Mexico: Pig Iron Articles Market 2024

Pig Iron Articles Market Size in Mexico

In 2021, after three years of decline, there was significant growth in the Mexican pig iron articles market, when its value increased by 43% to $X. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Pig Iron Articles Exports

Exports from Mexico

In 2021, after two years of growth, there was significant decline in overseas shipments of granules and powders of pig iron, when their volume decreased by -40.1% to X tons. Overall, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2019 with an increase of 124% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, pig iron articles exports fell remarkably to $X in 2021. Over the period under review, exports faced a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of 83%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), Venezuela (X tons) and Indonesia (X tons) were the main destinations of pig iron articles exports from Mexico, together accounting for 92% of total exports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, the United States ($X), Venezuela ($X) and Indonesia ($X) appeared to be the largest markets for pig iron articles exported from Mexico worldwide, together accounting for 94% of total exports.

Among the main countries of destination, the United States, with a CAGR of +14.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average pig iron articles export price amounted to $X per ton, with an increase of 19% against the previous year. Overall, the export price continues to indicate a moderate increase. The most prominent rate of growth was recorded in 2020 an increase of 53%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+23.2%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Articles Imports

Imports into Mexico

In 2021, supplies from abroad of granules and powders of pig iron was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 47%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, pig iron articles imports surged to $X in 2021. The total import value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when imports increased by 44% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of pig iron articles to Mexico, accounting for a 57% share of total imports. Moreover, pig iron articles imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), fourfold. The third position in this ranking was taken by Brazil (X tons), with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at -3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+3.9% per year) and Brazil (+17.8% per year).

In value terms, the United States ($X) constituted the largest supplier of granules and powders of pig iron to Mexico, comprising 60% of total imports. The second position in the ranking was taken by Canada ($X), with an 11% share of total imports. It was followed by China, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+4.7% per year) and China (+1.9% per year).

Import Prices by Country

In 2021, the average pig iron articles import price amounted to $X per ton, increasing by 8.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2018 an increase of 11%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform