India: Iron And Steel Market 2024

Iron And Steel Market Size in India

The Indian iron and steel market skyrocketed to $X in 2021, with an increase of 21% against the previous year. Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +79.8% against 2016 indices. Over the period under review, the market hit record highs in 2021 and is likely to see steady growth in years to come.

Iron And Steel Production in India

In value terms, iron and steel production soared to $X in 2021 estimated in export price. In general, the total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +112.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 37%. Iron and steel production peaked in 2021 and is likely to see gradual growth in years to come.

Iron And Steel Exports

Exports from India

In 2021, shipments abroad of iron and steel increased by 126% to X tons, rising for the second year in a row after two years of decline. In general, exports showed a buoyant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 184% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, iron and steel exports soared to $X in 2021. Over the period under review, exports saw a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for iron and steel exports from India, accounting for a 32% share of total exports. Moreover, iron and steel exports to China exceeded the volume sent to the second major destination, Turkey (X tons), twofold. The United States (X tons) ranked third in terms of total exports with a 9.1% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +43.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+191.8% per year) and the United States (+91.7% per year).

In value terms, the largest markets for iron and steel exported from India were China ($X), the United States ($X) and Turkey ($X), with a combined 63% share of total exports. Italy, Taiwan (Chinese), South Korea, Thailand, Indonesia, Bangladesh and Malaysia lagged somewhat behind, together accounting for a further 28%.

Italy, with a CAGR of +253.7%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron and steel export price amounted to $X per ton, jumping by 70% against the previous year. In general, export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the average export price increased by 75% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into India

In 2021, iron and steel imports into India reduced to X tons, waning by -9.8% against the previous year. Over the period under review, imports recorded a deep reduction. The most prominent rate of growth was recorded in 2015 with an increase of 45% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, iron and steel imports reduced slightly to $X in 2021. In general, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2015 with an increase of 48% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

South Africa (X tons), Italy (X tons) and Oman (X tons) were the main suppliers of iron and steel imports to India, together comprising 67% of total imports.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +111.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel suppliers to India were Italy ($X), South Africa ($X) and Oman ($X), with a combined 65% share of total imports.

Oman, with a CAGR of +136.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average iron and steel import price amounted to $X per ton, picking up by 8.9% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 23% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Bhutan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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