Sri Lanka: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Sri Lanka

The Sri Lankan hot-rolled bearing steel bar market was finally on the rise to reach $X in 2021, after six years of decline. In general, consumption, however, showed a relatively flat trend pattern. Hot-rolled bearing steel bar consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Sri Lanka

For the sixth year in a row, Sri Lanka recorded decline in overseas shipments of hot-rolled bars in bearing steels, which decreased by -49.3% to X tons in 2021. Over the period under review, exports saw a dramatic decrease. The most prominent rate of growth was recorded in 2015 with an increase of 605%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar exports shrank markedly to $X in 2021. In general, exports faced a deep reduction. The pace of growth appeared the most rapid in 2014 with an increase of 75% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ethiopia (X tons) was the main destination for hot-rolled bearing steel bar exports from Sri Lanka, accounting for a 97% share of total exports. It was followed by India (X kg), with a 2.8% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Ethiopia was relatively modest.

In value terms, Ethiopia ($X) emerged as the key foreign market for hot-rolled bearing steel bar exports from Sri Lanka, comprising 96% of total exports. The second position in the ranking was taken by India ($X), with a 3.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Ethiopia was relatively modest.

Export Prices by Country

The average hot-rolled bearing steel bar export price stood at $X per ton in 2021, jumping by 32% against the previous year. Overall, the export price posted a buoyant expansion. The most prominent rate of growth was recorded in 2014 when the average export price increased by 863%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to Ethiopia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+307.5%).

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Sri Lanka

After six years of decline, purchases abroad of hot-rolled bars in bearing steels increased by 62% to X tons in 2021. Over the period under review, imports, however, recorded a slight descent. The growth pace was the most rapid in 2013 with an increase of 263%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, hot-rolled bearing steel bar imports soared to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 176% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

India (X tons), China (X tons) and Singapore (X tons) were the main suppliers of hot-rolled bearing steel bar imports to Sri Lanka, together comprising 97% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +13.1%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest hot-rolled bearing steel bar suppliers to Sri Lanka were India ($X), China ($X) and Singapore ($X), together accounting for 93% of total imports.

Singapore, with a CAGR of +12.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average hot-rolled bearing steel bar import price stood at $X per ton in 2021, jumping by 37% against the previous year. Over the period under review, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled bearing steel bar import price increased by +88.5% against 2015 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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