Ecuador: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Ecuador

In 2021, the Ecuadorian hot-rolled bearing steel bar market increased by 181% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a pronounced decrease. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Ecuador

For the ninth consecutive year, Ecuador recorded decline in overseas shipments of hot-rolled bars in bearing steels, which decreased by -17.8% to X kg in 2021. In general, exports recorded a sharp decrease. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar exports contracted to $X in 2021. Overall, exports faced a precipitous curtailment. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Estonia (X kg) was the main destination for hot-rolled bearing steel bar exports from Ecuador, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Estonia stood at -9.8%.

In value terms, Estonia ($X) also remains the key foreign market for hot-rolled bearing steel bar exports from Ecuador.

From 2012 to 2021, the average annual growth rate of value to Estonia stood at -19.0%.

Export Prices by Country

In 2021, the average hot-rolled bearing steel bar export price amounted to $X per ton, increasing by 5.8% against the previous year. Overall, the export price, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 6.3% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for Brazil amounted to +20.1% per year.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Ecuador

In 2021, supplies from abroad of hot-rolled bars in bearing steels increased by 121% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, recorded a noticeable decline. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a noticeable descent. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), South Korea (X tons) and Mexico (X tons) were the main suppliers of hot-rolled bearing steel bar imports to Ecuador, together comprising 68% of total imports. Spain, the Netherlands, Chile, Turkey and Belgium lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Chile (with a CAGR of +74.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of hot-rolled bearing steel bar to Ecuador, comprising 41% of total imports. The second position in the ranking was held by South Korea ($X), with a 17% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+48.0% per year) and the Netherlands (+19.2% per year).

Import Prices by Country

The average hot-rolled bearing steel bar import price stood at $X per ton in 2021, growing by 38% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the Netherlands ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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