Iran: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Iran

The Iranian steel and iron articles market expanded modestly to $X in 2022, rising by 3.8% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Articles Of Iron Or Steel in Iran

In value terms, steel and iron articles production rose significantly to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 39%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports from Iran

In 2022, approx. X tons of articles of iron or steel were exported from Iran; shrinking by -6.7% on 2021 figures. In general, exports, however, enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2014 when exports increased by 428%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, steel and iron articles exports contracted to $X in 2022. Overall, exports saw a perceptible slump. The pace of growth appeared the most rapid in 2015 with an increase of 355% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Azerbaijan (X tons) was the main destination for steel and iron articles exports from Iran, with a 52% share of total exports. Moreover, steel and iron articles exports to Azerbaijan exceeded the volume sent to the second major destination, Turkey (X tons), twofold. Georgia (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Azerbaijan amounted to +91.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+38.6% per year) and Georgia (+18.5% per year).

In value terms, Azerbaijan ($X) emerged as the key foreign market for articles of iron or steel exports from Iran, comprising 53% of total exports. The second position in the ranking was held by Turkey ($X), with an 18% share of total exports. It was followed by Georgia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Azerbaijan amounted to +98.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+36.6% per year) and Georgia (+12.0% per year).

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, dropping by -1.9% against the previous year. Over the period under review, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2015 when the average export price increased by 40% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while the average price for exports to Qatar ($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 Sri Lanka (+23.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Iran

In 2022, steel and iron articles imports into Iran fell modestly to X tons, therefore, remained relatively stable against 2021 figures. Overall, imports saw a abrupt curtailment. The growth pace was the most rapid in 2019 when imports increased by 53%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, steel and iron articles imports declined to $X in 2022. Over the period under review, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of 105%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest steel and iron articles supplier to Iran, accounting for a 63% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. The third position in this ranking was held by South Korea (X tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+4.2% per year) and South Korea (-31.3% per year).

In value terms, China ($X) constituted the largest supplier of articles of iron or steel to Iran, comprising 50% of total imports. The second position in the ranking was held by Turkey ($X), with a 14% share of total imports. It was followed by Italy, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-0.3% per year) and Italy (-13.2% per year).

Import Prices by Country

In 2022, the average steel and iron articles import price amounted to $X per ton, waning by -8.7% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 34%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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