India: Metal Wool Market 2024

Metal Wool Market Size in India

In 2022, the Indian metal wool market decreased by -3.5% to $X, falling for the third consecutive year after three years of growth. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Metal wool consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Metal Wool Production in India

In value terms, metal wool production dropped slightly to $X in 2022 estimated in export price. In general, production showed a moderate expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 84%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Metal Wool Exports

Exports from India

In 2022, metal wool exports from India expanded to X tons, with an increase of 2.6% compared with the previous year. Overall, exports, however, continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 163%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, metal wool exports rose notably to $X in 2022. Over the period under review, exports saw a mild expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 130%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for metal wool exports from India, with a 49% share of total exports. Moreover, metal wool exports to the United States exceeded the volume sent to the second major destination, Nepal (X tons), sevenfold. The third position in this ranking was taken by Kenya (X tons), with a 6.6% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nepal (+24.8% per year) and Kenya (-6.6% per year).

In value terms, the United States ($X) remains the key foreign market for iron or steel wool exports from India, comprising 67% of total exports. The second position in the ranking was held by the UK ($X), with a 5.4% share of total exports. It was followed by Kenya, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-2.6% per year) and Kenya (-4.1% per year).

Export Prices by Country

In 2022, the average metal wool export price amounted to $X per ton, increasing by 4.8% against the previous year. Overall, the export price continues to indicate a resilient increase. The pace of growth was the most pronounced in 2017 an increase of 87% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Wool Imports

Imports into India

In 2022, purchases abroad of iron or steel wool decreased by -43.6% to X tons, falling for the seventh consecutive year after four years of growth. Overall, imports continue to indicate a sharp slump. The pace of growth was the most pronounced in 2013 when imports increased by 34% against the previous year. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, metal wool imports contracted rapidly to $X in 2022. Over the period under review, imports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2015 with an increase of 24% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main supplier of metal wool to India, with a 94% share of total imports. Moreover, metal wool imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -22.0%.

In value terms, China ($X) constituted the largest supplier of iron or steel wool to India, comprising 91% of total imports. The second position in the ranking was taken by Germany ($X), with a 4.4% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at -16.2%.

Import Prices by Country

In 2022, the average metal wool import price amounted to $X per ton, waning by -8.1% against the previous year. In general, the import price, however, posted a resilient increase. The most prominent rate of growth was recorded in 2017 an increase of 83% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.4%).

Source: IndexBox Platform

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