Costa Rica: Cold-Rolled Steel Products Market 2024

Cold-Rolled Steel Products Market Size in Costa Rica

The Costa Rican cold-rolled steel products market reduced to $X in 2022, dropping by -8.1% 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). In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Cold-Rolled Steel Products Exports

Exports from Costa Rica

In 2022, after two years of growth, there was significant decline in shipments abroad of flat-rolled products of iron or steel (not further worked than cold-rolled), when their volume decreased by -6.2% to X tons. Overall, total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +22.8% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 80%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, cold-rolled steel products exports declined markedly to $X in 2022. Over the period under review, exports, however, saw a measured increase. The most prominent rate of growth was recorded in 2013 with an increase of 81% against the previous year. The exports peaked at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

Guatemala (X tons), the Dominican Republic (X tons) and Nicaragua (X tons) were the main destinations of cold-rolled steel products exports from Costa Rica, together accounting for 92% of total exports.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +19.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Guatemala ($X) and Nicaragua ($X) constituted the largest markets for cold-rolled steel products exported from Costa Rica worldwide, together accounting for 90% of total exports.

Guatemala, with a CAGR of +15.9%, saw the highest growth rate of the value of exports, in terms of 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

In 2022, the average cold-rolled steel products export price amounted to $X per ton, falling by -15.8% against the previous year. In general, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cold-rolled steel products export price increased by +26.8% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 52% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank significantly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Guatemala ($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 the Dominican Republic (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cold-Rolled Steel Products Imports

Imports into Costa Rica

In 2022, imports of flat-rolled products of iron or steel (not further worked than cold-rolled) into Costa Rica dropped to X tons, with a decrease of -5.8% compared with the previous year. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 23%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cold-rolled steel products imports shrank to $X in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 47%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and South Korea (X tons) were the main suppliers of cold-rolled steel products imports to Costa Rica, together comprising 88% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +29.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the largest cold-rolled steel products suppliers to Costa Rica, together accounting for 88% of total imports.

China, with a CAGR of +25.6%, 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 cold-rolled steel products import price stood at $X per ton in 2022, which is down by -3.1% against the previous year. Over the period under review, the import price recorded a pronounced descent. The most prominent rate of growth was recorded in 2017 when the average import price increased by 31%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform