United Kingdom: Iron And Steel Market 2024

Iron And Steel Market Size in the UK

In 2021, the UK iron and steel market increased by 12% to $X for the first time since 2015, thus ending a five-year declining trend. Over the period under review, consumption, however, saw a pronounced contraction. Iron and steel consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Iron And Steel Production in the UK

In value terms, iron and steel production surged to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when the production volume increased by 56%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Iron And Steel Exports

Exports from the UK

Iron and steel exports from the UK shrank to X tons in 2021, waning by -7.6% against the previous year. Over the period under review, exports saw a noticeable decline. The pace of growth appeared the most rapid in 2013 when exports increased by 405% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron and steel exports skyrocketed to $X in 2021. Overall, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2013 with an increase of 585%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for iron and steel exports from the UK, accounting for a 66% share of total exports. Moreover, iron and steel exports to Spain exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. Ireland (X tons) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume to Spain amounted to +57.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-7.1% per year) and Ireland (-4.7% per year).

In value terms, Spain ($X) remains the key foreign market for iron and steel exports from the UK, comprising 49% of total exports. The second position in the ranking was held by the United States ($X), with a 10% share of total exports. It was followed by Taiwan (Chinese), with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Spain stood at +58.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-13.6% per year) and Taiwan (Chinese) (+40.5% per year).

Export Prices by Country

In 2021, the average iron and steel export price amounted to $X per ton, with an increase of 42% against the previous year. In general, the export price, however, saw a abrupt shrinkage. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Spain ($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 (+20.1%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into the UK

Iron and steel imports into the UK soared to X tons in 2021, rising by 89% against 2020. Over the period under review, imports, however, recorded a deep contraction. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, iron and steel imports surged to $X in 2021. In general, imports, however, recorded a deep reduction. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest supplier of iron and steel to the UK, with a 58% share of total imports. Moreover, iron and steel 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 held by Germany (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands amounted to +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-7.6% per year) and Germany (+9.3% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of iron and steel to the UK, comprising 43% of total imports. The second position in the ranking was taken by Ireland ($X), with a 20% share of total imports. It was followed by South Africa, with a 20% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+0.4% per year) and South Africa (-7.7% per year).

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, picking up by 25% against the previous year. Overall, the import price, however, continues to indicate a mild decline. The pace of growth appeared the most rapid in 2015 an increase of 31% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Luxembourg (+355.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform