Colombia: Market for Flat-Rolled Products Of Silicon-Electrical Steel 2025

Market Size for Flat-Rolled Products Of Silicon-Electrical Steel in Colombia

The Colombian silicon-electrical steel flat-rolled product market expanded to $X in 2021, growing by 3.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a perceptible decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Exports of Flat-Rolled Products Of Silicon-Electrical Steel

Exports from Colombia

In 2021, overseas shipments of flat-rolled products of silicon-electrical steel increased by 2.3% to X tons, rising for the third year in a row after two years of decline. In general, exports recorded a remarkable increase. The pace of growth appeared the most rapid in 2019 with an increase of 595%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

In value terms, silicon-electrical steel flat-rolled product exports dropped modestly to $X in 2021. Overall, exports saw resilient growth. The pace of growth appeared the most rapid in 2019 with an increase of 432% against the previous year. The exports peaked at $X in 2020, and then reduced slightly in the following year.

Exports by Country

China (X tons) was the main destination for silicon-electrical steel flat-rolled product exports from Colombia, with a 87% share of total exports. Moreover, silicon-electrical steel flat-rolled product exports to China exceeded the volume sent to the second major destination, Ecuador (X tons), tenfold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +16.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-2.2% per year) and Hong Kong SAR (-9.8% per year).

In value terms, China ($X) emerged as the key foreign market for flat-rolled products of silicon-electrical steel exports from Colombia, comprising 70% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 24% share of total exports. It was followed by Hong Kong SAR, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +23.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-2.5% per year) and Hong Kong SAR (-0.0% per year).

Export Prices by Country

The average silicon-electrical steel flat-rolled product export price stood at $X per ton in 2021, reducing by -5.9% against the previous year. Overall, the export price continues to indicate a slight decline. The growth pace was the most rapid in 2014 an increase of 72%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to China ($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 Hong Kong SAR (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flat-Rolled Products Of Silicon-Electrical Steel

Imports into Colombia

In 2021, supplies from abroad of flat-rolled products of silicon-electrical steel decreased by -14% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 39% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, silicon-electrical steel flat-rolled product imports rose significantly to $X in 2021. Overall, imports saw a perceptible decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 19%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of silicon-electrical steel flat-rolled product to Colombia, accounting for a 31% share of total imports. Moreover, silicon-electrical steel flat-rolled product imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Russia (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.8% per year) and Russia (+8.0% per year).

In value terms, the largest silicon-electrical steel flat-rolled product suppliers to Colombia were South Korea ($X), China ($X) and Japan ($X), with a combined 57% share of total imports.

South Korea, with a CAGR of +18.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average silicon-electrical steel flat-rolled product import price stood at $X per ton in 2021, with an increase of 29% against the previous year. In general, the import price, however, continues to indicate a slight contraction. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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