Sri Lanka: Market for Hot-Rolled Steel Bars and Rods 2025

Market Size for Hot-Rolled Steel Bars and Rods in Sri Lanka

The Sri Lankan market for hot-rolled steel bars and rods soared to $X in 2021, surging by 38% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a mild slump. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Sri Lanka

In 2021, approx. X tons of hot-rolled steel bars and rods were exported from Sri Lanka; growing by 183% compared with the year before. Over the period under review, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2014 with an increase of 396% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, hot-rolled steel bar and rod exports soared to $X in 2021. In general, exports enjoyed a significant expansion. The growth pace was the most rapid in 2014 with an increase of 227% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Maldives (X tons) was the main destination for hot-rolled steel bar and rod exports from Sri Lanka, accounting for a 76% share of total exports. Moreover, hot-rolled steel bar and rod exports to Maldives exceeded the volume sent to the second major destination, Mauritius (X tons), threefold.

From 2012 to 2021, the average annual growth rate of volume to Maldives amounted to +52.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mauritius (+1,976.1% per year) and India (-35.4% per year).

In value terms, Maldives ($X) remains the key foreign market for hot-rolled steel bars and rods exports from Sri Lanka, comprising 81% of total exports. The second position in the ranking was taken by Mauritius ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Maldives amounted to +37.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mauritius (+1,427.0% per year) and India (-31.2% per year).

Export Prices by Country

The average export price for hot-rolled steel bars and rods stood at $X per ton in 2021, reducing by -6.7% against the previous year. Overall, the export price recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2015 an increase of 53%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Mauritius ($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 India (+6.4%), while the prices for the other major destinations experienced a decline.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Sri Lanka

Hot-rolled steel bar and rod imports into Sri Lanka expanded markedly to X tons in 2021, with an increase of 10% on 2020. Overall, imports, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2017 with an increase of 113%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports surged to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 92%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, India (X tons) constituted the largest hot-rolled steel bar and rod supplier to Sri Lanka, accounting for a 59% share of total imports. Moreover, hot-rolled steel bar and rod imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. The third position in this ranking was taken by Qatar (X tons), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-6.2% per year) and Qatar (+20.7% per year).

In value terms, India ($X) constituted the largest supplier of hot-rolled steel bars and rods to Sri Lanka, comprising 62% of total imports. The second position in the ranking was held by China ($X), with an 11% share of total imports. It was followed by Malaysia, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India stood at +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.5% per year) and Malaysia (+0.7% per year).

Import Prices by Country

The average import price for hot-rolled steel bars and rods stood at $X per ton in 2021, rising by 37% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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