In 2023, Canada's import of bar and rod of silico-manganese steel not in coils stood at approximately 11.3 million kilograms. From 2024 onwards, the forecast shows a steady increase in import volumes, with a year-on-year growth rate between 4.4% and 3.7% respectively over the years until 2028. This growth reflects a compound annual growth rate (CAGR) of about 3.3% over the five-year forecast period. This incremental rise suggests a robust demand for silico-manganese steel products within Canada, potentially linked to increased industrial usage or infrastructure development.
Future trends to watch for include:
- Changes in global steel production capacity and pricing, which could impact import volumes.
- Technological advancements and innovations within Canada that might switch local demand dynamics.
- Potential shifts in trade policies or tariffs that could influence the cost-effectiveness of imports.
