Pakistan: Iron And Steel Market 2024

Iron And Steel Market Size in Pakistan

In 2021, the Pakistani iron and steel market decreased by -9.3% to $X, falling for the fourth year in a row after three years of growth. Over the period under review, consumption, however, recorded a deep slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Iron And Steel Production in Pakistan

In value terms, iron and steel production reduced to $X in 2021 estimated in export price. In general, production, however, showed a deep contraction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 13%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

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Iron And Steel Exports

Exports from Pakistan

In 2021, after three years of decline, there was significant growth in overseas shipments of iron and steel, when their volume increased by 83% to X tons. Overall, exports, however, continue to indicate a dramatic curtailment. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, iron and steel exports dropped to $X in 2021. Over the period under review, exports, however, faced a significant contraction. The pace of growth was the most pronounced in 2016 when exports increased by 75%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Afghanistan (X tons) was the main destination for iron and steel exports from Pakistan, accounting for a 37% share of total exports. Moreover, iron and steel exports to Afghanistan exceeded the volume sent to the second major destination, Russia (X tons), fourfold. The United Arab Emirates (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume to Afghanistan amounted to -29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (0.0% per year) and the United Arab Emirates (-2.2% per year).

In value terms, Afghanistan ($X) remains the key foreign market for iron and steel exports from Pakistan, comprising 58% of total exports. The second position in the ranking was taken by Russia ($X), with a 23% share of total exports. It was followed by the United Arab Emirates, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Afghanistan amounted to -39.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (0.0% per year) and the United Arab Emirates (-11.1% per year).

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2021, shrinking by -52.7% against the previous year. Overall, the export price recorded a abrupt downturn. The growth pace was the most rapid in 2016 an increase of 17%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Afghanistan ($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 South Korea (+83.5%), while the prices for the other major destinations experienced a decline.

Iron And Steel Imports

Imports into Pakistan

In 2021, overseas purchases of iron and steel increased by 1.9% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 78%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, iron and steel imports soared to $X in 2021. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 74% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

Iran (X tons), Germany (X tons) and Brazil (X tons) were the main suppliers of iron and steel imports to Pakistan, together comprising 62% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +45.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel suppliers to Pakistan were Germany ($X), Iran ($X) and Brazil ($X), together comprising 64% of total imports.

Germany, with a CAGR of +46.5%, saw the highest growth rate of the value of imports, in terms of 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 42% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Brazil ($X per ton), while the price for Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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