Australia: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Australia

In 2022, the Australian steel and iron articles market increased by 29% to $X, rising for the second year in a row after six years of decline. The market value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Articles Of Iron Or Steel

Exports from Australia

In 2022, overseas shipments of articles of iron or steel decreased by -22.9% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports saw a deep downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 15%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, steel and iron articles exports shrank to $X in 2022. In general, exports saw a perceptible downturn. The growth pace was the most rapid in 2018 when exports increased by 23% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

New Zealand (X tons), the United States (X tons) and China (X tons) were the main destinations of steel and iron articles exports from Australia, with a combined 51% share of total exports. Papua New Guinea, Indonesia, Vietnam, Japan, Malaysia, Singapore, Thailand, Saudi Arabia, Cote d'Ivoire and the UK lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cote d'Ivoire (with a CAGR of +56.7%), while the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), the United States ($X) and China ($X) constituted the largest markets for steel and iron articles exported from Australia worldwide, together comprising 51% of total exports. Papua New Guinea, Indonesia, Vietnam, Japan, Malaysia, Singapore, Thailand, Saudi Arabia, Cote d'Ivoire and the UK lagged somewhat behind, together accounting for a further 30%.

Cote d'Ivoire, with a CAGR of +40.1%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, surging by 29% against the previous year. Over the period under review, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the average export price increased by 37%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per ton) and Cote d'Ivoire ($X per ton), while the average price for exports to Indonesia ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Australia

In 2022, purchases abroad of articles of iron or steel increased by 43% to X tons, rising for the second consecutive year after four years of decline. Overall, imports, however, saw a relatively flat trend pattern. Imports 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 amounted to $X in 2022. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 27% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest steel and iron articles supplier to Australia, accounting for a 62% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), ninefold. The third position in this ranking was taken by Germany (X tons), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.5% per year) and Germany (+10.1% per year).

In value terms, China ($X) constituted the largest supplier of articles of iron or steel to Australia, comprising 65% of total imports. The second position in the ranking was held by the United States ($X), with a 6.7% share of total imports. It was followed by Germany, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.0% per year) and Germany (+1.1% per year).

Import Prices by Country

In 2022, the average steel and iron articles import price amounted to $X per ton, shrinking by -21.9% against the previous year. Over the period under review, the import price, however, enjoyed a measured expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 59%. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then declined dramatically in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from China ($X per ton) and Indonesia ($X per ton), while the price for Malaysia ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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