Sri Lanka: Market for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) 2022

Market Size for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) in Sri Lanka

For the third year in a row, the Sri Lankan iron and steel wire market recorded decline in sales value, which decreased by -X% to $X in 2020. Over the period under review, consumption recorded a perceptible expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Iron and steel wire consumption peaked at $X in 2015; however, from 2016 to 2020, consumption stood at a somewhat lower figure.

Exports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Exports from Sri Lanka

In 2020, shipments abroad of wire of iron or non-alloy steel (stainless steel or other alloy steel) was finally on the rise to reach X tons for the first time since 2016, thus ending a three-year declining trend. In general, exports, however, showed a dramatic decline. Over the period under review, exports hit record highs at X tons in 2007; however, from 2008 to 2020, exports stood at a somewhat lower figure.

In value terms, iron and steel wire exports expanded sharply to $X in 2020. Over the period under review, exports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2014 with an increase of X% y-o-y. Over the period under review, exports reached the peak figure at $X in 2008; however, from 2009 to 2020, exports stood at a somewhat lower figure.

Exports by Country

India (X tons) was the main destination for iron and steel wire exports from Sri Lanka, accounting for a X% share of total exports. Moreover, iron and steel wire exports to India exceeded the volume sent to the second major destination, China (X tons), twofold. Ghana (X tons) ranked third in terms of total exports with a X% share.

From 2007 to 2020, the average annual growth rate of volume to India totaled -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-X% per year) and Ghana (+X% per year).

In value terms, India ($X) emerged as the key foreign market for iron and steel wire exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was occupied by Ghana ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2007 to 2020, the average annual growth rate of value to India stood at -X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (+X% per year) and China (-X% per year).

Export Prices by Country

The average iron and steel wire export price stood at $X per ton in 2020, shrinking by -X% against the previous year. Over the period under review, export price indicated tangible growth from 2007 to 2020: its price increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2008 an increase of X% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2020, export prices failed to regain the momentum.

Prices varied noticeably by the country of destination; the country with the highest price was Maldives ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Maldives, while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Imports into Sri Lanka

Iron and steel wire imports into Sri Lanka rose notably to X tons in 2020, with an increase of X% compared with the previous year. Overall, imports showed perceptible growth. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2020, imports failed to regain the momentum.

In value terms, iron and steel wire imports dropped modestly to $X in 2020. In general, total imports indicated tangible growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, imports decreased by -X% against 2018 indices. The pace of growth appeared the most rapid in 2017 when imports increased by X% y-o-y. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2020, imports remained at a lower figure.

Imports by Country

China (X tons), India (X tons) and the United Arab Emirates (X tons) were the main suppliers of iron and steel wire imports to Sri Lanka, together accounting for X% of total imports. Malaysia, Qatar, Oman, Thailand, Vietnam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X 2007 to 2020, the biggest increases were in Oman (+X% per year), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel wire suppliers to Sri Lanka were China ($X), India ($X) and the United Arab Emirates ($X), together accounting for X% of total imports. Malaysia, Thailand, Qatar, Vietnam, Oman and Taiwan (Chinese) lagged somewhat behind, together comprising a further X terms of the main suppliers, Oman (+X% per year) 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

The average iron and steel wire import price stood at $X per ton in 2020, dropping by -X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of X% y-o-y. The import price peaked at $X per ton in 2008; however, from 2009 to 2020, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Vietnam ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Vietnam, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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