Dominican Republic: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in the Dominican Republic

In 2021, the Dominican market for hot-rolled non-alloy steel wire rods was finally on the rise to reach $X after two years of decline. In general, consumption posted a significant expansion. Hot-rolled non-alloy steel wire rod consumption peaked in 2021 and is expected to retain growth in the immediate term.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from the Dominican Republic

In 2021, approx. X tons of hot-rolled non-alloy steel wire rods were exported from the Dominican Republic; reducing by -16.2% against the previous year's figure. Over the period under review, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 211% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports reached $X in 2021. Overall, exports showed a abrupt slump. The pace of growth appeared the most rapid in 2017 when exports increased by 168% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Haiti (X tons) was the main destination for hot-rolled non-alloy steel wire rod exports from the Dominican Republic, with a 64% share of total exports. Moreover, hot-rolled non-alloy steel wire rod exports to Haiti exceeded the volume sent to the second major destination, the United States (X tons), threefold. Guyana (X tons) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Haiti stood at -19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+16.0% per year) and Guyana (+25.7% per year).

In value terms, the largest markets for hot-rolled non-alloy steel wire rod exported from the Dominican Republic were Haiti ($X), the United States ($X) and Guyana ($X), together comprising 95% of total exports.

In terms of the main countries of destination, Guyana, with a CAGR of +28.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, with an increase of 19% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2016 when the average export price increased by 47% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Saint Kitts and Nevis ($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 Saint Lucia (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into the Dominican Republic

In 2021, after two years of decline, there was significant growth in purchases abroad of hot-rolled non-alloy steel wire rods, when their volume increased by 33% to X tons. In general, imports saw prominent growth. The pace of growth was the most pronounced in 2017 when imports increased by 54% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, hot-rolled non-alloy steel wire rod imports soared to $X in 2021. Overall, imports showed prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Ukraine (X tons), Trinidad and Tobago (X tons) and Turkey (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to the Dominican Republic, with a combined 51% share of total imports. These countries were followed by Russia, Brazil, China, the United States, Argentina and Mexico, which together accounted for a further 48%.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +25.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X), Trinidad and Tobago ($X) and Turkey ($X) were the largest hot-rolled non-alloy steel wire rod suppliers to the Dominican Republic, together accounting for 55% of total imports. These countries were followed by Russia, Brazil, the United States, China, Argentina and Mexico, which together accounted for a further 44%.

Among the main suppliers, Russia, with a CAGR of +35.8%, 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 import price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, increasing by 37% against the previous year. In general, the import price, however, saw a mild decrease. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a 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 Trinidad and Tobago ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+12.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform