Latin America and the Caribbean: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Latin America and the Caribbean

The Latin American market for hot-rolled non-alloy steel wire rods rose notably to $X in 2021, surging by 11% against the previous year. The total consumption indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level in 2021 and is likely to see steady growth in the immediate term.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Latin America and the Caribbean

In value terms, hot-rolled non-alloy steel wire rod production expanded rapidly to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 30%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports in Latin America and the Caribbean

Hot-rolled non-alloy steel wire rod exports declined sharply to X tons in 2021, shrinking by -16.5% on the previous year. In general, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 33% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod exports surged to $X in 2021. Over the period under review, exports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 32%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Brazil was the largest exporter of hot-rolled non-alloy steel wire rods in Latin America and the Caribbean, with the volume of exports accounting for X tons, which was approx. 56% of total exports in 2021. Argentina (X tons) ranks second in terms of the total exports with a 12% share, followed by Mexico (9.1%), Chile (8.1%), Trinidad and Tobago (7.5%) and Venezuela (4.6%).

Exports from Brazil increased at an average annual rate of +2.9% from 2012 to 2021. At the same time, Chile (+34.6%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +34.6% from 2012-2021. By contrast, Argentina (-6.8%), Venezuela (-7.3%), Trinidad and Tobago (-20.6%) and Mexico (-21.5%) illustrated a downward trend over the same period. While the share of Brazil (+37 p.p.), Chile (+7.8 p.p.) and Argentina (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Trinidad and Tobago (-19 p.p.) and Mexico (-26.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest hot-rolled non-alloy steel wire rod supplier in Latin America and the Caribbean, comprising 55% of total exports. The second position in the ranking was held by Argentina ($X), with a 13% share of total exports. It was followed by Mexico, with an 11% share.

In Brazil, hot-rolled non-alloy steel wire rod exports increased at an average annual rate of +2.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Argentina (-5.4% per year) and Mexico (-18.6% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 38% against the previous year. Overall, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+3.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports in Latin America and the Caribbean

In 2021, the amount of hot-rolled non-alloy steel wire rods imported in Latin America and the Caribbean skyrocketed to X tons, growing by 56% against the year before. Total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled non-alloy steel wire rod imports surged to $X in 2021. In general, imports showed a notable expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the six major importers of hot-rolled non-alloy steel wire rods, namely Brazil, Guatemala, Colombia, Haiti, Peru and the Dominican Republic, represented more than two-thirds of total import. The following importers - El Salvador (X tons), Argentina (X tons), Chile (X tons), Paraguay (X tons), Antigua and Barbuda (X tons), Ecuador (X tons) and Bolivia (X tons) - together made up 21% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Antigua and Barbuda (with a CAGR of +55.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod importing markets in Latin America and the Caribbean were Brazil ($X), Guatemala ($X) and Colombia ($X), with a combined 41% share of total imports. Peru, the Dominican Republic, Antigua and Barbuda, Haiti, El Salvador, Argentina, Chile, Paraguay, Ecuador and Bolivia lagged somewhat behind, together accounting for a further 50%.

Antigua and Barbuda, with a CAGR of +68.4%, saw 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

The import price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 31% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Antigua and Barbuda ($X per ton), while Haiti ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Antigua and Barbuda (+8.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform