Asia: Pig Iron Articles Market 2023

Pig Iron Articles Market Size in Asia

After two years of decline, the Asian pig iron articles market increased by less than 0.1% to $X in 2021. The market value increased at an average annual rate of +4.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Pig Iron Articles Production in Asia

In value terms, pig iron articles production fell slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 20% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Pig Iron Articles Exports

Exports in Asia

In 2021, pig iron articles exports in Asia surged to X tons, picking up by 74% compared with the previous year. In general, exports recorded strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, pig iron articles exports surged to $X in 2021. Overall, exports showed a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

India represented the largest exporting country with an export of about X tons, which accounted for 57% of total exports. It was distantly followed by China (X tons), Japan (X tons), Turkey (X tons) and South Korea (X tons), together mixing up a 33% share of total exports. Thailand (X tons) took a little share of total exports.

India was also the fastest-growing in terms of the granules and powders of pig iron exports, with a CAGR of +51.5% from 2012 to 2021. At the same time, Turkey (+8.8%), China (+6.9%), Japan (+2.3%) and South Korea (+1.6%) displayed positive paces of growth. By contrast, Thailand (-3.0%) illustrated a downward trend over the same period. While the share of India (+53 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Turkey (-2 p.p.), South Korea (-7.8 p.p.), China (-8.4 p.p.), Thailand (-8.9 p.p.) and Japan (-12.1 p.p.) displayed negative dynamics.

In value terms, Japan ($X), India ($X) and China ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 74% of total exports.

Among the main exporting countries, India, with a CAGR of +41.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, shrinking by -14.8% against the previous year. Over the period under review, the export price saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 when the export price increased by 14% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+8.2%), while the other leaders experienced more modest paces of growth.

Pig Iron Articles Imports

Imports in Asia

In 2021, the amount of granules and powders of pig iron imported in Asia skyrocketed to X tons, increasing by 42% compared with the year before. Total imports indicated a perceptible expansion 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. Based on 2021 figures, imports increased by +78.9% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, pig iron articles imports soared to $X in 2021. The total import value increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern 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.

Imports by Country

The purchases of the three major importers of granules and powders of pig iron, namely Malaysia, China and South Korea, represented more than third of total import. It was distantly followed by Bangladesh (X tons), Japan (X tons), India (X tons), Taiwan (Chinese) (X tons) and Oman (X tons), together generating a 36% share of total imports. Thailand (X tons), Vietnam (X tons), Saudi Arabia (X tons), Indonesia (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bangladesh (with a CAGR of +84.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest pig iron articles importing markets in Asia were China ($X), Japan ($X) and South Korea ($X), with a combined 57% share of total imports. These countries were followed by Taiwan (Chinese), India, Thailand, Vietnam, Bangladesh, Indonesia, Malaysia, Turkey, Oman and Saudi Arabia, which together accounted for a further 39%.

Among the main importing countries, Bangladesh, with a CAGR of +63.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, picking up by 5.4% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by 11% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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