Australia and Oceania: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Australia and Oceania

In 2022, the steel and iron articles market in Australia and Oceania increased by 18% to $X, rising for the third year in a row after two years of decline. The market value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Articles Of Iron Or Steel in Australia and Oceania

In value terms, steel and iron articles production rose modestly to $X in 2022 estimated in export price. Over the period under review, production showed a resilient increase. The growth pace was the most rapid in 2017 when the production volume increased by 64% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Articles Of Iron Or Steel

Exports in Australia and Oceania

In 2022, the amount of articles of iron or steel exported in Australia and Oceania contracted rapidly to X tons, waning by -20.5% on 2021. Over the period under review, exports recorded a deep downturn. The pace of growth was the most pronounced in 2021 when exports increased by 24%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, steel and iron articles exports stood at $X in 2022. In general, exports continue to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 21% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Australia (X tons) was the largest exporter of articles of iron or steel, mixing up 76% of total exports. It was distantly followed by New Zealand (X tons), comprising a 22% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to steel and iron articles exports from Australia stood at -7.7%. New Zealand (-4.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of New Zealand increased by +5.3 percentage points.

In value terms, Australia ($X) remains the largest steel and iron articles supplier in Australia and Oceania, comprising 77% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia stood at -3.0%.

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2022, surging by 28% against the previous year. Export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the export price increased by 30% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while Australia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+6.2%).

Imports of Articles Of Iron Or Steel

Imports in Australia and Oceania

In 2022, purchases abroad of articles of iron or steel increased by 36% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, imports, however, saw a relatively flat trend pattern. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, steel and iron articles imports expanded significantly to $X in 2022. The total import value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Australia represented the main importer of articles of iron or steel in Australia and Oceania, with the volume of imports finishing at X tons, which was approx. 85% of total imports in 2022. It was distantly followed by New Zealand (X tons), achieving a 10% share of total imports. Papua New Guinea (X tons) followed a long way behind the leaders.

Australia experienced a relatively flat trend pattern with regard to volume of imports of articles of iron or steel. New Zealand experienced a relatively flat trend pattern. Papua New Guinea (-5.8%) illustrated a downward trend over the same period. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported articles of iron or steel in Australia and Oceania, comprising 82% of total imports. The second position in the ranking was held by New Zealand ($X), with a 13% share of total imports.

In Australia, steel and iron articles imports expanded at an average annual rate of +3.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: New Zealand (+4.0% per year) and Papua New Guinea (-4.7% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, reducing by -18% against the previous year. Over the period under review, the import price, however, continues to indicate a temperate expansion. The most prominent rate of growth was recorded in 2018 when the import price increased by 49%. The level of import peaked at $X per ton in 2021, and then declined significantly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was New Zealand ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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