Colombia: Iron And Steel Market 2024

Iron And Steel Market Size in Colombia

In 2021, the Colombian iron and steel market decreased by -1.6% to $X, falling for the third year in a row after four years of growth. Over the period under review, consumption, however, recorded a noticeable decline. Iron and steel consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Iron And Steel Production in Colombia

In value terms, iron and steel production declined modestly to $X in 2021 estimated in export price. Overall, production, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2017 with an increase of 13% against the previous year. Iron and steel production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Iron And Steel Exports

Exports from Colombia

In 2021, after three years of growth, there was significant decline in shipments abroad of iron and steel, when their volume decreased by -43.2% to X tons. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 121%. As a result, the exports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, iron and steel exports shrank remarkably to $X in 2021. Overall, exports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2019 with an increase of 72%. The exports peaked at $X in 2020, and then contracted sharply in the following year.

Exports by Country

Ecuador (X tons) was the main destination for iron and steel exports from Colombia, with a 83% share of total exports. Moreover, iron and steel exports to Ecuador exceeded the volume sent to the second major destination, Panama (X tons), ninefold. The third position in this ranking was held by Costa Rica (X kg), with a 4.2% share.

From 2012 to 2021, the average annual growth rate of volume to Ecuador was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+7.8% per year) and Costa Rica (+33.8% per year).

In value terms, Ecuador ($X) remains the key foreign market for iron and steel exports from Colombia, comprising 86% of total exports. The second position in the ranking was held by Panama ($X), with a 6.6% share of total exports. It was followed by Costa Rica, with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value to Ecuador totaled +15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+35.2% per year) and Costa Rica (+20.9% per year).

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2021, which is down by -11.2% against the previous year. In general, the export price, however, saw a prominent expansion. The pace of growth was the most pronounced in 2013 when the average export price increased by 86% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Venezuela ($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 Panama (+25.4%), while the prices for the other major destinations experienced mixed trend patterns.

Iron And Steel Imports

Imports into Colombia

In 2021, supplies from abroad of iron and steel increased by 18% to X tons for the first time since 2016, thus ending a four-year declining trend. Overall, imports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 249%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iron and steel imports skyrocketed to $X in 2021. In general, imports, however, showed a perceptible decline. The growth pace was the most rapid in 2016 with an increase of 140%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The United States (X tons), Brazil (X tons) and Spain (X tons) were the main suppliers of iron and steel imports to Colombia, together comprising 98% of total imports. Italy lagged somewhat behind, comprising a further 2%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +42.5%), while purchases for the other leaders experienced a decline.

In value terms, the United States ($X) constituted the largest supplier of iron and steel to Colombia, comprising 69% of total imports. The second position in the ranking was taken by Spain ($X), with a 13% share of total imports. It was followed by Brazil, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-8.6% per year) and Brazil (-17.5% per year).

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, rising by 58% against the previous year. Over the period under review, the import price showed strong growth. The most prominent rate of growth was recorded in 2018 an increase of 222% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Brazil ($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 United States (+7.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :