Colombia: Market for Raw Steel And Steel Semi-Finished Products 2025

Market Size for Raw Steel And Steel Semi-Finished Products in Colombia

In 2021, the Colombian market for raw steel and steel semi-finished products was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.7% 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 decreased by -22.6% against 2018 indices. Consumption of peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Raw Steel And Steel Semi-Finished Products in Colombia

In value terms, production of raw steel and steel semi-finished products surged to $X in 2021 estimated in export price. In general, production showed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 154%. Production of peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Colombia

In 2021, overseas shipments of raw steel and steel semi-finished products decreased by -46.3% to X tons, falling for the second consecutive year after two years of growth. In general, exports recorded a precipitous contraction. The pace of growth was the most pronounced in 2013 with an increase of 42% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of raw steel and steel semi-finished products dropped significantly to $X in 2021. Over the period under review, exports faced a dramatic setback. The pace of growth was the most pronounced in 2013 when exports increased by 38%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Ecuador (X tons) was the main destination for exports of raw steel and steel semi-finished products from Colombia, with a 75% share of total exports. Moreover, exports of raw steel and steel semi-finished products to Ecuador exceeded the volume sent to the second major destination, Israel (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ecuador totaled -50.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+8.7% per year) and Venezuela (-77.0% per year).

In value terms, Ecuador ($X), Israel ($X) and Venezuela ($X) were the largest markets for raw steel and steel semi-finished products exported from Colombia worldwide, with a combined 95% share of total exports.

Among the main countries of destination, Israel, with a CAGR of -9.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for raw steel and steel semi-finished products stood at $X per ton in 2021, which is down by -35% against the previous year. Overall, the export price, however, recorded prominent growth. The pace of growth was the most pronounced in 2014 when the average export price increased by 161% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Ecuador ($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 Venezuela (+34.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Colombia

For the third year in a row, Colombia recorded decline in overseas purchases of raw steel and steel semi-finished products, which decreased by -32.4% to X tons in 2021. Overall, imports showed a noticeable decline. The pace of growth appeared the most rapid in 2013 when imports increased by 88%. Over the period under review, imports of reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, imports of raw steel and steel semi-finished products fell to $X in 2021. In general, imports recorded a abrupt decline. The pace of growth was the most pronounced in 2018 with an increase of 79% against the previous year. Over the period under review, imports of reached the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Ukraine (X tons) constituted the largest supplier of raw steel and steel semi-finished products to Colombia, accounting for a 51% share of total imports. Moreover, imports of raw steel and steel semi-finished products from Ukraine exceeded the figures recorded by the second-largest supplier, Russia (X tons), threefold. Trinidad and Tobago (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Ukraine amounted to +188.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-9.5% per year) and Trinidad and Tobago (+10.0% per year).

In value terms, Ukraine ($X) constituted the largest supplier of raw steel and steel semi-finished products to Colombia, comprising 48% of total imports. The second position in the ranking was held by Russia ($X), with a 17% share of total imports. It was followed by Trinidad and Tobago, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value from Ukraine amounted to +195.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (-9.8% per year) and Trinidad and Tobago (+5.2% per year).

Import Prices by Country

In 2021, the average import price for raw steel and steel semi-finished products amounted to $X per ton, increasing by 27% against the previous year. Overall, the import price, however, continues to indicate a pronounced decline. The growth pace was the most rapid in 2018 an increase of 41% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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