Global Pig Iron Market 2022

Pig Iron Market Size

The global pig iron market shrank slightly to $X in 2021, declining by -2.7% against the previous year. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $X in 2020, and then fell in the following year.

Pig Iron Production

In value terms, pig iron production shrank to $X in 2021 estimated in export price. Overall, production, however, saw perceptible growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 102%. As a result, production attained the peak level of $X. From 2019 to 2021, global production growth failed to regain momentum.

Pig Iron Exports

Exports

In 2021, global pig iron exports dropped modestly to X tons, which is down by -3% on the previous year's figure. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. As a result, the exports reached the peak of X tons, and then fell modestly in the following year.

In value terms, pig iron exports surged to $X in 2021. Over the period under review, total exports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +36.2% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from Ukraine (X tons), Russia (X tons) and Brazil (X tons), together resulting at 74% of total export. Brazil (X tons) ranks next in terms of the total exports with a 23% share, followed by India (5.6%) and Ukraine (23%). The Netherlands (X tons), Germany (X tons), Venezuela (X tons) and South Africa (X tons) held a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Venezuela (with a CAGR of +11.2%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest pig iron supplying countries worldwide were Russia ($X), Brazil ($X) and Ukraine ($X), together accounting for 74% of global exports. India, the Netherlands, South Africa, Germany and Venezuela lagged somewhat behind, together accounting for a further 16%.

The Netherlands, with a CAGR of +11.4%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average pig iron export price amounted to $X per ton, picking up by 44% against the previous year. Overall, export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. 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.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+3.5%), while the other global leaders experienced more modest paces of growth.

Pig Iron Imports

Imports

In 2021, global pig iron imports reduced to X tons, which is down by -6.1% against the previous year's figure. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 24% against the previous year. As a result, imports attained the peak of X tons, and then declined in the following year.

In value terms, pig iron imports skyrocketed to $X in 2021. Overall, total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +38.7% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States represented the largest importer of pig iron and spiegeleisen in the world, with the volume of imports amounting to X tons, which was approx. 41% of total imports in 2021. It was distantly followed by Turkey (X tons), Italy (X tons) and China (X tons), together generating a 31% share of total imports. The following importers - the United Arab Emirates (X tons), Mexico (X tons), Poland (X tons), Taiwan (Chinese) (X tons), the Netherlands (X tons), Germany (X tons), South Korea (X tons) and Saudi Arabia (X tons) - together made up 16% of total imports.

From 2012 to 2021, average annual rates of growth with regard to pig iron imports into the United States stood at +3.9%. At the same time, China (+14.7%), the United Arab Emirates (+10.2%), the Netherlands (+8.6%), Mexico (+5.6%), Italy (+2.6%) and Poland (+2.2%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +14.7% from 2012-2021. By contrast, Turkey (-1.6%), Saudi Arabia (-6.3%), Taiwan (Chinese) (-6.7%), Germany (-8.0%) and South Korea (-17.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and the United States increased by +9 and +7.7 percentage points, respectively. Saudi Arabia (-2.5 p.p.), Turkey (-2.6 p.p.), Germany (-2.9 p.p.), Taiwan (Chinese) (-3.2 p.p.) and South Korea (-5.4 p.p.) saw their shares reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported pig iron and spiegeleisen worldwide, comprising 41% of global imports. The second position in the ranking was held by China ($X), with a 13% share of global imports. It was followed by Italy, with a 9.7% share.

In the United States, pig iron imports increased at an average annual rate of +5.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: China (+16.5% per year) and Italy (+4.9% per year).

Import Prices by Country

The average pig iron import price stood at $X per ton in 2021, growing by 53% against the previous year. Overall, import price indicated modest growth 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, 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, the country with the highest price was the Netherlands ($X per ton), while Mexico ($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 (+2.5%), while the other global leaders experienced more modest paces of growth.

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