Sri Lanka: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in Sri Lanka

The Sri Lankan market for raw steel and steel semi-finished products surged to $X in 2021, with an increase of 159% 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). Over the period under review, consumption enjoyed a buoyant expansion. Consumption of peaked in 2021 and is likely to continue growth in the near future.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Sri Lanka

In 2021, approx. X tons of raw steel and steel semi-finished products were exported from Sri Lanka; with a decrease of -78.6% compared with the year before. Overall, exports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 when exports increased by 55%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of raw steel and steel semi-finished products declined notably to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 41%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports of remained at a lower figure.

Exports by Country

Australia (X tons) was the main destination for exports of raw steel and steel semi-finished products from Sri Lanka, accounting for a 47% share of total exports. Moreover, exports of raw steel and steel semi-finished products to Australia exceeded the volume sent to the second major destination, Maldives (X tons), twofold. The third position in this ranking was taken by China (X kg), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Australia totaled -8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-15.6% per year) and China (+109.1% per year).

In value terms, Australia ($X) remains the key foreign market for raw steel and steel semi-finished products exports from Sri Lanka, comprising 76% of total exports. The second position in the ranking was held by India ($X), with a 9.8% share of total exports. It was followed by the United States, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Australia totaled +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-11.4% per year) and the United States (+45.6% per year).

Export Prices by Country

In 2021, the average export price for raw steel and steel semi-finished products amounted to $X per ton, picking up by 177% against the previous year. In general, the export price continues to indicate a resilient expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to Canada ($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 Canada (+23.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Sri Lanka

In 2021, approx. X tons of raw steel and steel semi-finished products were imported into Sri Lanka; growing by 105% on 2020 figures. Over the period under review, imports showed buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 335% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, imports of raw steel and steel semi-finished products surged to $X in 2021. Overall, imports showed resilient growth. The growth pace was the most rapid in 2017 when imports increased by 475% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, India (X tons) constituted the largest raw steel and steel semi-finished products supplier to Sri Lanka, with a 49% share of total imports. Moreover, imports of raw steel and steel semi-finished products from India exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. Ukraine (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India totaled +29.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.6% per year) and Ukraine (+7.4% per year).

In value terms, India ($X) constituted the largest supplier of raw steel and steel semi-finished products to Sri Lanka, comprising 57% of total imports. The second position in the ranking was taken by China ($X), with a 9% share of total imports. It was followed by Indonesia, with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India stood at +31.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.2% per year) and Indonesia (0.0% per year).

Import Prices by Country

The average import price for raw steel and steel semi-finished products stood at $X per ton in 2021, jumping by 36% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for Malaysia ($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 (+1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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