CIS: Iron And Steel Market 2024

Iron And Steel Market Size in CIS

In 2021, the CIS iron and steel market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Iron And Steel Production in CIS

In value terms, iron and steel production soared to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Iron And Steel Exports

Exports in CIS

For the third year in a row, the CIS recorded decline in overseas shipments of iron and steel, which decreased by -5.6% to X tons in 2021. Over the period under review, exports saw a slight contraction. The growth pace was the most rapid in 2015 with an increase of 21% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, iron and steel exports surged to $X in 2021. In general, exports saw a relatively flat trend pattern. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Russia (X tons) was the largest exporter of iron and steel in the CIS, mixing up 99% of total export.

Russia was also the fastest-growing in terms of the iron and steel exports, with a CAGR of -1.5% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) also remains the largest iron and steel supplier in the CIS.

From 2012 to 2021, the average annual growth rate of value in Russia stood at -1.2%.

Export Prices by Country

In 2021, the export price in the CIS amounted to $X per ton, rising by 58% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.4% 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 reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Russia.

From 2012 to 2021, the rate of growth in terms of prices for Russia amounted to +0.3% per year.

Iron And Steel Imports

Imports in CIS

In 2021, overseas purchases of iron and steel were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, recorded a noticeable contraction. The growth pace was the most rapid in 2017 when imports increased by 88%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, iron and steel imports skyrocketed to $X in 2021. In general, imports, however, showed a slight setback. The pace of growth appeared the most rapid in 2017 with an increase of 117% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Belarus represented the largest importing country with an import of around X tons, which resulted at 81% of total imports. It was distantly followed by Moldova (X tons), mixing up an 11% share of total imports. The following importers - Kazakhstan (X tons), Azerbaijan (X tons) and Russia (X tons) - together made up 6.8% of total imports.

From 2012 to 2021, average annual rates of growth with regard to iron and steel imports into Belarus stood at -5.1%. At the same time, Azerbaijan (+37.9%), Moldova (+19.9%), Russia (+13.4%) and Kazakhstan (+1.1%) displayed positive paces of growth. Moreover, Azerbaijan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +37.9% from 2012-2021. Moldova (+9.8 p.p.) and Azerbaijan (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Belarus saw its share reduced by -13.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belarus ($X) constitutes the largest market for imported iron and steel in the CIS, comprising 86% of total imports. The second position in the ranking was held by Moldova ($X), with a 5.6% share of total imports. It was followed by Kazakhstan, with a 3.2% share.

In Belarus, iron and steel imports decreased by an average annual rate of -2.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Moldova (+15.0% per year) and Kazakhstan (-2.1% per year).

Import Prices by Country

In 2021, the import price in the CIS amounted to $X per ton, increasing by 54% against the previous year. Import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron and steel import price increased by +107.7% against 2016 indices. As a result, import 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 importing countries. In 2021, amid the top importers, the country with the highest price was Azerbaijan ($X per ton), while Moldova ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belarus (+3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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