Australia and Oceania: Iron And Steel Market 2024

Iron And Steel Market Size in Australia and Oceania

The iron and steel market in Australia and Oceania totaled $X in 2021, remaining constant against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Iron And Steel Production in Australia and Oceania

In value terms, iron and steel production reached $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 18% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Iron And Steel Exports

Exports in Australia and Oceania

For the third consecutive year, Australia and Oceania recorded growth in shipments abroad of iron and steel, which increased by 260% to X tons in 2021. In general, exports saw a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron and steel exports skyrocketed to $X in 2021. Overall, exports continue to indicate buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Australia (X tons) was the main exporter of iron and steel in Australia and Oceania, creating 100% of total export.

Australia was also the fastest-growing in terms of the iron and steel exports, with a CAGR of +48.1% from 2012 to 2021. Australia (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) also remains the largest iron and steel supplier in Australia and Oceania.

From 2012 to 2021, the average annual growth rate of value in Australia totaled +14.2%.

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2021, waning by -8.2% against the previous year. Over the period under review, the export price saw a sharp decrease. The most prominent rate of growth was recorded in 2013 an increase of 102%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Australia.

From 2012 to 2021, the rate of growth in terms of prices for Australia amounted to -22.9% per year.

Iron And Steel Imports

Imports in Australia and Oceania

In 2021, approx. X tons of iron and steel were imported in Australia and Oceania; increasing by 6.2% on the year before. Total imports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -38.4% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 48%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, iron and steel imports skyrocketed to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 96%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

Imports by Country

Australia dominates imports structure, resulting at X tons, which was approx. 89% of total imports in 2021. Samoa (X tons), Solomon Islands (X tons), New Zealand (X tons) and Micronesia (X tons) took a little share of total imports.

Imports into Australia increased at an average annual rate of +3.2% from 2012 to 2021. At the same time, Samoa (+51.4%), Micronesia (+5.4%) and Solomon Islands (+1.5%) displayed positive paces of growth. Moreover, Samoa emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +51.4% from 2012-2021. By contrast, New Zealand (-1.0%) illustrated a downward trend over the same period. Samoa (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported iron and steel in Australia and Oceania, comprising 88% of total imports. The second position in the ranking was taken by New Zealand ($X), with a 4.1% share of total imports. It was followed by Samoa, with a 1.9% share.

In Australia, iron and steel imports increased at an average annual rate of +1.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: New Zealand (-4.1% per year) and Samoa (+25.6% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2021, increasing by 54% against the previous year. In general, the import price, however, recorded a pronounced setback. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was New Zealand ($X per ton), while Solomon Islands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (-2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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