Latin America and the Caribbean: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Latin America and the Caribbean

The Latin American iron and steel wire market contracted modestly to $X in 2022, with a decrease of X% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2021, and then contracted slightly in the following year.

Production of Iron and Steel Wire in Latin America and the Caribbean

In value terms, iron and steel wire production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a deep slump. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Iron and Steel Wire

Exports in Latin America and the Caribbean

For the fourth year in a row, LatAmerica and the Caribbean recorded growth in shipments abroad of iron and steel wire, which increased by X% to X tons in 2022. Overall, exports continue to indicate modest growth. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron and steel wire exports surged to $X in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico represented the main exporter of iron and steel wire in Latin America and the Caribbean, with the volume of exports resulting at X tons, which was near X% of total exports in 2022. It was distantly followed by Brazil (X tons), constituting a X% share of total exports. El Salvador (X tons), Peru (X tons) and Guatemala (X tons) held a minor share of total exports.

Exports from Mexico increased at an average annual rate of X% from 2012 to 2022. At the same time, Guatemala (X%) and Peru (X%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. Brazil and El Salvador experienced a relatively flat trend pattern. While the share of Mexico (X p.p.), Guatemala (X p.p.) and Peru (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest iron and steel wire supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Brazil ($X), with a X% share of total exports. It was followed by El Salvador, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Mexico amounted to X%. In the other countries, the average annual rates were as follows: Brazil (X% per year) and El Salvador (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Brazil ($X per ton) and El Salvador ($X per ton), while Guatemala ($X per ton) and Peru ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (X%), while the other leaders experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports in Latin America and the Caribbean

In 2022, the amount of iron and steel wire imported in Latin America and the Caribbean dropped to X tons, which is down by X% compared with the year before. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% 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 wire imports surged to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

In 2022, Brazil (X tons) was the major importer of iron and steel wire, generating X% of total imports. Mexico (X tons) ranks second in terms of the total imports with a X% share, followed by Colombia (X%), Argentina (X%) and Chile (X%). Paraguay (X tons), Guatemala (X tons), Costa Rica (X tons), Peru (X tons), Bolivia (X tons), the Dominican Republic (X tons), Panama (X tons) and Ecuador (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Panama (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel wire importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Costa Rica ($X), together accounting for X% of total imports. Argentina, Colombia, Chile, Paraguay, Guatemala, Peru, Bolivia, Ecuador, the Dominican Republic and Panama lagged somewhat behind, together accounting for a further X%.

Panama, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. 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 2022, amid the top importers, the country with the highest price was Costa Rica ($X per ton), while Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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