Iron or non-alloy steel: ingots (excluding iron of heading no. 7203)

In 2024, iron or non-alloy steel: ingots (excluding iron of heading no. 7203) trade exhibited strong growth, with global flows reaching $215,681,977 and a three-year compound annual growth rate of -51.4% (five-year: -20.9%). The all-time peak of $2,132,604,080 was recorded in 2011; the current level is 90% below that high-water mark.

Over the 30-year observation window (1995–2024), 66% of years recorded positive growth, indicating a predominantly expanding market. Trend momentum is decelerating (-39.3% acceleration).

The World Trade Flows Characterization classifies iron or non-alloy steel: ingots (excluding iron of heading no. 7203) as "One-way trade" in the medium price range price segment, providing additional context for market positioning and competitive dynamics.

The supply side is diversified (Herfindahl-Hirschman Index 0.119). The three largest exporters — Iran ($1.2B), Brazil ($116.1M), and Kazakhstan ($93.1M) — collectively dominate supply flows. The leading exporter has grown at -67.7% over the last three years.

On the demand side, importer concentration is diversified (HHI 0.108). The three largest import markets are Jordan ($55.8M), El Salvador ($30.8M), and Spain ($16.1M). The largest importing market sources from 6 different supplying countries.

Estimated substitution elasticity: -18.92. Buyers are highly price-sensitive and can switch between suppliers relatively easily.

The dominant trade corridor is Iran → Jordan at $50.4M, representing 90.3% of the importer's total demand.

The volatility score for iron or non-alloy steel: ingots (excluding iron of heading no. 7203) is 100 out of 100, classified as high. This product exhibits above-average trade variability, making it important to monitor supply chain resilience and price exposure.

For market entrants, strong demand tailwinds create a favourable entry environment. The diversified supply landscape means many competitors but also multiple entry points and buyer relationships to target.

Data confidence is rated "High" based on reporting coverage and consistency across OECD member and partner countries.