Japan: Pig Iron Market 2022

Pig Iron Market Size in Japan

In 2021, the Japanese pig iron market was finally on the rise to reach $X after eight years of decline. Overall, consumption, however, saw a deep contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Pig Iron Production in Japan

In value terms, pig iron production stood at $X in 2021 estimated in export price. Overall, production, however, continues to indicate a abrupt decrease. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Pig Iron Exports

Exports from Japan

In 2021, overseas shipments of pig iron and spiegeleisen decreased by -5.2% to X tons, falling for the second year in a row after three years of growth. In general, exports continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 64%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, pig iron exports expanded remarkably to $X in 2021. Overall, exports showed a mild reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 62%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X tons) was the main destination for pig iron exports from Japan, with a 52% share of total exports. Moreover, pig iron exports to South Korea exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea amounted to +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+26.0% per year) and Thailand (+25.0% per year).

In value terms, South Korea ($X) emerged as the key foreign market for pig iron exports from Japan, comprising 45% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 19% share of total exports. It was followed by Indonesia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea stood at +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+28.3% per year) and Indonesia (+13.3% per year).

Export Prices by Country

In 2021, the average pig iron export price amounted to $X per ton, rising by 15% against the previous year. Overall, the export price continues to indicate slight growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 15% against the previous year. The export price peaked in 2021 and is likely to continue growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2021, the countries with the highest prices were Vietnam ($X per ton) and Indonesia ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Imports

Imports into Japan

In 2021, approx. X tons of pig iron and spiegeleisen were imported into Japan; dropping by -14.8% on the previous year. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 111%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, pig iron imports reached $X in 2021. In general, imports, however, showed a perceptible expansion. The most prominent rate of growth was recorded in 2019 with an increase of 95% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Russia (X tons) constituted the largest supplier of pig iron to Japan, accounting for a 65% share of total imports. Moreover, pig iron imports from Russia exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fourfold. The third position in this ranking was taken by South Africa (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from Russia totaled +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+3.1% per year) and South Africa (-1.5% per year).

In value terms, Russia ($X) constituted the largest supplier of pig iron to Japan, comprising 68% of total imports. The second position in the ranking was held by Brazil ($X), with a 14% share of total imports. It was followed by South Africa, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value from Russia totaled +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+1.8% per year) and South Africa (-6.0% per year).

Import Prices by Country

In 2021, the average pig iron import price amounted to $X per ton, picking up by 33% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pig iron import price increased by +109.1% against 2016 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 37%. The import price peaked in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Canada ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+46.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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