Latin America and the Caribbean: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Latin America and the Caribbean

In 2021, the Latin American iron and steel wire market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Iron and Steel Wire in Latin America and the Caribbean

In value terms, iron and steel wire production rose markedly to $X in 2021 estimated in export price. Overall, production continues to indicate a abrupt decline. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Iron and Steel Wire

Exports in Latin America and the Caribbean

For the third consecutive year, LatAmerica and the Caribbean recorded growth in overseas shipments of iron and steel wire, which increased by 12% to X tons in 2021. Over the period under review, exports saw a relatively flat trend pattern. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, iron and steel wire exports soared to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico was the largest exporting country with an export of about X tons, which finished at 68% of total exports. Brazil (X tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by El Salvador (5.8%). Guatemala (X tons) and Peru (X tons) followed a long way behind the leaders.

Exports from Mexico increased at an average annual rate of +2.3% from 2012 to 2021. At the same time, Guatemala (+25.9%), El Salvador (+2.7%) and Peru (+1.1%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +25.9% from 2012-2021. Brazil experienced a relatively flat trend pattern. From 2012 to 2021, the share of Mexico and Guatemala increased by +11 and +3.3 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest iron and steel wire supplier in Latin America and the Caribbean, comprising 65% of total exports. The second position in the ranking was taken by Brazil ($X), with a 20% share of total exports. It was followed by El Salvador, with a 6.3% share.

In Mexico, iron and steel wire exports increased at an average annual rate of +1.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-0.4% per year) and El Salvador (+4.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, picking up by 12% against the previous year. In general, the export price, however, saw a slight setback. The pace of growth appeared the most rapid in 2018 an increase of 21%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Brazil ($X per ton) and El Salvador ($X per ton), while Peru ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by El Salvador (+1.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Iron and Steel Wire

Imports in Latin America and the Caribbean

In 2021, approx. X tons of iron and steel wire were imported in Latin America and the Caribbean; rising by 84% against the previous year. Total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron and steel wire imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil was the major importing country with an import of about X tons, which accounted for 37% of total imports. It was distantly followed by Mexico (X tons), Argentina (X tons), Chile (X tons) and Colombia (X tons), together generating a 37% share of total imports. Guatemala (X tons), Paraguay (X tons), Peru (X tons), Bolivia (X tons), Panama (X tons), Ecuador (X tons), Honduras (X tons) and the Dominican Republic (X tons) followed a long way behind the leaders.

Imports into Brazil increased at an average annual rate of +2.9% from 2012 to 2021. At the same time, Panama (+39.9%), Guatemala (+9.8%), the Dominican Republic (+9.0%), Colombia (+8.2%), Honduras (+8.1%), Chile (+5.6%), Argentina (+4.4%), Ecuador (+2.5%) and Paraguay (+1.4%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +39.9% from 2012-2021. Peru and Bolivia experienced a relatively flat trend pattern. By contrast, Mexico (-1.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Colombia, Panama, Guatemala and Chile increased by +2.5, +2.1, +2 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron and steel wire importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Argentina ($X), with a combined 69% share of total imports. Chile, Colombia, Guatemala, Paraguay, Bolivia, Peru, the Dominican Republic, Ecuador, Panama and Honduras lagged somewhat behind, together accounting for a further 28%.

In terms of the main importing countries, Panama, with a CAGR of +31.5%, saw the highest growth rate of the value of imports, 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, with a decrease of -16.1% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the import price increased by 24%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per ton), while Peru ($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 (+1.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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