New Zealand: Iron And Steel Market 2024

Iron And Steel Market Size in New Zealand

In 2021, the New Zealand iron and steel market increased by 0.6% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Iron And Steel Production in New Zealand

In value terms, iron and steel production stood at $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 28% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Iron And Steel Exports

Exports from New Zealand

After two years of growth, overseas shipments of iron and steel decreased by -12.9% to X tons in 2021. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 94% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron and steel exports shrank to $X in 2021. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 140% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Samoa (X tons), Solomon Islands (X tons) and Australia (X tons) were the main destinations of iron and steel exports from New Zealand, together comprising 88% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Solomon Islands (with a CAGR of +13.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron and steel exported from New Zealand were Australia ($X), Samoa ($X) and Solomon Islands ($X), together comprising 57% of total exports.

Solomon Islands, with a CAGR of +3.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average iron and steel export price amounted to $X per ton, picking up by 2.2% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 87%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Solomon Islands ($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 Australia (+11.6%), while the prices for the other major destinations experienced a decline.

Iron And Steel Imports

Imports into New Zealand

In 2021, after two years of decline, there was significant growth in supplies from abroad of iron and steel, when their volume increased by 131% to X tons. Overall, imports, however, recorded a mild setback. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, iron and steel imports soared to $X in 2021. In general, imports, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2018 with an increase of 298%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron and steel to New Zealand, accounting for a 72% share of total imports. Moreover, iron and steel imports from China exceeded the figures recorded by the second-largest supplier, South Africa (X tons), fourfold. Norway (X tons) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +95.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-1.0% per year) and Norway (0.0% per year).

In value terms, China ($X) constituted the largest supplier of iron and steel to New Zealand, comprising 82% of total imports. The second position in the ranking was taken by South Africa ($X), with an 8.6% share of total imports. It was followed by Norway, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +121.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-3.5% per year) and Norway (0.0% per year).

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, jumping by 64% against the previous year. Overall, the import price, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2013 an increase of 116%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+48.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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