Sri Lanka: Non-Alloy Steel I-Sections Market 2024

Non-Alloy Steel I-Sections Market Size in Sri Lanka

In 2021, the Sri Lankan non-alloy steel i-sections market increased by 15% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded a abrupt slump. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Non-Alloy Steel I-Sections Exports

Exports from Sri Lanka

In 2021, exports of i-sections of non-alloy steel from Sri Lanka soared to X tons, with an increase of 1,998% compared with 2020 figures. Overall, exports posted a buoyant expansion. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, non-alloy steel i-sections exports surged to $X in 2021. Over the period under review, exports posted a mild expansion. The pace of growth was the most pronounced in 2017 when exports increased by 1,324% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for non-alloy steel i-sections exports from Sri Lanka, with a 81% share of total exports. Moreover, non-alloy steel i-sections exports to the United Arab Emirates exceeded the volume sent to the second major destination, Maldives (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates amounted to +20.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+1.9% per year) and Singapore (-17.3% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for i-sections of non-alloy steel exports from Sri Lanka, comprising 70% of total exports. The second position in the ranking was taken by Singapore ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates stood at +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-9.1% per year) and Maldives (-15.7% per year).

Export Prices by Country

In 2021, the average non-alloy steel i-sections export price amounted to $X per ton, declining by -46.9% against the previous year. In general, the export price continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2016 when the average export price increased by 86%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Maldives ($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 Singapore (+9.9%), while the prices for the other major destinations experienced a decline.

Non-Alloy Steel I-Sections Imports

Imports into Sri Lanka

In 2021, the amount of i-sections of non-alloy steel imported into Sri Lanka shrank slightly to X tons, almost unchanged from the year before. Over the period under review, imports recorded a noticeable reduction. The pace of growth appeared the most rapid in 2016 with an increase of 55%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, non-alloy steel i-sections imports skyrocketed to $X in 2021. In general, imports saw a deep slump. The pace of growth appeared the most rapid in 2016 when imports increased by 47% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

India (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of non-alloy steel i-sections imports to Sri Lanka, together accounting for 74% of total imports. South Africa, Bahrain, the United Arab Emirates, Hong Kong SAR and Singapore lagged somewhat behind, together comprising a further 21%.

From 2012 to 2021, the biggest increases were recorded for Bahrain (with a CAGR of +20.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-alloy steel i-sections suppliers to Sri Lanka were India ($X), China ($X) and Indonesia ($X), together comprising 73% of total imports. Bahrain, South Africa, the United Arab Emirates, Hong Kong SAR and Singapore lagged somewhat behind, together accounting for a further 22%.

In terms of the main suppliers, Bahrain, with a CAGR of +15.4%, recorded the highest growth rate of the value of imports, 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 non-alloy steel i-sections import price amounted to $X per ton, surging by 22% against the previous year. Overall, the import price, however, continues to indicate a slight shrinkage. 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.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Indonesia ($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 Arab Emirates (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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