Colombia: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Colombia

In 2021, after two years of decline, there was significant growth in the Colombian market for hot-rolled steel bars and rods, when its value increased by 17% to $X. In general, consumption, however, recorded a slight setback. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Hot-Rolled Steel Bars and Rods in Colombia

In value terms, hot-rolled steel bar and rod production stood at $X in 2021 estimated in export price. Overall, production saw a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 1.8%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Colombia

In 2021, the amount of hot-rolled steel bars and rods exported from Colombia fell dramatically to X tons, with a decrease of -33.9% on the previous year. Over the period under review, exports continue to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 108%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports shrank slightly to $X in 2021. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 87% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ecuador (X tons), Venezuela (X tons) and Peru (X tons) were the main destinations of hot-rolled steel bar and rod exports from Colombia, together comprising 95% of total exports.

From 2012 to 2021, the biggest increases were recorded for Ecuador (with a CAGR of +13.5%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Ecuador ($X) emerged as the key foreign market for hot-rolled steel bars and rods exports from Colombia, comprising 60% of total exports. The second position in the ranking was held by Venezuela ($X), with a 26% share of total exports. It was followed by Peru, with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador amounted to +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-12.8% per year) and Peru (+4.7% per year).

Export Prices by Country

In 2021, the average export price for hot-rolled steel bars and rods amounted to $X per ton, picking up by 50% against the previous year. Over the period under review, the export price, however, saw a mild shrinkage. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Peru (-1.0%), while the prices for the other major destinations experienced a decline.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Colombia

In 2021, supplies from abroad of hot-rolled steel bars and rods was finally on the rise to reach X tons after two years of decline. In general, total imports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +15.3% against 2017 indices. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. Over the period under review, total imports indicated temperate growth 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. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico (X tons), Turkey (X tons) and China (X tons) were the main suppliers of hot-rolled steel bar and rod imports to Colombia, together accounting for 69% of total imports. Russia, Peru, Brazil, Venezuela and Trinidad and Tobago lagged somewhat behind, together comprising a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +220.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod suppliers to Colombia were Mexico ($X), Turkey ($X) and China ($X), with a combined 68% share of total imports. Russia, Peru, Brazil, Venezuela and Trinidad and Tobago lagged somewhat behind, together comprising a further 21%.

Among the main suppliers, Russia, with a CAGR of +202.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for hot-rolled steel bars and rods stood at $X per ton in 2021, with an increase of 28% against the previous year. In general, the import price, however, recorded a slight setback. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Trinidad and Tobago ($X per ton) and Russia ($X per ton), while the price for Turkey ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :