Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada - 2023
Contents:
- Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada (CIF) - 2022
- Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada (FOB) - 2023
- Imports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada
- Exports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada
Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada (CIF) - 2022
The average import price for iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s stood at $999 per ton in 2022, stabilizing at the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s increased by +151.6% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 43% against the previous year. The import price peaked at $1,013 per ton in 2021, and then shrank slightly in the following year.
As there is only one major supplying country, the average price level is determined by prices for the United States.
From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +1.6% per year.
Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada (FOB) - 2023
The average export price for iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s stood at $1,124 per ton in October 2023, approximately mirroring the previous month. Overall, the export price posted pronounced growth. The growth pace was the most rapid in August 2023 an increase of 16% against the previous month. The export price peaked at $1,246 per ton in May 2023; however, from June 2023 to October 2023, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for the United States.
From February 2023 to October 2023, the rate of growth in terms of prices for the United States amounted to +3.1% per month.
Imports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada
In 2022, imports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s into Canada skyrocketed to 6.3K tons, with an increase of 28% compared with the year before. Overall, imports posted a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by 56%. Imports peaked in 2022 and are likely to continue growth in the near future.
In value terms, imports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s surged to $6.3M in 2022. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 82% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
| Import of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 3.1 | 2.7 | 5.0 | 6.0 | 24.6% |
| Others | N/A | N/A | N/A | 0.3 | 0% |
| Total | 3.1 | 2.7 | 5.0 | 6.3 | 26.7% |
Top Suppliers of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) to Canada in 2022:
- United States (6.2K tons)
Exports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada
For the third consecutive year, Canada recorded decline in shipments abroad of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s, which decreased by -59.5% to 202 tons in 2022. In general, exports faced a sharp decline. The smallest decline of -26.4% was in 2020.
In value terms, exports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s dropped remarkably to $147K in 2022. Over the period under review, exports recorded a dramatic shrinkage. The smallest decline of -24.3% was in 2020.
| Export of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Canada (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 832 | 595 | 422 | 71.7 | -55.8% |
| India | 241 | 96.6 | 20.1 | 44.8 | -42.9% |
| Vietnam | N/A | N/A | N/A | 30.3 | 0% |
| Taiwan (Chinese) | 95.3 | 193 | N/A | N/A | 102.5% |
| Others | 0.3 | N/A | N/A | N/A | 0% |
| Total | 1,169 | 885 | 442 | 147 | -49.9% |
Top Export Markets for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) from Canada in 2022:
- India (78.0 tons)
- Vietnam (63.0 tons)
- United States (61.0 tons)
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