Colombia: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Colombia

The Colombian market for hot-rolled steel bars and rods plummeted to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption saw a pronounced descent. Hot-rolled steel bar and rod consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Hot-Rolled Steel Bars and Rods in Colombia

In value terms, hot-rolled steel bar and rod production dropped slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. Hot-rolled steel bar and rod production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Exports of Hot-Rolled Steel Bars and Rods

Exports from Colombia

Hot-rolled steel bar and rod exports from Colombia reduced to X tons in 2023, with a decrease of X% against the previous year's figure. In general, exports saw a pronounced descent. The pace of growth appeared the most rapid in 2017 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2018 to 2023, the growth of the exports remained at a lower figure.

In value terms, hot-rolled steel bar and rod exports dropped to $X in 2023. Over the period under review, exports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Ecuador (X tons) was the main destination for hot-rolled steel bar and rod exports from Colombia, accounting for a X% share of total exports. Moreover, hot-rolled steel bar and rod exports to Ecuador exceeded the volume sent to the second major destination, Venezuela (X tons), fourfold. Peru (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Ecuador stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Peru (X% per year).

In value terms, Ecuador ($X) emerged as the key foreign market for hot-rolled steel bars and rods exports from Colombia, comprising X% of total exports. The second position in the ranking was held by Venezuela ($X), with a X% share of total exports. It was followed by Panama, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Ecuador totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Panama (X% per year).

Export Prices by Country

In 2023, the average export price for hot-rolled steel bars and rods amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Peru (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Colombia

In 2023, hot-rolled steel bar and rod imports into Colombia reached X tons, rising by X% against 2022. In general, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports rose notably to $X in 2023. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2023, imports remained at a lower figure.

Imports by Country

Mexico (X tons), China (X tons) and Brazil (X tons) were the main suppliers of hot-rolled steel bar and rod imports to Colombia, together accounting for X% of total imports. Turkey, Peru, Russia, Venezuela and Trinidad and Tobago lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), China ($X) and Brazil ($X) constituted the largest hot-rolled steel bar and rod suppliers to Colombia, with a combined X% share of total imports. Turkey, Peru, Venezuela, Russia and Trinidad and Tobago lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Russia, with a CAGR of X%, 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 2023, the average import price for hot-rolled steel bars and rods amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price, however, recorded a slight decrease. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform