Sri Lanka's Hot-Rolled Steel Bars and Rods Market Report 2024 - Prices, Size, Forecast, and Companies

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After three years of decline, the Sri Lankan market for hot-rolled steel bars and rods increased by X% to $X in 2023. In general, consumption, however, saw a deep contraction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

After four years of growth, overseas shipments of hot-rolled steel bars and rods decreased by X% to X tons in 2023. Over the period under review, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2014 with an increase of X%. The exports peaked at X tons in 2022, and then contracted dramatically in the following year.

In value terms, hot-rolled steel bar and rod exports declined notably to $X in 2023. Overall, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2022 when exports increased by X%. As a result, the exports attained the peak of $X, and then fell notably in the following year.

Maldives (X tons) was the main destination for hot-rolled steel bar and rod exports from Sri Lanka, with a X% share of total exports. Moreover, hot-rolled steel bar and rod exports to Maldives exceeded the volume sent to the second major destination, Seychelles (X tons), sixfold. The third position in this ranking was taken by Mauritius (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Maldives amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Seychelles (X% per year) and Mauritius (X% per year).

In value terms, Maldives ($X) emerged as the key foreign market for hot-rolled steel bars and rods exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Seychelles ($X), with a X% share of total exports. It was followed by Mauritius, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Maldives totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Seychelles (X% per year) and Mauritius (X% per year).

The average export price for hot-rolled steel bars and rods stood at $X per ton in 2023, therefore, remained relatively stable against the previous year. Over the period under review, the export price continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2015 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced a decline.

In 2023, purchases abroad of hot-rolled steel bars and rods was finally on the rise to reach X tons after three years of decline. In general, imports, however, continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by X%. As a result, imports reached the peak of X tons. From 2020 to 2023, the growth of imports failed to regain momentum.

In value terms, hot-rolled steel bar and rod imports totaled $X in 2023. Overall, imports, however, recorded a noticeable reduction. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

The United Arab Emirates (X tons), China (X tons) and India (X tons) were the main suppliers of hot-rolled steel bar and rod imports to Sri Lanka, together accounting for X% of total imports. Malaysia, Iran, Ukraine, Singapore and Turkey lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Iran (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod suppliers to Sri Lanka were the United Arab Emirates ($X), India ($X) and China ($X), with a combined X% share of total imports. Malaysia, Iran, Singapore, Ukraine and Turkey lagged somewhat behind, together comprising a further X%.

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

The average import price for hot-rolled steel bars and rods stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2022, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in Sri Lanka. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles

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