Cuba: Market for Articles Of Iron Or Steel 2025

Market Size for Articles Of Iron Or Steel in Cuba

The Cuban steel and iron articles market reduced slightly to $X in 2021, falling by -1.8% 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). Over the period under review, consumption recorded a abrupt setback. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports from Cuba

In 2021, shipments abroad of articles of iron or steel decreased by -73.8% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports showed a sharp downturn. The growth pace was the most rapid in 2013 when exports increased by 193%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, steel and iron articles exports declined sharply to $X in 2021. In general, exports continue to indicate a sharp decline. The pace of growth was the most pronounced in 2013 when exports increased by 418% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Venezuela (X tons), Jamaica (X tons) and Mexico (X kg) were the main destinations of steel and iron articles exports from Cuba, with a combined 90% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +58.3%), while the other leaders experienced a decline.

In value terms, Venezuela ($X) remains the key foreign market for steel and iron articles exports from Cuba, comprising 78% of total exports. The second position in the ranking was taken by Egypt ($X), with an 11% share of total exports. It was followed by Jamaica, with a 1.9% share.

From 2012 to 2021, the average annual growth rate of value to Venezuela amounted to -22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (-20.9% per year) and Jamaica (-40.4% per year).

Export Prices by Country

In 2021, the average steel and iron articles export price amounted to $X per ton, picking up by 4.3% against the previous year. Overall, export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, steel and iron articles export price increased by +10.9% against 2017 indices. The growth pace was the most rapid in 2013 when the average export price increased by 77%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Venezuela ($X per ton), while the average price for exports to Mexico ($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 the Philippines (+378.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Articles Of Iron Or Steel

Imports into Cuba

In 2021, steel and iron articles imports into Cuba reduced to X tons, shrinking by -5% on 2020. In general, imports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 44% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, steel and iron articles imports dropped to $X in 2021. Overall, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 26% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Spain (X tons), China (X tons) and Slovakia (X tons) were the main suppliers of steel and iron articles imports to Cuba, together comprising 55% of total imports. These countries were followed by the Netherlands, Brazil, Serbia, Canada, Italy, Mexico, Russia, Portugal and Germany, which together accounted for a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +37.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Slovakia ($X) and China ($X) constituted the largest steel and iron articles suppliers to Cuba, together comprising 47% of total imports.

Slovakia, with a CAGR of +33.4%, 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 steel and iron articles import price stood at $X per ton in 2021, surging by 2.7% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 24% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+31.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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