U.S.: Market for Iron, Steel And Ferroalloy 2024

Market Size for Iron, Steel And Ferroalloy in the U.S.

The U.S. iron, steel and ferroalloy market shrank to $X in 2022, with a decrease of X% against the previous year. Overall, consumption saw a mild contraction. Iron, steel and ferroalloy consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Iron, Steel And Ferroalloy in the U.S.

In value terms, iron, steel and ferroalloy production amounted to $X in 2022. Overall, production, however, showed a mild reduction. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Iron, steel and ferroalloy production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

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Exports of Iron, Steel And Ferroalloy

Exports from the U.S.

In 2022, shipments abroad of iron, steel and ferroalloy increased by X% to X tons, rising for the second consecutive year after three years of decline. In general, exports, however, showed a slight decline. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, iron, steel and ferroalloy exports soared to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Canada (X tons), Mexico (X tons) and the Netherlands (X tons) were the main destinations of iron, steel and ferroalloy exports from the United States, with a combined X% share of total exports.

From 2013 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron, steel and ferroalloy exported from the United States were Canada ($X), Mexico ($X) and Brazil ($X), with a combined X% share of total exports. The Netherlands and Austria lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Austria, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average iron, steel and ferroalloy export price amounted to $X per ton, increasing by X% against the previous year. Over the period from 2013 to 2022, it increased at an average annual rate of X%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron, Steel And Ferroalloy

Imports into the U.S.

In 2022, iron, steel and ferroalloy imports into the United States contracted to X tons, declining by X% on the previous year's figure. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, iron, steel and ferroalloy imports skyrocketed to $X in 2022. Overall, total imports indicated noticeable growth from 2013 to 2022: its value increased at an average annual rate of X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

Canada (X tons), Brazil (X tons) and Mexico (X tons) were the main suppliers of iron, steel and ferroalloy imports to the United States, with a combined X% share of total imports. South Korea, Japan, Trinidad and Tobago, Russia, China, India, Germany, Turkey, Taiwan (Chinese) and Vietnam lagged somewhat behind, together accounting for a further X%.

From 2013 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron, steel and ferroalloy suppliers to the United States were Canada ($X), Mexico ($X) and Brazil ($X), together comprising X% of total imports. South Korea, Taiwan (Chinese), Germany, Japan, India, Russia, China, Vietnam, Turkey and Trinidad and Tobago lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to 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 average iron, steel and ferroalloy import price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, import price indicated a prominent expansion from 2013 to 2022: its price increased at an average annual rate of X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron, steel and ferroalloy import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

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 Taiwan (Chinese) ($X per ton), while the price for Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Russia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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