South Africa: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in South Africa

The South African steel and iron articles market fell modestly to $X in 2022, which is down by -3.4% against the previous year. In general, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -28.9% against 2017 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Articles Of Iron Or Steel in South Africa

In value terms, steel and iron articles production reduced slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 36% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports from South Africa

In 2022, shipments abroad of articles of iron or steel increased by 0.5% to X tons, rising for the second year in a row after three years of decline. Overall, total exports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 +22.5% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 40%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, steel and iron articles exports rose to $X in 2022. In general, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +52.7% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 49%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X tons), Thailand (X tons) and Namibia (X tons) were the main destinations of steel and iron articles exports from South Africa, together accounting for 54% of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +80.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for steel and iron articles exported from South Africa were Thailand ($X), Japan ($X) and Namibia ($X), together comprising 58% of total exports.

Thailand, with a CAGR of +108.5%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average steel and iron articles export price amounted to $X per ton, picking up by 2.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2021 when the average export price increased by 22%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+15.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into South Africa

In 2022, imports of articles of iron or steel into South Africa declined to X tons, waning by -7.3% on the previous year. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 28% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, steel and iron articles imports rose modestly to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 21%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steel and iron articles to South Africa, with a 51% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), sixfold. Botswana (X tons) ranked third in terms of total imports with a 7% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-1.6% per year) and Botswana (+17.7% per year).

In value terms, China ($X) constituted the largest supplier of articles of iron or steel to South Africa, comprising 40% of total imports. The second position in the ranking was taken by Germany ($X), with a 13% share of total imports. It was followed by the United States, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.5% per year) and the United States (-1.8% per year).

Import Prices by Country

The average steel and iron articles import price stood at $X per ton in 2022, picking up by 12% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Botswana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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