Latin America and the Caribbean: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Latin America and the Caribbean

The Latin American hot-rolled steel products market expanded markedly to $X in 2023, surging by X% against the previous year. Over the period under review, consumption, however, showed a perceptible decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Hot-Rolled Steel Products Production in Latin America and the Caribbean

In value terms, hot-rolled steel products production expanded modestly to $X in 2023 estimated in export price. In general, production, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Hot-Rolled Steel Products Exports

Exports in Latin America and the Caribbean

In 2023, after two years of growth, there was significant decline in overseas shipments of flat-rolled products of iron or steel (not further worked than hot-rolled), when their volume decreased by X% to X tons. Over the period under review, exports showed a pronounced contraction. The pace of growth appeared the most rapid in 2022 with an increase of X%. The volume of export peaked at X tons in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

In value terms, hot-rolled steel products exports dropped significantly to $X in 2023. Overall, exports recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2022, and then declined sharply in the following year.

Exports by Country

In 2023, Brazil (X tons) was the major exporter of flat-rolled products of iron or steel (not further worked than hot-rolled), making up X% of total exports. Mexico (X tons) ranks second in terms of the total exports with a X% share, followed by Argentina (X%).

Exports from Brazil decreased at an average annual rate of X% from 2012 to 2023. Argentina (X%) and Mexico (X%) illustrated a downward trend over the same period. While the share of Mexico (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest hot-rolled steel products supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Mexico ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Brazil stood at X%. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Argentina (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the export price, however, recorded a pronounced increase. The growth pace was the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2022, and then dropped in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while Brazil ($X per ton) was amongst the lowest.

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

Hot-Rolled Steel Products Imports

Imports in Latin America and the Caribbean

In 2023, imports of flat-rolled products of iron or steel (not further worked than hot-rolled) in Latin America and the Caribbean soared to X tons, rising by X% against the previous year. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, hot-rolled steel products imports rose rapidly to $X in 2023. Total imports indicated pronounced growth from 2012 to 2023: its value 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, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of import peaked in 2023 and is expected to retain growth in the near future.

Imports by Country

Mexico represented the key importer of flat-rolled products of iron or steel (not further worked than hot-rolled) in Latin America and the Caribbean, with the volume of imports accounting for X tons, which was near X% of total imports in 2023. Brazil (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (X%), Chile (X%), Peru (X%) and Ecuador (X%). Argentina (X tons) took a minor share of total imports.

Imports into Mexico increased at an average annual rate of X% from 2012 to 2023. At the same time, Argentina (X%), Ecuador (X%) and Chile (X%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Brazil, Colombia and Peru experienced a relatively flat trend pattern. While the share of Colombia (X p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by Brazil ($X), with a X% share of total imports. It was followed by Colombia, with a X% share.

In Mexico, hot-rolled steel products imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Colombia (X% per year).

Import Prices by Country

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, declining by 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, hot-rolled steel products import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2022, and then declined in the following year.

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 Argentina ($X per ton), while Chile ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform