Ecuador: Market for Iron and Steel Wire 2025

Market Size for Iron and Steel Wire in Ecuador

For the seventh consecutive year, the Ecuadorian iron and steel wire market recorded growth in sales value, which increased by 25% to $X in 2021. Overall, the total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.8% 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 increased by +77.8% against 2014 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Iron and Steel Wire in Ecuador

In value terms, iron and steel wire production surged to $X in 2021 estimated in export price. Over the period under review, the total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +78.0% against 2014 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 26%. Over the period under review, production attained the maximum level in 2021 and is expected to retain growth in the near future.

Exports of Iron and Steel Wire

Exports from Ecuador

Iron and steel wire exports from Ecuador dropped markedly to X tons in 2021, waning by -56.8% against 2020. Overall, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2015 when exports increased by 100% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron and steel wire exports contracted remarkably to $X in 2021. In general, exports continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2015 when exports increased by 78%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Chile (X tons) was the main destination for iron and steel wire exports from Ecuador, with a 33% share of total exports. Moreover, iron and steel wire exports to Chile exceeded the volume sent to the second major destination, Brazil (X tons), twofold. Costa Rica (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Chile stood at +90.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-29.5% per year) and Costa Rica (-0.1% per year).

In value terms, Chile ($X) emerged as the key foreign market for iron and steel wire exports from Ecuador, comprising 43% of total exports. The second position in the ranking was held by Colombia ($X), with a 16% share of total exports. It was followed by Brazil, with a 15% share.

From 2012 to 2021, the average annual growth rate of value to Chile stood at +88.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+2.6% per year) and Brazil (-27.5% per year).

Export Prices by Country

The average iron and steel wire export price stood at $X per ton in 2021, jumping by 44% against the previous year. Overall, the export price continues to indicate a mild increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to India ($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 Peru (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into Ecuador

In 2021, approx. X tons of iron and steel wire were imported into Ecuador; jumping by 91% on 2020 figures. Overall, total imports indicated a measured increase from 2012 to 2021: its volume increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, iron and steel wire imports soared to $X in 2021. Over the period under review, total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest iron and steel wire supplier to Ecuador, accounting for a 63% share of total imports. Moreover, iron and steel wire imports from China exceeded the figures recorded by the second-largest supplier, Belarus (X tons), fourfold. The third position in this ranking was taken by South Korea (X tons), with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Belarus (+32.6% per year) and South Korea (+23.9% per year).

In value terms, China ($X) constituted the largest supplier of iron and steel wire to Ecuador, comprising 50% of total imports. The second position in the ranking was held by Belarus ($X), with a 21% share of total imports. It was followed by South Korea, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belarus (+32.3% per year) and South Korea (+26.7% per year).

Import Prices by Country

The average iron and steel wire import price stood at $X per ton in 2021, surging by 10% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 17% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Greece (+50.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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