Eastern Asia: Pig Iron Market 2024

Pig Iron Market Size in Eastern Asia

In 2023, the East Asian pig iron market decreased by X% to $X, falling for the third year in a row after four years of growth. Overall, consumption showed a perceptible curtailment. 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 Eastern Asia

In value terms, pig iron production shrank to $X in 2023 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of production peaked at $X in 2022, and then reduced modestly in the following year.

Pig Iron Exports

Exports in Eastern Asia

In 2023, approx. X tons of pig iron and spiegeleisen were exported in Eastern Asia; waning by X% against 2022 figures. Over the period under review, exports saw a deep contraction. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, pig iron exports contracted sharply to $X in 2023. Overall, exports saw a deep slump. The growth pace was the most rapid in 2020 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Democratic People's Republic of Korea (X tons), Japan (X tons) and South Korea (X tons) was the major exporter of pig iron and spiegeleisen in Eastern Asia, committing X% of total export. It was distantly followed by China (X tons), mixing up a X% share of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by South Korea (with a CAGR of X%), while the other leaders experienced a decline in the exports figures.

In value terms, Japan ($X), Democratic People's Republic of Korea ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2023, together comprising X% of total exports.

Among the main exporting countries, South Korea, 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 a decline in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the export price continues to indicate a mild decrease. The pace of growth was the most pronounced in 2022 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

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

Pig Iron Imports

Imports in Eastern Asia

In 2023, supplies from abroad of pig iron and spiegeleisen decreased by X% to X tons, falling for the third consecutive year after four years of growth. In general, imports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2020 with an increase of X%. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports failed to regain momentum.

In value terms, pig iron imports shrank markedly to $X in 2023. Over the period under review, imports continue to indicate a abrupt slump. The growth pace was the most rapid in 2020 with an increase of X%. As a result, imports reached the peak of $X. From 2021 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Taiwan (Chinese) (X tons) and China (X tons) represented roughly X% of total imports in 2023. South Korea (X tons) took the next position in the ranking, distantly followed by Hong Kong SAR (X tons). All these countries together took near X% share of total imports. Japan (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Hong Kong SAR (with a CAGR of X%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest pig iron importing markets in Eastern Asia were China ($X), Taiwan (Chinese) ($X) and South Korea ($X), with a combined X% share of total imports. Japan and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

Hong Kong SAR, 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 a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, with an increase of X% against the previous year. Import price indicated a slight expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, pig iron import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs in 2023 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2023, 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