Asia: Pig Iron Market 2024

Pig Iron Market Size in Asia

The Asian pig iron market dropped markedly to $X in 2023, waning by X% against the previous year. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2023, the growth of the market remained at a lower figure.

Pig Iron Production in Asia

In value terms, pig iron production reduced to $X in 2023 estimated in export price. The total production indicated moderate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, production reached the peak level of $X, and then contracted in the following year.

Pig Iron Exports

Exports in Asia

In 2023, overseas shipments of pig iron and spiegeleisen decreased by X% to X tons, falling for the third consecutive year after two years of growth. In general, exports saw a noticeable decrease. The growth pace was the most rapid in 2020 when exports increased by X%. The volume of export peaked at X tons in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

In value terms, pig iron exports declined remarkably to $X in 2023. Over the period under review, exports continue to indicate a slight descent. The most prominent rate of growth was recorded in 2020 with an increase of X%. The level of export peaked at $X in 2022, and then shrank rapidly in the following year.

Exports by Country

India represented the major exporting country with an export of about X tons, which recorded X% of total exports. Democratic People's Republic of Korea (X tons) took the second position in the ranking, followed by Japan (X tons), Iran (X tons), South Korea (X tons), Vietnam (X tons) and Malaysia (X tons). All these countries together held near X% share of total exports.

India experienced a relatively flat trend pattern with regard to volume of exports of pig iron and spiegeleisen. At the same time, Malaysia (X%), Vietnam (X%) and South Korea (X%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. By contrast, Iran (X%), Democratic People's Republic of Korea (X%) and Japan (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of South Korea, India, Vietnam and Malaysia increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest pig iron supplier in Asia, comprising X% of total exports. The second position in the ranking was held by Iran ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

In India, pig iron exports remained relatively stable over the period from 2012-2023. In the other countries, the average annual rates were as follows: Iran (X% per year) and Japan (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, waning by X% against the previous year. Export price indicated mild growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2022, and then fell markedly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Pig Iron Imports

Imports in Asia

In 2023, supplies from abroad of pig iron and spiegeleisen decreased by X% to X tons, falling for the third consecutive year after three years of growth. Overall, imports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, pig iron imports reduced dramatically to $X in 2023. Over the period under review, imports continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Turkey represented the largest importer of pig iron and spiegeleisen in Asia, with the volume of imports accounting for X tons, which was approx. X% of total imports in 2023. It was distantly followed by Taiwan (Chinese) (X tons), China (X tons), India (X tons), the United Arab Emirates (X tons) and South Korea (X tons), together mixing up a X% share of total imports. The following importers - Oman (X tons), Hong Kong SAR (X tons) and Saudi Arabia (X tons) - each recorded a X% share of total imports.

Turkey experienced a relatively flat trend pattern with regard to volume of imports of pig iron and spiegeleisen. At the same time, Oman (X%), Hong Kong SAR (X%), India (X%), Saudi Arabia (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2023. By contrast, China (X%), Taiwan (Chinese) (X%) and South Korea (X%) illustrated a downward trend over the same period. India (X p.p.), Turkey (X p.p.), the United Arab Emirates (X p.p.), Oman (X p.p.), Hong Kong SAR (X p.p.) and Saudi Arabia (X p.p.) significantly strengthened its position in terms of the total imports, while China, Taiwan (Chinese) and South Korea saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported pig iron and spiegeleisen in Asia, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey was relatively modest. In the other countries, the average annual rates were as follows: China (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2023, dropping by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2022, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform