In this article, we are going to discuss 5 largest pig iron producing countries. If you want to check out our detailed analysis of the manufacturing of pig iron, the impacts Covid-19 and the Russia-Ukraine war on the global pig iron supply chains and current market trends, head to 16 Largest Pig Iron Producing Countries.
5. Republic of Korea
Production of Pig Iron in 2022: 45 million metric tons
Despite being the fifth-largest producer of pig iron in the world, the Republic of Korea is a net importer of the metal, with $93.5 million worth of total import in 2021, mainly from Russia. According to OEC, the country exported $1.36 million of pig iron in March 2023 and imports in the same time stood at $9 million, revealing a negative trade balance of $7.64 million. With a market cap of $21.07 billion, POSCO Holdings Inc. (NYSE:PKX) is an important player in the South Korean iron and steel market.
4. Russia
Production of Pig Iron in 2022: 50 million tons
Russia was the largest exporter of pig iron in the world in 2021, when exports stood at $2.04 billion, but this number has since declined significantly following sanctions from the U.S. and other countries. Russia has one of the largest iron reserves in the world and most of its deposits are around Siberia and the Urals. Novolipetsk Steel, with a workforce of over 60,000, is a notable company in the Russian iron and steel market.
3. Japan
Production of Pig Iron in 2022: 71 million tons
Despite being the third-largest producer of pig iron in the world, Japan had a negative trade balance of $36.8 million in 2021. This is mostly due to huge local demand, since Japan is also the third-largest steel producer in the world. However, according to OEC, this trend is changing, as between February 2022 and February 2023, the exports of pig iron from Japan have increased by 757%, while imports decreased by 67.1%. This could mainly be attributed to the gap left in the market as buyers move away from Russia and look for supplies elsewhere.
2. India
Production of Pig Iron in 2022: 83 million metric tons
India witnessed a YoY increase of 6.4% in the production of pig iron from 2021. The private sector accounts for around 94% of the total production of the resource in the country. India exported $479 million worth of pig iron in 2021, while imports stood at only $19 million, revealing the intermediary metal as an important source of revenue for the country.
1. China
Production of Pig Iron in 2022: 830 million tons
China alone accounts for around 63.8% of the total pig iron produced in the world. However, the country is also the largest steel manufacturer in the world and so to satisfy the immense local demand, the country still remains a net importer of pig iron, with a negative trade balance of $766 million in 2021.
China is the second-largest importer of pig iron in the world, after the U.S., with most of its imports coming from Brazil. China witnessed a decrease of 2.1% in the production of pig iron in 2022 as compared to 2021, when it stood at 869 million tons. This is mainly due to the 4% decrease in the demand of steel in the country in 2022, due to its economic conditions and extended Covid-19 mitigation strategies.
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