Latin America and the Caribbean: Pig Iron Articles Market 2023

Pig Iron Articles Market Size in Latin America and the Caribbean

In 2021, the Latin American pig iron articles market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +4.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Pig Iron Articles Production in Latin America and the Caribbean

In value terms, pig iron articles production reached $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -8.1% against 2018 indices. The growth pace was the most rapid in 2014 when the production volume increased by 34% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Pig Iron Articles Exports

Exports in Latin America and the Caribbean

In 2021, approx. X tons of granules and powders of pig iron were exported in Latin America and the Caribbean; remaining stable against the previous year's figure. Overall, exports faced a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 18%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, pig iron articles exports skyrocketed to $X in 2021. Over the period under review, exports showed a noticeable downturn. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil prevails in exports structure, resulting at X tons, which was approx. 91% of total exports in 2021. The Dominican Republic (X tons) and Argentina (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to pig iron articles exports from Brazil stood at -16.4%. At the same time, the Dominican Republic (+35.0%) and Argentina (+24.3%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +35.0% from 2012-2021. From 2012 to 2021, the share of the Dominican Republic and Argentina increased by +2.7 and +2.2 percentage points, respectively.

In value terms, Brazil ($X) remains the largest pig iron articles supplier in Latin America and the Caribbean, comprising 85% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 6.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Brazil amounted to -3.6%. In the other countries, the average annual rates were as follows: the Dominican Republic (+10.3% per year) and Argentina (+16.0% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 28% against the previous year. Overall, the export price posted a buoyant expansion. The most prominent rate of growth was recorded in 2014 when the export price increased by 103% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+15.3%), while the other leaders experienced a decline in the export price figures.

Pig Iron Articles Imports

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of granules and powders of pig iron was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Overall, imports, however, showed a pronounced setback. The growth pace was the most rapid in 2017 with an increase of 36%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, pig iron articles imports soared to $X in 2021. Over the period under review, imports, however, saw a slight decrease. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Mexico (X tons) represented the largest importer of granules and powders of pig iron, constituting 65% of total imports. Brazil (X tons) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Argentina (4.6%). Peru (X tons), Chile (X tons) and Colombia (X tons) took a minor share of total imports.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of granules and powders of pig iron. Peru experienced a relatively flat trend pattern. Colombia (-1.1%), Chile (-1.6%), Brazil (-6.5%) and Argentina (-7.4%) illustrated a downward trend over the same period. Mexico (+11 p.p.) significantly strengthened its position in terms of the total imports, while Argentina and Brazil saw its share reduced by -2.7% and -7.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported granules and powders of pig iron in Latin America and the Caribbean, comprising 60% of total imports. The second position in the ranking was taken by Brazil ($X), with a 23% share of total imports. It was followed by Argentina, with a 3.9% share.

In Mexico, pig iron articles imports increased at an average annual rate of +1.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-4.5% per year) and Argentina (-6.9% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2018 when the import price increased by 11%. The level of import peaked in 2021 and is likely to continue growth in years to come.

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 Brazil ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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