Turkey: Pig Iron Articles Market 2023

Pig Iron Articles Market Size in Turkey

In 2021, after three years of growth, there was significant decline in the Turkish pig iron articles market, when its value decreased by -44.4% to $X. Over the period under review, consumption continues to indicate a perceptible reduction. Pig iron articles consumption peaked at $X in 2020, and then dropped markedly in the following year.

Pig Iron Articles Production in Turkey

In value terms, pig iron articles production fell modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 8.7% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then fell modestly in the following year.

Pig Iron Articles Exports

Exports from Turkey

In 2021, pig iron articles exports from Turkey soared to X tons, increasing by 127% against 2020 figures. Overall, exports saw a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, pig iron articles exports soared to $X in 2021. In general, exports enjoyed a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for pig iron articles exports from Turkey, accounting for a 42% share of total exports. Moreover, pig iron articles exports to Germany exceeded the volume sent to the second major destination, the United States (X tons), threefold. Mexico (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Germany totaled +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+196.7% per year) and Mexico (+59.2% per year).

In value terms, Germany ($X) remains the key foreign market for granules and powders of pig iron exports from Turkey, comprising 45% of total exports. The second position in the ranking was taken by the United States ($X), with a 15% share of total exports. It was followed by Mexico, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany totaled +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+178.0% per year) and Mexico (+56.4% per year).

Export Prices by Country

The average pig iron articles export price stood at $X per ton in 2021, rising by 25% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. 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.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Georgia ($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 Georgia (+3.8%), while the prices for the other major destinations experienced mixed trend patterns.

Pig Iron Articles Imports

Imports into Turkey

In 2021, approx. X tons of granules and powders of pig iron were imported into Turkey; picking up by 42% compared with the year before. In general, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +58.4% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, pig iron articles imports soared to $X in 2021. Overall, imports posted a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Sweden (X tons) constituted the largest supplier of pig iron articles to Turkey, accounting for a 23% share of total imports. Moreover, pig iron articles imports from Sweden exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Germany (X tons), with a 7.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Sweden amounted to +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.2% per year) and Germany (+17.5% per year).

In value terms, Sweden ($X), Germany ($X) and China ($X) were the largest pig iron articles suppliers to Turkey, with a combined 48% share of total imports. Romania, Egypt, Bosnia and Herzegovina, France, India, Italy, Canada, Ukraine, Spain and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 39%.

Bosnia and Herzegovina, with a CAGR of +31.0%, recorded 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 pig iron articles import price amounted to $X per ton, with an increase of 8.2% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 17%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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