Uruguay: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Uruguay

In 2022, the Uruguayan steel and iron articles market increased by 17% to $X, rising for the second year in a row after four years of decline. The market value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Steel and iron articles consumption peaked in 2022 and is expected to retain growth in the immediate term.

Exports of Articles Of Iron Or Steel

Exports from Uruguay

In 2022, shipments abroad of articles of iron or steel increased by 114% to X tons, rising for the second year in a row after two years of decline. Overall, exports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 1,085% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, steel and iron articles exports soared to $X in 2022. Over the period under review, exports saw significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 687%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Free Zones (X tons), Argentina (X tons) and France (X tons) were the main destinations of steel and iron articles exports from Uruguay, with a combined 95% share of total exports. The UK and the United States lagged somewhat behind, together accounting for a further 2.2%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +152.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Free Zones ($X), Argentina ($X) and the UK ($X) appeared to be the largest markets for steel and iron articles exported from Uruguay worldwide, with a combined 95% share of total exports.

The UK, with a CAGR of +134.9%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, growing by 29% against the previous year. Over the period under review, the export price enjoyed temperate growth. The pace of growth was the most pronounced in 2016 an increase of 82% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+25.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Articles Of Iron Or Steel

Imports into Uruguay

In 2022, purchases abroad of articles of iron or steel increased by 24% to X tons, rising for the second consecutive year after two years of decline. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +83.5% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 51% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, steel and iron articles imports surged to $X in 2022. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +87.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 52%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steel and iron articles to Uruguay, accounting for a 51% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X tons), threefold. Argentina (X tons) ranked third in terms of total imports with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+11.3% per year) and Argentina (+14.0% per year).

In value terms, China ($X), Argentina ($X) and Brazil ($X) were the largest steel and iron articles suppliers to Uruguay, with a combined 71% share of total imports.

Brazil, with a CAGR of +10.9%, recorded the highest rates of growth with regard to 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

The average steel and iron articles import price stood at $X per ton in 2022, rising by 3.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 38% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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