Global Iron And Steel Market 2024

Iron And Steel Market Size

In 2021, the global iron and steel market increased by 3.8% to $X, rising for the fifth consecutive year after two years of decline. The market value increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 when the market value increased by 7.2% against the previous year. Global consumption peaked in 2021 and is expected to retain growth in the near future.

Iron And Steel Production

In value terms, iron and steel production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 7.7% against the previous year. Global production peaked in 2021 and is likely to see gradual growth in the immediate term.

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Iron And Steel Exports

Exports

In 2021, the amount of iron and steel exported worldwide dropped modestly to X tons, declining by -3.3% against the previous year. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 16%. As a result, the exports attained the peak of X tons, and then shrank in the following year.

In value terms, iron and steel exports surged to $X in 2021. Over the period under review, total exports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +60.7% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the three major exporters of iron and steel, namely Russia, Brazil and Ukraine, represented more than two-thirds of total export. It was distantly followed by India (X tons), comprising a 6.8% share of total exports. The following exporters - South Africa (X tons), the Netherlands (X tons) and Germany (X tons) - together made up 8% of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +10.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest iron and steel supplying countries worldwide were Russia ($X), Brazil ($X) and Ukraine ($X), with a combined 69% share of global exports. India, the Netherlands, South Africa and Germany lagged somewhat behind, together comprising a further 15%.

In terms of the main exporting countries, India, with a CAGR of +12.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2021, rising by 55% against the previous year. Overall, export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.4%), while the other global leaders experienced more modest paces of growth.

Iron And Steel Imports

Imports

In 2021, global iron and steel imports fell to X tons, which is down by -3.7% against 2020. The total import volume increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 18% against the previous year. As a result, imports attained the peak of X tons, and then shrank in the following year.

In value terms, iron and steel imports soared to $X in 2021. In general, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +33.7% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) was the major importer of iron and steel, creating 39% of total imports. China (X tons) held the second position in the ranking, followed by Italy (X tons) and Turkey (X tons). All these countries together held near 30% share of total imports. The following importers - the Netherlands (X tons), Taiwan (Chinese) (X tons), Germany (X tons), Mexico (X tons), Spain (X tons), Poland (X tons) and the United Arab Emirates (X tons) - together made up 15% of total imports.

Imports into the United States increased at an average annual rate of +3.9% from 2012 to 2021. At the same time, China (+14.1%), the Netherlands (+6.2%), the United Arab Emirates (+5.1%), Mexico (+3.1%), Italy (+2.8%) and Poland (+2.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +14.1% from 2012-2021. By contrast, Spain (-1.3%), Turkey (-1.6%), Taiwan (Chinese) (-6.7%) and Germany (-7.9%) illustrated a downward trend over the same period. China (+8.6 p.p.) and the United States (+8.5 p.p.) significantly strengthened its position in terms of the global imports, while Turkey, Germany and Taiwan (Chinese) saw its share reduced by -2.1%, -2.7% and -2.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported iron and steel worldwide, comprising 39% of global imports. The second position in the ranking was taken by China ($X), with a 12% share of global imports. It was followed by Italy, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States stood at +5.8%. The remaining importing countries recorded the following average annual rates of imports growth: China (+15.9% per year) and Italy (+4.9% per year).

Import Prices by Country

In 2021, the average iron and steel import price amounted to $X per ton, rising by 51% against the previous year. In general, the import price recorded a slight increase. 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 importing countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while Mexico ($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 (+2.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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