Ireland: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Ireland

The Irish steel and iron articles market was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, consumption posted a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Articles Of Iron Or Steel in Ireland

In value terms, steel and iron articles production totaled $X in 2022 estimated in export price. Overall, production, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 149% against the previous year. Steel and iron articles production peaked in 2022 and is likely to continue growth in the immediate term.

Exports of Articles Of Iron Or Steel

Exports from Ireland

For the third year in a row, Ireland recorded decline in overseas shipments of articles of iron or steel, which decreased by -8.3% to X tons in 2022. Overall, exports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 60% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, steel and iron articles exports reached $X in 2022. Over the period under review, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 495%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The UK (X tons) was the main destination for steel and iron articles exports from Ireland, with a 58% share of total exports. Moreover, steel and iron articles exports to the UK exceeded the volume sent to the second major destination, Germany (X tons), fivefold. The third position in this ranking was held by Japan (X tons), with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume to the UK stood at +11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+22.0% per year) and Japan (+10.7% per year).

In value terms, the largest markets for steel and iron articles exported from Ireland were the UK ($X), the United States ($X) and Germany ($X), together comprising 65% of total exports. China, France, Denmark, the Netherlands, Japan, Turkey, Belgium and the United Arab Emirates lagged somewhat behind, together accounting for a further 13%.

Among the main countries of destination, Denmark, with a CAGR of +37.2%, recorded the highest growth rate of 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

The average steel and iron articles export price stood at $X per ton in 2022, increasing by 15% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 832%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+12.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Ireland

After two years of decline, purchases abroad of articles of iron or steel increased by 388% to X tons in 2022. Overall, imports recorded buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steel and iron articles imports soared to $X in 2022. In general, imports posted strong growth. The growth pace was the most rapid in 2021 with an increase of 37% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steel and iron articles to Ireland, with a 56% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +30.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+3.7% per year) and Germany (+2.5% per year).

In value terms, the largest steel and iron articles suppliers to Ireland were China ($X), the UK ($X) and the United States ($X), together comprising 74% of total imports.

Among the main suppliers, China, with a CAGR of +24.1%, recorded the highest growth rate of 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 2022, the average steel and iron articles import price amounted to $X per ton, dropping by -75.1% against the previous year. Overall, the import price, however, saw slight growth. The pace of growth appeared the most rapid in 2021 an increase of 392%. As a result, import price attained the peak level of $X per ton, and then fell notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+19.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :