U.S.: Pig Iron Market 2022

Pig Iron Market Size in the U.S.

The U.S. pig iron market expanded slightly to $X in 2021, increasing by 2.8% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Pig iron consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Pig Iron Production in the U.S.

In value terms, pig iron production contracted to $X in 2021. Overall, the total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +9.1% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 112% against the previous year. Pig iron production peaked at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Pig Iron Exports

Exports from the U.S.

In 2021, after three years of decline, there was significant growth in overseas shipments of pig iron and spiegeleisen, when their volume increased by 263% to X tons. Overall, exports, however, recorded a deep reduction. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, pig iron exports surged to $X in 2021. Over the period under review, exports, however, showed a noticeable contraction. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Canada (X tons) was the main destination for pig iron exports from the United States, with a 92% share of total exports. Moreover, pig iron exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada totaled -10.6%.

In value terms, Canada ($X) remains the key foreign market for pig iron exports from the United States, comprising 91% of total exports. The second position in the ranking was held by Mexico ($X), with a 4.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada was relatively modest.

Export Prices by Country

In 2021, the average pig iron export price amounted to $X per ton, increasing by 23% against the previous year. Overall, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +10.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pig iron export price increased by +49.7% against 2019 indices. The pace of growth was the most pronounced in 2013 an increase of 26% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2021, the country with the highest price was Mexico ($X per ton), while the average price for exports to Canada amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+11.2%).

Pig Iron Imports

Imports into the U.S.

In 2021, purchases abroad of pig iron and spiegeleisen was finally on the rise to reach X tons after two years of decline. Over the period under review, total imports indicated a temperate increase from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, pig iron imports skyrocketed to $X in 2021. In general, imports continue to indicate a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Russia (X tons), Ukraine (X tons) and Brazil (X tons) were the main suppliers of pig iron imports to the United States, with a combined 90% share of total imports. These countries were followed by India and South Africa, which together accounted for a further 8.5%.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +265.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pig iron suppliers to the United States were Russia ($X), Ukraine ($X) and Brazil ($X), together accounting for 90% of total imports. These countries were followed by India and South Africa, which together accounted for a further 8.3%.

India, with a CAGR of +252.8%, 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 pig iron import price amounted to $X per ton, picking up by 66% against the previous year. Overall, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.9% 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 noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Russia ($X per ton) and Ukraine ($X per ton), while the price for South Africa ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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