Southern Asia: Iron And Steel Market 2024

Iron And Steel Market Size in Southern Asia

The South Asian iron and steel market soared to $X in 2021, picking up by 21% against the previous year. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +78.8% against 2016 indices. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Iron And Steel Production in Southern Asia

In value terms, iron and steel production soared to $X in 2021 estimated in export price. The total production indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +111.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 37% against the previous year. Over the period under review, production attained the peak level in 2021 and is expected to retain growth in the near future.

Iron And Steel Exports

Exports in Southern Asia

In 2021, shipments abroad of iron and steel increased by 126% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of 182%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, iron and steel exports surged to $X in 2021. In general, exports enjoyed a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the one major exporters of iron and steel, namely India, represented more than two-thirds of total export.

India was also the fastest-growing in terms of the iron and steel exports, with a CAGR of +10.4% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest iron and steel supplier in Southern Asia.

In India, iron and steel exports expanded at an average annual rate of +12.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, rising by 70% against the previous year. Export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 an increase of 74%. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +1.8% per year.

Iron And Steel Imports

Imports in Southern Asia

In 2021, iron and steel imports in Southern Asia contracted to X tons, waning by -6.4% on the previous year's figure. Overall, imports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2015 when imports increased by 130%. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, iron and steel imports expanded significantly to $X in 2021. In general, imports recorded a drastic downturn. The pace of growth appeared the most rapid in 2015 with an increase of 82% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Bangladesh was the major importing country with an import of about X tons, which reached 51% of total imports. It was distantly followed by India (X tons), Nepal (X tons) and Pakistan (X tons), together comprising a 44% share of total imports. Bhutan (X tons) took a relatively small share of total imports.

Imports into Bangladesh increased at an average annual rate of +35.4% from 2012 to 2021. At the same time, Nepal (+43.2%) and Bhutan (+5.0%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +43.2% from 2012-2021. Pakistan experienced a relatively flat trend pattern. By contrast, India (-17.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Bangladesh, Nepal, Pakistan and Bhutan increased by +49, +12, +2.9 and +1.9 percentage points, respectively.

In value terms, the largest iron and steel importing markets in Southern Asia were Bangladesh ($X), India ($X) and Nepal ($X), with a combined 85% share of total imports.

Nepal, with a CAGR of +44.3%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, picking up by 23% against the previous year. Overall, the import price, however, recorded a slight reduction. The growth pace was the most rapid in 2018 when the import price increased by 29% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($X per ton), while Bhutan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nepal (+0.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform