Colombia: Iron And Steel Market 2024

Iron And Steel Market Size in Colombia

The Colombian iron and steel market fell to $X in 2023, dropping by X% against the previous year. Over the period under review, consumption saw a prominent expansion. Iron and steel consumption peaked at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Iron And Steel Production in Colombia

In value terms, iron and steel production fell modestly to $X in 2023 estimated in export price. In general, production, however, saw a slight shrinkage. The pace of growth appeared the most rapid in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Iron And Steel Exports

Exports from Colombia

Iron and steel exports from Colombia contracted to X tons in 2023, dropping by X% compared with the year before. Over the period under review, exports, however, enjoyed tangible growth. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2023, the growth of the exports remained at a lower figure.

In value terms, iron and steel exports fell rapidly to $X in 2023. In general, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by X%. The exports peaked at $X in 2020; however, from 2021 to 2023, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons) was the main destination for iron and steel exports from Colombia, accounting for a X% share of total exports. Moreover, iron and steel exports to Ecuador exceeded the volume sent to the second major destination, Costa Rica (X tons), twofold. Panama (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Ecuador stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (X% per year) and Panama (X% per year).

In value terms, Ecuador ($X), Costa Rica ($X) and Panama ($X) were the largest markets for iron and steel exported from Colombia worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Costa Rica, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2023, which is down by X% against the previous year. In general, the export price, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2023, 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 2023, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (X%), while the prices for the other major destinations experienced mixed trend patterns.

Iron And Steel Imports

Imports into Colombia

In 2023, the amount of iron and steel imported into Colombia fell rapidly to X tons, waning by X% compared with 2022. Overall, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, imports attained the peak of X tons. From 2017 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, iron and steel imports skyrocketed to $X in 2023. In general, imports recorded a abrupt shrinkage. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of iron and steel to Colombia, with a X% share of total imports. Moreover, iron and steel imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by Brazil (X kg), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Brazil (X% per year).

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

From 2012 to 2023, the average annual rate of growth in terms of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Brazil (X% per year).

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2023, picking up by X% against the previous year. In general, the import price showed a prominent increase. The import price peaked at $X per ton in 2019; however, from 2020 to 2023, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform