease. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India was the largest exporter of pig iron and spiegeleisen in Asia, with the volume of exports amounting to X tons, which was approx. 58% of total exports in 2021. Democratic People's Republic of Korea (X tons) ranks second in terms of the total exports with an 11% share, followed by Indonesia (4.8%), South Korea (7%) and China (6.6%). The following exporters - Japan (X tons), Vietnam (X tons) and Qatar (X tons) - together made up 5% of total exports.

Exports from India decreased at an average annual rate of -4.3% from 2012 to 2021. At the same time, South Korea (+22.2%) and Vietnam (+2.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia, with a CAGR of +22.2% from 2012-2021. Indonesia experienced a relatively flat trend pattern. By contrast, Democratic People's Republic of Korea (-2.4%), Japan (-2.6%), China (-12.8%) and Qatar (-61.7%) illustrated a downward trend over the same period. India (+7.7 p.p.), South Korea (+6.3 p.p.), Democratic People's Republic of Korea (+3 p.p.) and Indonesia (+2 p.p.) significantly strengthened its position in terms of the total exports, while China and Qatar saw its share reduced by -6.7% and -17.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) emerged as the largest pig iron supplier in Asia, comprising 61% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 7.9% share of total exports. It was followed by China, with a 6% share.

From 2012 to 2021, the average annual growth rate of value in India was relatively modest. In the other countries, the average annual rates were as follows: Indonesia (+5.7% per year) and China (-11.9% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, with an increase of 47% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Qatar ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+123.0%), while the other leaders experienced more modest paces of growth.

Pig Iron Imports

Imports in Asia

In 2021, after three years of growth, there was significant decline in supplies from abroad of pig iron and spiegeleisen, when their volume decreased by -40.7% to X tons. Overall, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 114% against the previous year. As a result, imports reached the peak of X tons, and then dropped significantly in the following year.

In value terms, pig iron imports declined to $X in 2021. In general, imports, however, recorded mild growth. The most prominent rate of growth was recorded in 2020 with an increase of 102% against the previous year. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2021, Turkey (X tons) and China (X tons) represented the largest importers of pig iron and spiegeleisen in Asia, together generating 66% of total imports. Thailand (X tons) ranks next in terms of the total imports with a 2.2% share, followed by Taiwan (Chinese) (8.6%), the United Arab Emirates (4.9%), Turkey (25%), South Korea (3.2%), China (42%) and Saudi Arabia (7.3%). Japan (X tons) and South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in China (with a CAGR of +14.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pig iron importing markets in Asia were China ($X), Turkey ($X) and Taiwan (Chinese) ($X), with a combined 76% share of total imports.

China, with a CAGR of +16.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, increasing by 46% against the previous year. Import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per ton) and Thailand ($X per ton), while Saudi Arabia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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