Cuba: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in Cuba

The Cuban market for raw steel and steel semi-finished products surged to $X in 2021, with an increase of 25% against the previous year. Over the period under review, consumption, however, showed a abrupt downturn. Consumption of peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Raw Steel And Steel Semi-Finished Products in Cuba

In value terms, production of raw steel and steel semi-finished products rose notably to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt descent. Over the period under review, production of hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Cuba

In 2021, shipments abroad of raw steel and steel semi-finished products decreased by -56.3% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 54% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of raw steel and steel semi-finished products fell rapidly to $X in 2021. Overall, exports faced a dramatic setback. The pace of growth appeared the most rapid in 2017 with an increase of 41% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Morocco (X tons), the Dominican Republic (X tons) and Guatemala (X tons) were the main destinations of exports of raw steel and steel semi-finished products from Cuba, with a combined 79% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Morocco (with a CAGR of +0.7%), while the other leaders experienced a decline.

In value terms, Morocco ($X), the Dominican Republic ($X) and Guatemala ($X) were the largest markets for raw steel and steel semi-finished products exported from Cuba worldwide, with a combined 73% share of total exports.

Morocco, with a CAGR of -0.4%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for raw steel and steel semi-finished products stood at $X per ton in 2021, picking up by 33% against the previous year. Over the period under review, the export price, however, continues to indicate a mild reduction. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Spain ($X per ton), while the average price for exports to Guatemala ($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 Brazil (+15.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Cuba

In 2021, approx. X tons of raw steel and steel semi-finished products were imported into Cuba; dropping by -3.5% compared with the previous year's figure. Overall, imports recorded a dramatic shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 111% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, imports of raw steel and steel semi-finished products reached $X in 2021. Over the period under review, imports continue to indicate a dramatic decline. The growth pace was the most rapid in 2017 when imports increased by 105%. Over the period under review, imports of reached the maximum at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Honduras (X tons), Canada (X tons) and Spain (X tons) were the main suppliers of imports of raw steel and steel semi-finished products to Cuba, together comprising 96% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of -20.8%), while imports for the other leaders experienced a decline.

In value terms, Canada ($X), Honduras ($X) and Spain ($X) were the largest raw steel and steel semi-finished products suppliers to Cuba, together accounting for 76% of total imports.

Spain, with a CAGR of -14.2%, recorded 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 a decline.

Import Prices by Country

In 2021, the average import price for raw steel and steel semi-finished products amounted to $X per ton, surging by 6.8% against the previous year. Over the period under review, the import price continues to indicate prominent growth. The growth pace was the most rapid in 2019 when the average import price increased by 145%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+8.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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