SB Special: India Emerges as Fastest Growing Pig Iron Exporter in 2024

India has marked a remarkable entry into the top league of pig iron exporters, showcasing a 179% year-on-year growth in exports—the highest among global peers in 2024. While Brazil remains the leading exporter by volume, India's meteoric rise underscores a strategic shift in its global trade footprint.

🔼 Top Exporters of Pig Iron (2024)

Country    Quantity (mnt)    YoY Change
🇧🇷 Brazil    3.77    ▼ 2%
🇺🇦 Ukraine    1.29    ▲ 3%
🇮🇳 India    0.83    ▲ 179%
🇿🇦 South Africa    0.70    ▲ 6%
🇨🇦 Canada    0.10    ▲ 14%
🇰🇷 South Korea    0.04    ▼ 60%
India’s growth is attributed to:

Strategic exports to Southeast Asia, the Middle East, and the US
Strong pricing advantage amid global scrap shortages
Rising global tariffs on finished steel creating new feedstock demand

🔽 Top Importers of Pig Iron (2024)

Country    Quantity (mnt)    YoY Change
🇺🇸 United States    4.70    ▲ 8%
🇹🇷 Turkey    1.47    ▲ 6%
🇮🇹 Italy    1.34    ▼ 16%
🇨🇳 China    0.34    ▼ 13%
🇪🇸 Spain    0.27    ▲ 17%

The US continues to dominate pig iron imports, driven by:

The 25% import tariff on steel driving demand for feedstock alternatives
A sharp rise in US-origin scrap prices
Growing dependency on Indian pig iron amid reduced supplies from Brazil
📉 SB Takeaway
“India’s 179% export growth is not just a number—it's a statement. The country is swiftly positioning itself as a reliable global feedstock hub. With strategic pricing, capacity enhancement, and diplomatic agility, Indian exporters are rewriting the global pig iron narrative.”