Southern Asia: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Southern Asia

In 2022, the South Asian steel and iron articles market decreased by -0.9% to $X, falling for the second year in a row after nine years of growth. Overall, consumption, however, showed a prominent increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Articles Of Iron Or Steel in Southern Asia

In value terms, steel and iron articles production amounted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 39% against the previous year. 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 in Southern Asia

In 2022, overseas shipments of articles of iron or steel increased by 13% to X tons, rising for the second year in a row after three years of decline. Total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +6.5% 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 +92.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 70% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, steel and iron articles exports declined slightly to $X in 2022. Total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% 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 +41.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 45% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

India dominates exports structure, recording X tons, which was near 95% of total exports in 2022. Bangladesh (X tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to steel and iron articles exports from India stood at +6.5%. At the same time, Bangladesh (+6.9%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +6.9% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest steel and iron articles supplier in Southern Asia, comprising 98% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 0.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +6.7%.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, shrinking by -14% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 25% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while Bangladesh stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+0.2%).

Imports of Articles Of Iron Or Steel

Imports in Southern Asia

In 2022, supplies from abroad of articles of iron or steel increased by 0.7% to X tons, rising for the second year in a row after two years of decline. In general, imports continue to indicate a strong expansion. The growth pace was the most rapid in 2018 when imports increased by 53%. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, steel and iron articles imports rose to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +33.6% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 31% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

India dominates imports structure, resulting at X tons, which was near 80% of total imports in 2022. Bangladesh (X tons) ranks second in terms of the total imports with a 9.6% share, followed by Sri Lanka (6.3%). Pakistan (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to steel and iron articles imports into India stood at +10.5%. At the same time, Bangladesh (+14.2%) and Sri Lanka (+10.6%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +14.2% from 2012-2022. By contrast, Pakistan (-9.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India and Bangladesh increased by +9.5 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported articles of iron or steel in Southern Asia, comprising 80% of total imports. The second position in the ranking was held by Bangladesh ($X), with a 10% share of total imports. It was followed by Sri Lanka, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +6.6%. In the other countries, the average annual rates were as follows: Bangladesh (+22.2% per year) and Sri Lanka (+11.2% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, increasing by 1.6% against the previous year. In general, the import price, however, recorded a slight shrinkage. The pace of growth was the most pronounced in 2013 when the import price increased by 31%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Pakistan ($X per ton), while Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+8.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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