South Africa: Iron And Steel Market 2024

Iron And Steel Market Size in South Africa

The South African iron and steel market soared to $X in 2021, surging by 17% against the previous year. In general, consumption saw a relatively flat trend pattern. Iron and steel consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Iron And Steel Production in South Africa

In value terms, iron and steel production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, saw a slight decline. The most prominent rate of growth was recorded in 2018 with an increase of 31% against the previous year. 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.

Iron And Steel Exports

Exports from South Africa

In 2021, after two years of decline, there was significant growth in overseas shipments of iron and steel, when their volume increased by 27% to X tons. Over the period under review, exports, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2017 when exports increased by 76%. Over the period under review, the exports attained 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 exports skyrocketed to $X in 2021. Overall, exports, however, recorded a pronounced shrinkage. The growth pace was the most rapid in 2017 with an increase of 98% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Italy (X tons) and the Netherlands (X tons) were the main destinations of iron and steel exports from South Africa, with a combined 56% share of total exports. India, Spain, Oman, Turkey, Japan, South Korea, Taiwan (Chinese), China, Australia and Slovenia lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Oman (with a CAGR of +109.6%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), the United States ($X) and the Netherlands ($X) constituted the largest markets for iron and steel exported from South Africa worldwide, together comprising 60% of total exports. These countries were followed by India, Spain, Oman, Japan, Turkey, Taiwan (Chinese), South Korea, Slovenia, China and Australia, which together accounted for a further 38%.

Oman, with a CAGR of +112.6%, saw the highest rates of growth with regard to the value of exports, among 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

The average iron and steel export price stood at $X per ton in 2021, with an increase of 23% against the previous year. Overall, the export price, however, showed a mild decrease. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to India ($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 Oman (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into South Africa

In 2021, approx. X tons of iron and steel were imported into South Africa; surging by 14% compared with the year before. Over the period under review, imports recorded a perceptible increase. The growth pace was the most rapid in 2016 when imports increased by 115% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, iron and steel imports soared to $X in 2021. Overall, imports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of 158% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest supplier of iron and steel to South Africa, with a 61% share of total imports. Moreover, iron and steel imports from Malaysia exceeded the figures recorded by the second-largest supplier, Singapore (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia amounted to +106.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+253.5% per year) and Italy (+262.7% per year).

In value terms, Malaysia ($X) constituted the largest supplier of iron and steel to South Africa, comprising 61% of total imports. The second position in the ranking was held by Singapore ($X), with a 23% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia stood at +142.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+274.3% per year) and Italy (+175.2% per year).

Import Prices by Country

In 2021, the average iron and steel import price amounted to $X per ton, jumping by 39% against the previous year. In general, import price indicated a noticeable expansion from 2012 to 2021: its price 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 growth pace was the most rapid in 2018 an increase of 40% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+42.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform