Overview of the Global Market for Articles Of Iron Or Steel

Market Size for Articles Of Iron Or Steel

The global steel and iron articles market stood at $X in 2022, increasing by 2.9% against the previous year. In general, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.5% against 2019 indices. Global consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Production of Articles Of Iron Or Steel

In value terms, steel and iron articles production expanded modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +11.3% against 2019 indices. The growth pace was the most rapid in 2016 when the production volume increased by 22%. Over the period under review, global production attained the maximum level in 2022 and is likely to see steady growth in the immediate term.

Exports of Articles Of Iron Or Steel

Exports

In 2022, shipments abroad of articles of iron or steel increased by 1.7% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 28%. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, steel and iron articles exports rose significantly to $X in 2022. Over the period under review, total exports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +37.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 29% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

China was the major exporting country with an export of around X tons, which resulted at 26% of total exports. Germany (X tons) ranks second in terms of the total exports with a 7% share, followed by Mexico (5.6%) and Italy (5.4%). The United States (X tons), Poland (X tons), Thailand (X tons), Austria (X tons), France (X tons), South Korea (X tons), the Czech Republic (X tons), the Netherlands (X tons) and Turkey (X tons) held a relatively small share of total exports.

Exports from China increased at an average annual rate of +5.6% from 2012 to 2022. At the same time, France (+8.2%), the Netherlands (+7.1%), Thailand (+5.2%), Poland (+4.6%), Turkey (+4.1%), Austria (+3.9%), Mexico (+2.4%), Italy (+1.9%) and the Czech Republic (+1.4%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the world, with a CAGR of +8.2% from 2012-2022. South Korea, the United States and Germany experienced a relatively flat trend pattern. From 2012 to 2022, the share of China increased by +5.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest steel and iron articles supplier worldwide, comprising 24% of global exports. The second position in the ranking was taken by Germany ($X), with a 9.4% share of global exports. It was followed by the United States, with an 8.7% share.

In China, steel and iron articles exports expanded at an average annual rate of +10.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+1.8% per year) and the United States (+4.5% per year).

Export Prices by Country

In 2022, the average steel and iron articles export price amounted to $X per ton, with an increase of 4.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2018 when the average export price increased by 7.1%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+4.8%), while the other global leaders experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports

In 2022, the amount of articles of iron or steel imported worldwide declined notably to X tons, waning by -38.8% on the previous year. Overall, imports, however, recorded resilient growth. The pace of growth was the most pronounced in 2014 when imports increased by 397% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of global imports remained at a lower figure.

In value terms, steel and iron articles imports stood at $X in 2022. The total import value increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Mozambique was the largest importer of articles of iron or steel in the world, with the volume of imports recording X tons, which was approx. 31% of total imports in 2022. Mexico (X tons) took the second position in the ranking, followed by the United States (X tons) and Germany (X tons). All these countries together held near 24% share of total imports. Thailand (X tons), France (X tons), South Korea (X tons), Japan (X tons), Austria (X tons), Poland (X tons) and Italy (X tons) followed a long way behind the leaders.

Mozambique was also the fastest-growing in terms of the articles of iron or steel imports, with a CAGR of +42.8% from 2012 to 2022. At the same time, Thailand (+10.2%), the United States (+6.2%), Italy (+5.4%), Poland (+4.6%), Mexico (+4.0%), Germany (+2.8%), France (+2.4%) and South Korea (+1.4%) displayed positive paces of growth. Austria and Japan experienced a relatively flat trend pattern. While the share of Mozambique (+30 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of South Korea (-1.8 p.p.), Japan (-2.2 p.p.), Germany (-2.7 p.p.) and Mexico (-3.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Germany ($X) and Mexico ($X) were the countries with the highest levels of imports in 2022, together accounting for 27% of global imports. Thailand, France, South Korea, Japan, Austria, Poland, Italy and Mozambique lagged somewhat behind, together comprising a further 24%.

Mozambique, with a CAGR of +7.0%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global 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 73% against the previous year. Over the period under review, the import price, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2015 when the average import price increased by 434%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Mozambique ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+3.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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