Eastern Asia: Pig Iron Market 2022

Pig Iron Market Size in Eastern Asia

The East Asian pig iron market fell modestly to $X in 2021, which is down by -3.8% against the previous year. The total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -4.4% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Pig Iron Production in Eastern Asia

In value terms, pig iron production reduced to $X in 2021 estimated in export price. Overall, production, however, enjoyed perceptible growth. The most prominent rate of growth was recorded in 2018 with an increase of 134% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Pig Iron Exports

Exports in Eastern Asia

For the third consecutive year, Eastern Asia recorded growth in shipments abroad of pig iron and spiegeleisen, which increased by 35% to X tons in 2021. Over the period under review, exports, however, recorded a pronounced decline. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, pig iron exports surged to $X in 2021. In general, exports, however, showed a abrupt decrease. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Democratic People's Republic of Korea (X tons) and China (X tons) were the key exporters of pig iron and spiegeleisen in 2021, reaching near 40% and 23% of total exports, respectively. Japan (X tons) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (25%) and China (23%). Taiwan (Chinese) (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were in South Korea (with a CAGR of +22.2%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, the largest pig iron supplying countries in Eastern Asia were China ($X), Democratic People's Republic of Korea ($X) and South Korea ($X), with a combined 79% share of total exports.

Among the main exporting countries, South Korea, with a CAGR of +18.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, jumping by 23% against the previous year. In general, the export price, however, saw a perceptible reduction. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Taiwan (Chinese) ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.1%), while the other leaders experienced more modest paces of growth.

Pig Iron Imports

Imports in Eastern Asia

After four years of growth, purchases abroad of pig iron and spiegeleisen decreased by -55% to X tons in 2021. Overall, imports, however, continue to indicate a measured increase. The growth pace was the most rapid in 2020 when imports increased by 247% against the previous year. As a result, imports attained the peak of X tons, and then declined markedly in the following year.

In value terms, pig iron imports shrank significantly to $X in 2021. Over the period under review, imports, however, continue to indicate a notable expansion. The most prominent rate of growth was recorded in 2020 with an increase of 226% against the previous year. As a result, imports reached the peak of $X, and then dropped remarkably in the following year.

Imports by Country

The purchases of the three major importers of pig iron and spiegeleisen, namely South Korea, China and Taiwan (Chinese), represented more than two-thirds of total import. Japan (X tons) held the next position in the ranking, followed by Taiwan (Chinese) (X tons) and South Korea (X tons). All these countries together took approx. 25% share of total imports. Japan (X tons) and Hong Kong SAR (X tons) took a minor share of total imports.

From 2012 to 2021, China (+14.7%) constituted the fastest-growing pig iron suppliers amongst the major pig iron importers. At the same time, imports of pig iron into Taiwan (Chinese) (-6.7%) and South Korea (-17.0%) experienced a contraction from 2012 to 2021. At the same time, Hong Kong SAR (+62.4%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +62.4% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-6.7%) and South Korea (-17.0%) illustrated a downward trend over the same period. China (+47 p.p.) and Hong Kong SAR (+3.2 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese) and South Korea saw its share reduced by -18.6% and -30.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported pig iron and spiegeleisen in Eastern Asia, comprising 71% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 16% share of total imports. It was followed by South Korea, with a 6.1% share.

In China, pig iron imports increased at an average annual rate of +16.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-4.7% per year) and South Korea (-15.0% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, with an increase of 43% against the previous year. Import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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