Turkey: Pig Iron Market 2022

Pig Iron Market Size in Turkey

After three years of growth, the Turkish pig iron market decreased by -1.5% to $X in 2021. Overall, consumption, however, recorded a slight increase. Pig iron consumption peaked at $X in 2020, and then reduced modestly in the following year.

Pig Iron Production in Turkey

In value terms, pig iron production contracted to $X in 2021 estimated in export price. Overall, production, however, saw a mild increase. The pace of growth appeared the most rapid in 2019 with an increase of 35,219% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then contracted modestly in the following year.

Pig Iron Exports

Exports from Turkey

After two years of growth, shipments abroad of pig iron and spiegeleisen decreased by -50.2% to X tons in 2021. Over the period under review, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 124%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, pig iron exports dropped rapidly to $X in 2021. Overall, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 98% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Pakistan (X tons) was the main destination for pig iron exports from Turkey, accounting for a 50% share of total exports. Moreover, pig iron exports to Pakistan exceeded the volume sent to the second major destination, Tunisia (X tons), threefold. Morocco (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to Pakistan stood at -9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (+21.0% per year) and Morocco (+20.6% per year).

In value terms, Pakistan ($X) remains the key foreign market for pig iron exports from Turkey, comprising 47% of total exports. The second position in the ranking was held by Tunisia ($X), with a 16% share of total exports. It was followed by Morocco, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value to Pakistan stood at -7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (+29.4% per year) and Morocco (+23.3% per year).

Export Prices by Country

In 2021, the average pig iron export price amounted to $X per ton, rising by 65% against the previous year. In general, export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to Bulgaria ($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 India (+26.4%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Imports

Imports into Turkey

In 2021, purchases abroad of pig iron and spiegeleisen was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a slight curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 29% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, pig iron imports skyrocketed to $X in 2021. Overall, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), Ukraine (X tons) and India (X tons) were the main suppliers of pig iron imports to Turkey, together accounting for 81% of total imports. Brazil, Germany and South Africa lagged somewhat behind, together comprising a further 18%.

From 2012 to 2021, the biggest increases were in Brazil (with a CAGR of +118.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Ukraine ($X) and India ($X) appeared to be the largest pig iron suppliers to Turkey, together comprising 83% of total imports. Brazil, Germany and South Africa lagged somewhat behind, together comprising a further 16%.

Among the main suppliers, Brazil, with a CAGR of +117.0%, 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 pig iron import price stood at $X per ton in 2021, increasing by 72% against the previous year. In general, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Russia ($X per ton) and India ($X per ton), while the price for South Africa ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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