South Africa: Market for Forged Bars Of Stainless Steel 2024

Market Size for Forged Bars Of Stainless Steel in South Africa

The South African forged stainless steel bar market expanded markedly to $X in 2023, increasing by X% against the previous year. Overall, consumption, however, continues to indicate a noticeable decrease. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Production of Forged Bars Of Stainless Steel in South Africa

In value terms, forged stainless steel bar production totaled $X in 2023 estimated in export price. In general, production showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

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Exports of Forged Bars Of Stainless Steel

Exports from South Africa

In 2023, shipments abroad of forged bars of stainless steel decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Over the period under review, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, forged stainless steel bar exports dropped remarkably to $X in 2023. Overall, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Namibia (X tons) was the main destination for forged stainless steel bar exports from South Africa, with a X% share of total exports. Moreover, forged stainless steel bar exports to Namibia exceeded the volume sent to the second major destination, Botswana (X tons), threefold. The third position in this ranking was held by Swaziland (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Namibia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Botswana (X% per year) and Swaziland (X% per year).

In value terms, Namibia ($X) remains the key foreign market for forged bars of stainless steel exports from South Africa, comprising X% of total exports. The second position in the ranking was taken by Swaziland ($X), with a X% share of total exports. It was followed by Botswana, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Namibia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Swaziland (X% per year) and Botswana (X% per year).

Export Prices by Country

The average forged stainless steel bar export price stood at $X per ton in 2023, picking up by X% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Zambia ($X per ton), while the average price for exports to Saint Helena, Ascension and Tristan da Cunha ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Namibia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Forged Bars Of Stainless Steel

Imports into South Africa

In 2023, approx. X tons of forged bars of stainless steel were imported into South Africa; jumping by X% on the year before. Over the period under review, imports saw modest growth. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2023, imports remained at a lower figure.

In value terms, forged stainless steel bar imports expanded markedly to $X in 2023. In general, imports, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports by Country

India (X tons), China (X tons) and Poland (X tons) were the main suppliers of forged stainless steel bar imports to South Africa, together accounting for X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, India ($X) constituted the largest supplier of forged bars of stainless steel to South Africa, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Poland, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from India stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Poland (X% per year).

Import Prices by Country

In 2023, the average forged stainless steel bar import price amounted to $X per ton, reducing by X% against the previous year. Overall, the import price saw a pronounced downturn. The most prominent rate of growth was recorded in 2022 when the average import price increased by X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, 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 Taiwan (Chinese) ($X per ton), while the price for Botswana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform