Australia: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in Australia

In 2022, the Australian steel plaited band market decreased by -5.9% to $X, falling for the second year in a row after two years of growth. In general, consumption recorded a slight contraction. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Steel Plaited Band Exports

Exports from Australia

In 2022, shipments abroad of iron or steel plaited bands and slings increased by 106% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, continue to indicate a noticeable shrinkage. The growth pace was the most rapid in 2018 when exports increased by 130%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, steel plaited band exports skyrocketed to $X in 2022. In general, exports, however, recorded a mild descent. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

New Zealand (X tons) was the main destination for steel plaited band exports from Australia, with a 78% share of total exports. Moreover, steel plaited band exports to New Zealand exceeded the volume sent to the second major destination, the UK (X tons), ninefold. Papua New Guinea (X tons) ranked third in terms of total exports with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand totaled +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+57.9% per year) and Papua New Guinea (-11.6% per year).

In value terms, the largest markets for steel plaited band exported from Australia were New Zealand ($X), the UK ($X) and Papua New Guinea ($X), together comprising 76% of total exports.

The UK, with a CAGR of +50.2%, saw the highest growth rate of 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 plaited band export price stood at $X per ton in 2022, growing by 26% against the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel plaited band export price increased by +61.0% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 97%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+28.0%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Plaited Band Imports

Imports into Australia

For the third year in a row, Australia recorded decline in overseas purchases of iron or steel plaited bands and slings, which decreased by -5.6% to X tons in 2022. Overall, imports continue to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2016 when imports increased by 34% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, steel plaited band imports expanded significantly to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 75% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Thailand (X tons) constituted the largest steel plaited band supplier to Australia, accounting for a 63% share of total imports. Moreover, steel plaited band imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. The third position in this ranking was taken by India (X tons), with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand amounted to +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+1.4% per year) and India (+25.6% per year).

In value terms, Thailand ($X) constituted the largest supplier of iron or steel plaited bands and slings to Australia, comprising 40% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by Indonesia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.9% per year) and Indonesia (+26.3% per year).

Import Prices by Country

The average steel plaited band import price stood at $X per ton in 2022, picking up by 18% against the previous year. In general, the import price enjoyed a noticeable expansion. The pace of growth was the most pronounced in 2014 an increase of 88%. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+29.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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