Price for Iron and Non-Alloy Steel in Ingot in India - 2023
Contents:
- Price for Iron and Non-Alloy Steel in Ingot in India (FOB) - 2023
- Price for Iron and Non-Alloy Steel in Ingot in India (CIF) - 2022
- Exports of Iron and Non-Alloy Steel in Ingot in India
- Imports of Iron and Non-Alloy Steel in Ingot in India
Price for Iron and Non-Alloy Steel in Ingot in India (FOB) - 2023
The average export price for iron and non-alloy steel in ingots stood at $659 per ton in October 2023, waning by -4.1% against the previous month. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in July 2023 an increase of 39% m-o-m. As a result, the export price reached the peak level of $1,038 per ton. From August 2023 to October 2023, the the average export prices remained at a somewhat lower figure.
As there is only one major export destination, the average price level is determined by prices for Italy.
From October 2022 to October 2023, the rate of growth in terms of prices for Italy amounted to -0.2% per month.
Price for Iron and Non-Alloy Steel in Ingot in India (CIF) - 2022
In 2022, the average import price for iron and non-alloy steel in ingots amounted to $1,214 per ton, increasing by 56% against the previous year. Over the period under review, import price indicated a resilient expansion from 2012 to 2022: its price 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, import price for iron and non-alloy steel in ingots increased by +89.4% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($14,228 per ton), while the price for Turkey ($901 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+37.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Iron and Non-Alloy Steel in Ingot in India
In 2022, approx. 69K tons of iron and non-alloy steel in ingots were exported from India; increasing by 7.6% against the previous year's figure. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 109,193% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.
In value terms, exports of iron and non-alloy steel in ingots surged to $212M in 2022. Over the period under review, exports showed a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 17,175%. The exports peaked in 2022 and are expected to retain growth in years to come.
| Export of Iron and Non-Alloy Steel in Ingot in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Italy | N/A | N/A | 46.9 | 167 | 256.1% |
| Romania | N/A | N/A | N/A | 7.0 | 0% |
| Nepal | N/A | N/A | 0.6 | 3.0 | 400.0% |
| Others | 0.2 | 0.3 | 0.6 | 35.6 | 462.5% |
| Total | 0.2 | 0.3 | 48.1 | 212 | 919.6% |
Top Export Markets for Iron and Non-Alloy Steel in Ingot from India in 2022:
- Italy (220.9K tons)
- Romania (7.6K tons)
- Nepal (4.8K tons)
Imports of Iron and Non-Alloy Steel in Ingot in India
In 2022, approx. 11K tons of iron and non-alloy steel in ingots were imported into India; flattening at the year before. In general, imports recorded a precipitous setback.
In value terms, imports of iron and non-alloy steel in ingots skyrocketed to $13M in 2022. Over the period under review, imports recorded a drastic downturn.
| Import of Iron and Non-Alloy Steel in Ingot in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 4.2 | 5.4 | 0.3 | 6.5 | 15.7% |
| Italy | 12.4 | 5.9 | 5.5 | 3.7 | -33.2% |
| Turkey | 0.6 | 0.8 | N/A | 0.7 | 5.3% |
| Belgium | 0.3 | 0.2 | 0.2 | 0.3 | 0.0% |
| Oman | N/A | 0.1 | 2.2 | N/A | 2100.0% |
| Others | 1.0 | 0.1 | 0.2 | 2.0 | 26.0% |
| Total | 18.5 | 12.4 | 8.4 | 13.2 | -10.6% |
Top Suppliers of Iron and Non-Alloy Steel in Ingot to India in 2022:
- China (6.1K tons)
- Italy (3.6K tons)
- Turkey (0.7K tons)
- Belgium (0.2K tons)
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