Iran: Pig Iron Articles Market 2024

Pig Iron Articles Market Size in Iran

In 2021, the Iranian pig iron articles market decreased by -76.2% to $X, falling for the fifth consecutive year after two years of growth. Over the period under review, consumption recorded a drastic downturn. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Pig Iron Articles Exports

Exports from Iran

In 2021, overseas shipments of granules and powders of pig iron were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports recorded a strong increase. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, pig iron articles exports skyrocketed to $X in 2021. In general, exports posted a strong expansion. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for pig iron articles exports from Iran, accounting for a 53% share of total exports. Moreover, pig iron articles exports to Indonesia exceeded the volume sent to the second major destination, China (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia stood at +67.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+71.2% per year) and Taiwan (Chinese) (+15.4% per year).

In value terms, China ($X), Indonesia ($X) and Taiwan (Chinese) ($X) constituted the largest markets for pig iron articles exported from Iran worldwide, together accounting for 90% of total exports.

China, with a CAGR of +70.5%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average pig iron articles export price amounted to $X per ton, growing by 8.8% against the previous year. In general, export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pig iron articles export price decreased by -31.3% against 2019 indices. The growth pace was the most rapid in 2019 when the average export price increased by 90% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Turkey ($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 China (-0.4%), while the prices for the other major destinations experienced a decline.

Pig Iron Articles Imports

Imports into Iran

In 2021, purchases abroad of granules and powders of pig iron decreased by -16% to X tons, falling for the fifth year in a row after two years of growth. Overall, imports showed a noticeable contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 228% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, pig iron articles imports fell significantly to $X in 2021. In general, imports continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2013 when imports increased by 157% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons), South Africa (X tons) and Spain (X tons) were the main suppliers of pig iron articles imports to Iran, with a combined 58% share of total imports. China, France, India, Malaysia, South Korea, Sweden and Turkey lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +88.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pig iron articles suppliers to Iran were the United Arab Emirates ($X), France ($X) and Spain ($X), together comprising 49% of total imports.

France, with a CAGR of +73.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average pig iron articles import price amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 33%. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+9.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform