United Kingdom: Pig Iron Market 2022

Pig Iron Market Size in the UK

In 2021, after five years of decline, there was significant growth in the UK pig iron market, when its value increased by 8.1% to $X. In general, consumption, however, recorded a abrupt downturn. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Pig Iron Production in the UK

In value terms, pig iron production soared to $X in 2021 estimated in export price. Overall, production, however, faced a deep reduction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 24% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Pig Iron Exports

Exports from the UK

In 2021, shipments abroad of pig iron and spiegeleisen decreased by -50.6% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports recorded a mild shrinkage. The growth pace was the most rapid in 2017 when exports increased by 285% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, pig iron exports shrank sharply to $X in 2021. In general, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2014 when exports increased by 115% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Egypt (X tons) was the main destination for pig iron exports from the UK, accounting for a 69% share of total exports. Moreover, pig iron exports to Egypt exceeded the volume sent to the second major destination, Italy (X tons), fivefold. Germany (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume to Egypt stood at -20.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+59.9% per year) and Germany (+25.9% per year).

In value terms, Egypt ($X) remains the key foreign market for pig iron exports from the UK, comprising 51% of total exports. The second position in the ranking was taken by the United States ($X), with an 18% share of total exports. It was followed by Germany, with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Egypt stood at -28.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+47.5% per year) and Germany (+18.0% per year).

Export Prices by Country

In 2021, the average pig iron export price amounted to $X per ton, growing by 3.8% against the previous year. Overall, the export price, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by 127% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Sweden ($X per ton), while the average price for exports to Italy ($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 Sweden (+56.5%), while the prices for the other major destinations experienced mixed trend patterns.

Pig Iron Imports

Imports into the UK

In 2021, overseas purchases of pig iron and spiegeleisen increased by 452% to X tons, rising for the fourth year in a row after five years of decline. In general, imports showed slight growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, pig iron imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate modest growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest pig iron supplier to the UK, accounting for a 60% share of total imports. Moreover, pig iron imports from the Netherlands exceeded the figures recorded by the second-largest supplier, South Africa (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands stood at +44.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+0.1% per year) and Germany (+10.7% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of pig iron to the UK, comprising 58% of total imports. The second position in the ranking was held by South Africa ($X), with a 27% share of total imports. It was followed by Germany, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands amounted to +41.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-0.3% per year) and Germany (+7.0% per year).

Import Prices by Country

The average pig iron import price stood at $X per ton in 2021, increasing by 27% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by 45%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Norway ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (-0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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