Sri Lanka: Flat-Rolled Steel Products Market 2025

Flat-Rolled Steel Products Market Size in Sri Lanka

For the fifth year in a row, the Sri Lankan flat-rolled steel products market recorded growth in sales value, which increased by 33% to $X in 2021. Over the period under review, consumption, however, enjoyed prominent growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Flat-Rolled Steel Products Exports

Exports from Sri Lanka

In 2021, after two years of growth, there was significant decline in shipments abroad of flat-rolled products of iron or non-alloy steel, when their volume decreased by -23.8% to X tons. Over the period under review, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2020 with an increase of 1,518%. As a result, the exports reached the peak of X tons, and then reduced markedly in the following year.

In value terms, flat-rolled steel products exports reduced rapidly to $X in 2021. In general, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 406%. As a result, the exports attained the peak of $X, and then dropped remarkably in the following year.

Exports by Country

Pakistan (X tons) was the main destination for flat-rolled steel products exports from Sri Lanka, accounting for a 96% share of total exports. Moreover, flat-rolled steel products exports to Pakistan exceeded the volume sent to the second major destination, Maldives (X tons), more than tenfold. The third position in this ranking was held by India (X tons), with a 0.4% share.

From 2012 to 2021, the average annual growth rate of volume to Pakistan stood at -22.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+30.0% per year) and India (-38.9% per year).

In value terms, Pakistan ($X) remains the key foreign market for flat-rolled products of iron or non-alloy steel exports from Sri Lanka, comprising 85% of total exports. The second position in the ranking was held by Maldives ($X), with a 14% share of total exports. It was followed by India, with a 0.7% share.

From 2012 to 2021, the average annual growth rate of value to Pakistan amounted to -16.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+40.2% per year) and India (-35.6% per year).

Export Prices by Country

In 2021, the average flat-rolled steel products export price amounted to $X per ton, surging by 2.2% against the previous year. Overall, the export price, however, recorded a pronounced decline. The pace of growth appeared the most rapid in 2017 when the average export price increased by 34%. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

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 Maldives ($X per ton), while the average price for exports to Malaysia ($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 (+95.8%), while the prices for the other major destinations experienced more modest paces of growth.

Flat-Rolled Steel Products Imports

Imports into Sri Lanka

In 2021, purchases abroad of flat-rolled products of iron or non-alloy steel decreased by -5.7% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +8.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +26.7% against 2015 indices. The pace of growth was the most pronounced in 2015 when imports increased by 28% against the previous year. Imports peaked at X tons in 2020, and then contracted in the following year.

In value terms, flat-rolled steel products imports surged to $X in 2021. Overall, imports, however, posted a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X tons), China (X tons) and Belgium (X tons) were the main suppliers of flat-rolled steel products imports to Sri Lanka, together comprising 72% of total imports. The Netherlands, Japan, Italy, Malaysia, South Africa, Taiwan (Chinese), Australia, the UK and the United States lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +25.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Japan ($X) were the largest flat-rolled steel products suppliers to Sri Lanka, with a combined 81% share of total imports.

India, with a CAGR of +27.9%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average flat-rolled steel products import price amounted to $X per ton, increasing by 68% against the previous year. Over the period under review, import price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained 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 Taiwan (Chinese) ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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