New Zealand: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in New Zealand

The New Zealand steel and iron articles market was estimated at $X in 2022, picking up by 3.1% against the previous year. In general, consumption showed a remarkable increase. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Production of Articles Of Iron Or Steel in New Zealand

In value terms, steel and iron articles production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 64%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports from New Zealand

In 2022, steel and iron articles exports from New Zealand contracted dramatically to X tons, with a decrease of -15.3% compared with the previous year. Over the period under review, exports continue to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 75% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, steel and iron articles exports rose significantly to $X in 2022. In general, total exports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +86.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 70% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Australia (X tons) was the main destination for steel and iron articles exports from New Zealand, accounting for a 43% share of total exports. Moreover, steel and iron articles exports to Australia exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was taken by China (X tons), with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Australia amounted to -9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+17.3% per year) and China (+14.8% per year).

In value terms, Australia ($X) remains the key foreign market for articles of iron or steel exports from New Zealand, comprising 43% of total exports. The second position in the ranking was held by the United States ($X), with a 14% share of total exports. It was followed by China, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Australia totaled -3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+18.6% per year) and China (+26.1% per year).

Export Prices by Country

In 2022, the average steel and iron articles export price amounted to $X per ton, with an increase of 29% against the previous year. Over the period under review, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. 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.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Australia ($X per ton) and the United States ($X per ton), while the average price for exports to Canada ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into New Zealand

In 2022, approx. X tons of articles of iron or steel were imported into New Zealand; remaining constant against the previous year. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 30%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, steel and iron articles imports expanded notably to $X in 2022. Overall, total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 36% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest steel and iron articles supplier to New Zealand, accounting for a 43% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-4.8% per year) and the United States (+12.7% per year).

In value terms, China ($X) constituted the largest supplier of articles of iron or steel to New Zealand, comprising 45% of total imports. The second position in the ranking was held by Australia ($X), with an 18% share of total imports. It was followed by the United States, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-1.1% per year) and the United States (+6.2% per year).

Import Prices by Country

In 2022, the average steel and iron articles import price amounted to $X per ton, picking up by 6.4% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel and iron articles import price increased by +62.1% against 2014 indices. The pace of growth appeared the most rapid in 2018 an increase of 14% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were South Korea ($X per ton) and China ($X per ton), while the price for the UK ($X per ton) and Austria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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