Colombia: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in Colombia

In 2022, the Colombian steel plaited band market increased by 67% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a dramatic descent. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Steel Plaited Band Exports

Exports from Colombia

In 2022, overseas shipments of iron or steel plaited bands and slings decreased by -36.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 223% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, steel plaited band exports shrank rapidly to $X in 2022. In general, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 235%. As a result, the exports attained the peak of $X, and then declined rapidly in the following year.

Exports by Country

Ecuador (X tons) was the main destination for steel plaited band exports from Colombia, with a 65% share of total exports. Moreover, steel plaited band exports to Ecuador exceeded the volume sent to the second major destination, Costa Rica (X tons), sixfold. Peru (X tons) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ecuador amounted to +119.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+81.9% per year) and Peru (-6.6% per year).

In value terms, Ecuador ($X) remains the key foreign market for iron or steel plaited bands and slings exports from Colombia, comprising 54% of total exports. The second position in the ranking was held by Peru ($X), with a 16% share of total exports. It was followed by Costa Rica, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador amounted to +103.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (-1.7% per year) and Costa Rica (+55.4% per year).

Export Prices by Country

In 2022, the average steel plaited band export price amounted to $X per ton, with an increase of 2.1% against the previous year. In general, the export price, however, saw a noticeable reduction. The growth pace was the most rapid in 2018 when the average export price increased by 126% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Ecuador ($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 Brazil (+50.8%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Plaited Band Imports

Imports into Colombia

In 2022, approx. X tons of iron or steel plaited bands and slings were imported into Colombia; falling by -3% compared with the year before. Over the period under review, imports saw a precipitous shrinkage. The growth pace was the most rapid in 2019 with an increase of 92% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, steel plaited band imports fell to $X in 2022. Overall, imports showed a deep reduction. The most prominent rate of growth was recorded in 2019 when imports increased by 122%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest steel plaited band supplier to Colombia, accounting for a 64% share of total imports. Moreover, steel plaited band imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-29.3% per year) and Taiwan (Chinese) (+50.3% per year).

In value terms, the largest steel plaited band suppliers to Colombia were the United States ($X), China ($X) and Taiwan (Chinese) ($X), together accounting for 75% of total imports.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +57.1%, recorded the highest rates of growth with regard to 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 steel plaited band import price stood at $X per ton in 2022, declining by -4.3% against the previous year. In general, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.2% 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 import price increased by +71.0% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of 32%. The import price peaked at $X per ton in 2021, and then shrank slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+18.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :