Latin America and the Caribbean: Market for Articles Of Iron Or Steel 2025

Market Size for Articles Of Iron Or Steel in Latin America and the Caribbean

The Latin American steel and iron articles market reduced slightly to $X in 2022, falling by -3.1% against the previous year. The total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -18.6% against 2017 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Production of Articles Of Iron Or Steel in Latin America and the Caribbean

In value terms, steel and iron articles production shrank slightly to $X in 2022 estimated in export price. The total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 47%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports in Latin America and the Caribbean

In 2022, shipments abroad of articles of iron or steel decreased by -6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, saw a modest expansion. The pace of growth was the most pronounced in 2021 with an increase of 172%. As a result, the exports reached the peak of X tons, and then contracted in the following year.

In value terms, steel and iron articles exports surged to $X in 2022. The total export value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico prevails in exports structure, finishing at X tons, which was near 88% of total exports in 2022. It was distantly followed by Brazil (X tons), committing a 5.9% share of total exports. Argentina (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the articles of iron or steel exports, with a CAGR of +2.4% from 2012 to 2022. Argentina (-5.6%) and Brazil (-6.7%) illustrated a downward trend over the same period. Mexico (+9.5 p.p.) significantly strengthened its position in terms of the total exports, while Argentina and Brazil saw its share reduced by -2.3% and -7.5% from 2012 to 2022, respectively.

In value terms, Mexico ($X) remains the largest steel and iron articles supplier in Latin America and the Caribbean, comprising 83% of total exports. The second position in the ranking was taken by Brazil ($X), with an 8.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico totaled +7.3%. In the other countries, the average annual rates were as follows: Brazil (-6.6% per year) and Argentina (-8.0% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 28% against the previous year. Over the period under review, the export price recorded a notable increase. The most prominent rate of growth was recorded in 2016 an increase of 93% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Imports of Articles Of Iron Or Steel

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of articles of iron or steel decreased by -14.5% to X tons, falling for the second year in a row after six years of growth. Overall, imports, however, continue to indicate a notable expansion. The pace of growth appeared the most rapid in 2018 with an increase of 18% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, steel and iron articles imports reached $X in 2022. The total import value increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 33%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Mexico prevails in imports structure, resulting at X tons, which was near 91% of total imports in 2022. Brazil (X tons) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the articles of iron or steel imports, with a CAGR of +4.0% from 2012 to 2022. At the same time, Brazil (+2.7%) displayed positive paces of growth. While the share of Mexico (+2.4 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported articles of iron or steel in Latin America and the Caribbean, comprising 70% of total imports. The second position in the ranking was taken by Brazil ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Mexico stood at +4.6%.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 32% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 64%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Mexico amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+1.7%).

Source: IndexBox Platform

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