Latin America and the Caribbean: Pig Iron Market 2022

Pig Iron Market Size in Latin America and the Caribbean

The Latin American pig iron market shrank to $X in 2021, approximately reflecting the previous year. In general, consumption recorded a mild setback. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Pig Iron Production in Latin America and the Caribbean

In value terms, pig iron production shrank modestly to $X in 2021 estimated in export price. Overall, production recorded a mild curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by 67% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Pig Iron Exports

Exports in Latin America and the Caribbean

In 2021, after two years of growth, there was significant decline in shipments abroad of pig iron and spiegeleisen, when their volume decreased by -7% to X tons. Total exports indicated a slight increase from 2012 to 2021: its volume increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +92.0% against 2016 indices. The growth pace was the most rapid in 2020 with an increase of 44%. As a result, the exports attained the peak of X tons, and then fell in the following year.

In value terms, pig iron exports skyrocketed to $X in 2021. In general, exports, however, recorded a pronounced expansion. The pace of growth appeared the most rapid in 2017 with an increase of 45% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

Brazil was the key exporter of pig iron and spiegeleisen in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was approx. 90% of total exports in 2021. It was distantly followed by Venezuela (X tons), generating a 10% share of total exports.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of pig iron and spiegeleisen. At the same time, Venezuela (+11.2%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +11.2% from 2012-2021. From 2012 to 2021, the share of Venezuela increased by +5.8 percentage points. Brazil (-5.8 p.p.) saw their shares reduced.

In value terms, Brazil ($X) remains the largest pig iron supplier in Latin America and the Caribbean, comprising 97% of total exports. The second position in the ranking was held by Venezuela ($X), with a 2.9% share of total exports.

In Brazil, pig iron exports expanded at an average annual rate of +2.2% over the period from 2012-2021.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 35% against the previous year. Overall, the export price recorded 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 country of origin: the country with the highest price was Brazil ($X per ton), while Venezuela stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+1.4%).

Pig Iron Imports

Imports in Latin America and the Caribbean

In 2021, approx. X tons of pig iron and spiegeleisen were imported in Latin America and the Caribbean; with an increase of 34% compared with the previous year. Overall, imports recorded prominent growth. The growth pace was the most rapid in 2015 when imports increased by 50%. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, pig iron imports soared to $X in 2021. Total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Mexico was the major importing country with an import of about X tons, which resulted at 52% of total imports. Argentina (X tons) held the second position in the ranking, distantly followed by Brazil (X tons) and Peru (X tons). All these countries together held approx. 44% share of total imports. Ecuador (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to pig iron imports into Mexico stood at +5.6%. At the same time, Brazil (+60.6%), Ecuador (+40.9%), Peru (+16.6%) and Argentina (+15.4%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +60.6% from 2012-2021. Peru (+8.2 p.p.), Argentina (+7.5 p.p.), Brazil (+5.4 p.p.) and Ecuador (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by -19.4% from 2012 to 2021, respectively.

In value terms, the largest pig iron importing markets in Latin America and the Caribbean were Argentina ($X), Peru ($X) and Mexico ($X), together comprising 86% of total imports. These countries were followed by Brazil and Ecuador, which together accounted for a further 12%.

Brazil, with a CAGR of +33.2%, saw the highest growth rate of the value of imports, among 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, rising by 22% against the previous year. Over the period under review, the import price, however, showed a noticeable decline. The pace of growth was the most pronounced in 2018 an increase of 28% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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