Latin America and the Caribbean: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in Latin America and the Caribbean

In 2021, the Latin American market for raw steel and steel semi-finished products was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a perceptible decline. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Raw Steel And Steel Semi-Finished Products in Latin America and the Caribbean

In value terms, production of raw steel and steel semi-finished products surged to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible decrease. The growth pace was the most rapid in 2017 when the production volume increased by 21%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Raw Steel And Steel Semi-Finished Products

Exports in Latin America and the Caribbean

Exports of raw steel and steel semi-finished products totaled X tons in 2021, growing by 9.2% against 2020 figures. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 18%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, exports of raw steel and steel semi-finished products skyrocketed to $X in 2021. Over the period under review, exports enjoyed a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil represented the key exporting country with an export of about X tons, which reached 78% of total exports. It was distantly followed by Mexico (X tons), committing an 18% share of total exports. The following exporters - Venezuela (X tons) and Argentina (X tons) - each accounted for a 3.4% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to raw steel and steel semi-finished products exports from Brazil stood at +2.5%. At the same time, Venezuela (+14.5%), Argentina (+13.7%) and Mexico (+6.4%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +14.5% from 2012-2021. Mexico (+4.3 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -5.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest raw steel and steel semi-finished products supplier in Latin America and the Caribbean, comprising 87% of total exports. The second position in the ranking was held by Mexico ($X), with a 9.9% share of total exports. It was followed by Argentina, with a 1.9% share.

In Brazil, exports of raw steel and steel semi-finished products increased at an average annual rate of +6.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mexico (+1.5% per year) and Argentina (+14.4% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by 68% against the previous year. Export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Argentina ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+3.4%), while the other leaders experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports in Latin America and the Caribbean

In 2021, imports of raw steel and steel semi-finished products in Latin America and the Caribbean surged to X tons, growing by 28% against 2020 figures. Overall, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2019 when imports increased by 45% against the previous year. Over the period under review, imports of reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, imports of raw steel and steel semi-finished products skyrocketed to $X in 2021. In general, imports saw a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of imports of raw steel and steel semi-finished products in 2021 were Brazil (X tons), Mexico (X tons), the Dominican Republic (X tons) and Argentina (X tons), together resulting at 71% of total import. Peru (X tons) ranks next in terms of the total imports with an 8.7% share, followed by Guatemala (7.8%) and Costa Rica (6%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Brazil (with a CAGR of +45.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Argentina ($X) and the Dominican Republic ($X) were the countries with the highest levels of imports in 2021, together comprising 57% of total imports.

Brazil, with a CAGR of +36.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 33% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Argentina ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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