Myanmar: Iron And Steel Market 2022

Iron And Steel Market Size in Myanmar

The Myanmar's iron and steel market fell rapidly to $X in 2021, reducing by -16.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a abrupt downturn. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Iron And Steel Exports

Exports from Myanmar

Iron and steel exports from Myanmar skyrocketed to X tons in 2021, jumping by 436% compared with the previous year. In general, exports showed significant growth. The growth pace was the most rapid in 2017 when exports increased by 1,897% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, iron and steel exports surged to $X in 2021. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 3,389% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Thailand (X tons) was the main destination for iron and steel exports from Myanmar, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Thailand stood at +65.0%.

In value terms, Thailand ($X) also remains the key foreign market for iron and steel exports from Myanmar.

From 2012 to 2022, the average annual growth rate of value to Thailand stood at +99.6%.

Export Prices by Country

The average iron and steel export price stood at less than $X per ton in 2022, falling by 99.9% against the previous year. In general, the export price, however, recorded a slight expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 132% against the previous year. The export price peaked at $X per ton in 2021, and then contracted sharply in the following year.

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

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +26.7% per year.

Iron And Steel Imports

Imports into Myanmar

In 2021, purchases abroad of iron and steel decreased by -3.9% to X tons, falling for the fourth consecutive year after three years of growth. Over the period under review, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of 334% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, iron and steel imports rose rapidly to $X in 2021. Overall, imports saw a deep reduction. The pace of growth was the most pronounced in 2015 when imports increased by 359% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of iron and steel imports to Myanmar, with a combined 43% share of total imports. These countries were followed by Thailand, India, Vietnam and Singapore, which together accounted for a further 57%. Moreover, iron and steel imports in China exceeded the figures recorded by the second-largest supplier, South Korea, more than tenfold.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +6.5%), while imports for the other leaders experienced a decline.

In value terms, the largest iron and steel suppliers to Myanmar were China ($X), South Korea ($X) and Thailand ($X), together comprising 43% of total imports.

Among the main suppliers, Thailand, with a CAGR of +9.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average iron and steel import price stood at less than $X per ton in 2022, which is down by 99.9% against the previous year. Overall, the import price, however, posted a moderate increase. The pace of growth appeared the most rapid in 2020 when the average import price increased by 32%. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, the country with the highest price was China ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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