Price for Iron and Non-Alloy Steel in Ingot in Canada - 2023
Contents:
- Price for Iron and Non-Alloy Steel in Ingot in Canada (CIF) - 2022
- Price for Iron and Non-Alloy Steel in Ingot in Canada (FOB) - 2022
- Imports of Iron and Non-Alloy Steel in Ingot in Canada
- Exports of Iron and Non-Alloy Steel in Ingot in Canada
Price for Iron and Non-Alloy Steel in Ingot in Canada (CIF) - 2022
In 2022, the average import price for iron and non-alloy steel in ingots amounted to $1,207 per ton, surging by 19% against the previous year. In general, the import price recorded a strong expansion. The pace of growth appeared the most rapid in 2021 an increase of 84% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($1,153 per ton), while the price for China ($536 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Iron and Non-Alloy Steel in Ingot in Canada (FOB) - 2022
In 2022, the average export price for iron and non-alloy steel in ingots amounted to $652 per ton, reducing by -24.6% against the previous year. Over the period under review, the export price showed a slight descent. The pace of growth was the most pronounced in 2017 an increase of 26% against the previous year. As a result, the export price attained the peak level of $890 per ton. From 2018 to 2022, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($1,677 per ton), while the average price for exports to Vietnam ($481 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+7.9%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Iron and Non-Alloy Steel in Ingot in Canada
For the fourth year in a row, Canada recorded growth in purchases abroad of iron and non-alloy steel in ingots, which increased by 28% to 7.3K tons in 2022. The total import volume increased at an average annual rate of +10.6% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of iron and non-alloy steel in ingots soared to $8.8M in 2022. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 89%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.
| Import of Iron and Non-Alloy Steel in Ingot in Canada (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 3.4 | 2.8 | 5.5 | 8.3 | 34.6% |
| China | 0.1 | 0.1 | 0.1 | 0.2 | 26.0% |
| Others | N/A | 0.1 | 0.2 | 0.3 | 73.2% |
| Total | 3.6 | 3.1 | 5.8 | 8.8 | 34.7% |
Top Suppliers of Iron and Non-Alloy Steel in Ingot to Canada in 2022:
- United States (7.2K tons)
- China (0.4K tons)
Exports of Iron and Non-Alloy Steel in Ingot in Canada
In 2022, overseas shipments of iron and non-alloy steel in ingots increased by 55% to 963 tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a deep slump.
In value terms, exports of iron and non-alloy steel in ingots surged to $628K in 2022. In general, exports, however, recorded a precipitous decrease.
| Export of Iron and Non-Alloy Steel in Ingot in Canada (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Korea | N/A | N/A | N/A | 401 | 0% |
| United States | 886 | 621 | 515 | 134 | -46.7% |
| India | 241 | 96.6 | 20.1 | 44.8 | -42.9% |
| Vietnam | N/A | N/A | N/A | 30.3 | 0% |
| Italy | N/A | N/A | N/A | 14.0 | 0% |
| Taiwan (Chinese) | 95.3 | 193 | N/A | N/A | 102.5% |
| Others | 22.2 | 0.4 | 1.7 | 3.1 | -48.1% |
| Total | 1,245 | 911 | 537 | 628 | -20.4% |
Top Export Markets for Iron and Non-Alloy Steel in Ingot from Canada in 2022:
- South Korea (712.0 tons)
- United States (80.1 tons)
- India (78.0 tons)
- Vietnam (63.0 tons)
- Italy (25.0 tons)
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