Ecuador: Market for Raw Steel And Steel Semi-Finished Products 2025

Market Size for Raw Steel And Steel Semi-Finished Products in Ecuador

In 2021, the Ecuadorian market for raw steel and steel semi-finished products was finally on the rise to reach $X for the first time since 2015, thus ending a five-year declining trend. Overall, consumption, however, recorded a relatively flat trend pattern. Consumption of peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Production of Raw Steel And Steel Semi-Finished Products in Ecuador

In value terms, production of raw steel and steel semi-finished products soared to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2015 with an increase of 50% against the previous year. Over the period under review, production of hit record highs at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Ecuador

In 2019, the amount of raw steel and steel semi-finished products exported from Ecuador was estimated at X tons, stabilizing at the previous year's figure. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 23,200%. Over the period under review, the exports of hit record highs in 2019 and are expected to retain growth in the near future.

In value terms, exports of raw steel and steel semi-finished products amounted to $X in 2019. Over the period under review, exports continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2015 with an increase of 493%. The exports peaked at $X in 2017; however, from 2018 to 2019, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for exports of raw steel and steel semi-finished products from Ecuador, accounting for a approx. 100% share of total exports.

From 2012 to 2019, the average annual growth rate of volume to the United States stood at +92.3%.

From 2012 to 2019, the average annual growth rate of value to the United States totaled +3.6%.

Export Prices by Country

In 2019, the average export price for raw steel and steel semi-finished products amounted to $X per ton, approximately mirroring the previous year. Overall, the export price recorded a dramatic descent. The most prominent rate of growth was recorded in 2014 an increase of 1,260%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2019, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2019, the rate of growth in terms of prices for the United States amounted to -46.1% per year.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Ecuador

For the fifth year in a row, Ecuador recorded decline in overseas purchases of raw steel and steel semi-finished products, which decreased by -6.2% to X tons in 2021. Over the period under review, imports recorded a deep downturn. The pace of growth was the most pronounced in 2016 when imports increased by 467%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of raw steel and steel semi-finished products amounted to $X in 2021. Overall, imports saw a deep downturn. The pace of growth was the most pronounced in 2016 when imports increased by 238%. Over the period under review, imports of hit record highs at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Canada (X tons), Venezuela (X tons) and Russia (X tons) were the main suppliers of imports of raw steel and steel semi-finished products to Ecuador, with a combined 77% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Canada (with a CAGR of +3.9%), while imports for the other leaders experienced a decline.

In value terms, the largest raw steel and steel semi-finished products suppliers to Ecuador were Canada ($X), Russia ($X) and the United States ($X), with a combined 81% share of total imports.

Among the main suppliers, Canada, with a CAGR of +9.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average import price for raw steel and steel semi-finished products amounted to $X per ton, growing by 8.5% against the previous year. Over the period under review, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for raw steel and steel semi-finished products increased by +95.8% against 2016 indices. The growth pace was the most rapid in 2017 an increase of 48% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Russia ($X per ton), while the price for Venezuela ($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 (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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