Latin America and the Caribbean: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Latin America and the Caribbean

For the third consecutive year, the Latin American iron and steel wire market recorded decline in sales value, which decreased by X% to $X in 2023. In general, consumption, however, faced a abrupt shrinkage. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2023, consumption failed to regain momentum.

Production of Iron and Steel Wire in Latin America and the Caribbean

In value terms, iron and steel wire production expanded to $X in 2023 estimated in export price. Over the period under review, production saw a dramatic decrease. The growth pace was the most rapid in 2021 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Exports of Iron and Steel Wire

Exports in Latin America and the Caribbean

In 2023, after four years of growth, there was significant decline in overseas shipments of iron and steel wire, when their volume decreased by X% to X tons. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2023, the exports failed to regain momentum.

In value terms, iron and steel wire exports reduced notably to $X in 2023. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 with an increase of X%. As a result, the exports attained the peak of $X, and then declined markedly in the following year.

Exports by Country

Mexico represented the largest exporter of iron and steel wire in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2023. It was distantly followed by Brazil (X tons), comprising a X% share of total exports. Guatemala (X tons), El Salvador (X tons) and Peru (X tons) held a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to iron and steel wire exports from Mexico stood at X%. At the same time, Guatemala (X%) and Peru (X%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Brazil experienced a relatively flat trend pattern. By contrast, El Salvador (X%) illustrated a downward trend over the same period. Mexico (X p.p.) and Guatemala (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest iron and steel wire supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Brazil ($X), with a X% share of total exports. It was followed by El Salvador, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Mexico was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (X% per year) and El Salvador (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, with a decrease of X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Brazil ($X per ton) and Peru ($X per ton), while Mexico ($X per ton) and Guatemala ($X per ton) were amongst the lowest.

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

Imports of Iron and Steel Wire

Imports in Latin America and the Caribbean

Iron and steel wire imports amounted to X tons in 2023, stabilizing at 2022. Total imports indicated a mild increase from 2012 to 2023: its volume 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, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, iron and steel wire imports declined notably to $X in 2023. Total imports indicated a mild expansion 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. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2022, and then fell markedly in the following year.

Imports by Country

Brazil represented the largest importing country with an import of around X tons, which resulted at X% of total imports. Mexico (X tons) held the second position in the ranking, distantly followed by Colombia (X tons), Argentina (X tons) and Chile (X tons). All these countries together took near X% share of total imports. The following importers - Guatemala (X tons), Paraguay (X tons), Peru (X tons), Bolivia (X tons), Costa Rica (X tons), Ecuador (X tons), Panama (X tons) and Honduras (X tons) - together made up X% of total imports.

Imports into Brazil increased at an average annual rate of X% from 2012 to 2023. At the same time, Panama (X%), Colombia (X%), Guatemala (X%), Honduras (X%), Costa Rica (X%), Argentina (X%) and Ecuador (X%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Peru and Chile experienced a relatively flat trend pattern. By contrast, Paraguay (X%), Mexico (X%) and Bolivia (X%) illustrated a downward trend over the same period. Colombia (X p.p.), Guatemala (X p.p.) and Panama (X p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron and steel wire importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Argentina ($X), with a combined X% share of total imports. Costa Rica, Colombia, Chile, Guatemala, Paraguay, Peru, Bolivia, Ecuador, Honduras and Panama lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Panama, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Costa Rica ($X per ton), while Panama ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform