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World - Crude Steel And Steel Semi-Finished Products - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Nov 1, 2024

World - Crude Steel And Steel Semi-Finished Products - Market Analysis, Forecast, Size, Trends and Insights

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Apr 9, 2021

Surging Global Steel Demand Outpaces Recovering Production

IndexBox has just published a new report: 'World - Crude Steel And Steel Semi-Finished Products - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The beginning of 2021 saw a sharp increase in the steel demand, while metallurgical plants were still recovering from the operational downtime incurred during the lockdown. This market disbalance leads to an increase in steel prices. The recovery of the automotive sector and other downstream industries in 2020, at a faster pace than expected, generates the conditions for robust steel demand in the medium term.

Key Trends and Insights

In 2020, global steel demand, according to estimates from The World Steel Association, declined by ‑2.4% against the previous year. Countries worldwide were affected by this decline, but China saw demand increase by +8.0%. The Middle East (-19.0%), Africa (-16.0% ), the USMCA countries (-15.3%) and the European Union (‑15.2%) recorded the most significant annual slump in demand.

At the end of 2020, global industrial manufacturing started to recover, and in Q1 2021, the demand for steel from consuming industries began to exceed still readjusting market supply, leading to a surge in steel prices. The price of STEEL HRC FOB CHINA (ARGUS) on the London Metal Exchange surged from $685 (March 2021) to $791 per ton (April 2021).

Lockdown during the COVID-19 pandemic resulted in most countries experiencing a significant decline in production. In April 2020, the slump in EU steel alloy output amounted to -33.3% against April 2019, emerging into recovery only in November 2020 (+5.5% against November 2019). The stagnation seen in the downstream industries, including the automotive sector, contributed to the decline in production.

Global consumption is forecast to increase in 2021 by +4.1% year-on-year. The EU (+11.0%) and other European countries (+11.9%) are projected to see the fastest rates of consumption growth, spurred by a full recovery in the automotive and construction sectors, and other downstream industries.

In line with the Paris Agreement, modern metallurgical plants now recover waste gas emissions to curtail the discharge of greenhouse gases. Proactive research is now being conducted into low-carbon technologies, such as the use of electrolysis to recover iron ore and biomass as a substitution for coal, as well as hydrogen as a reducing agent. The current market growth will promote investment for energy-efficient and low-carbon technologies, against the planned introduction by the European Union of a carbon tax, resulting in the inevitable technological upgrading and modernization of steel smelting facilities.

China to Feature Strong Stable Demand for Steel while the U.S. to Remain the Leading Importer

The global market for raw steel and steel semi-finished products increased by 7.3% to $1,246.6B in 2019. The market value increased at an average annual rate of +3.6% from 2012 to 2019.

China (995M tons) constituted the country with the largest volume of consumption of raw steel and steel semi-finished products, accounting for 55% of total volume. Moreover, consumption of raw steel and steel semi-finished products in China exceeded the figures recorded by the second-largest consumer, India (109M tons), ninefold. Japan (96M tons) ranked third in terms of total consumption with a 5.3% share (IndexBox estimates).

In value terms, China ($826.7B) led the market, alone. The second position in the ranking was occupied by the U.S. ($189.5B). It was followed by Russia.

The countries with the highest levels of raw steel and steel semi-finished products per capita consumption in 2019 were Japan (752 kg per person), China (682 kg per person) and Germany (483 kg per person).

In 2019, the amount of raw steel and steel semi-finished products imported worldwide reduced to 55M tons, waning by -12.2% on the previous year. In general, imports saw a mild contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 8.2% against the previous year. Over the period under review, global imports reached the maximum at 62M tons in 2018, and then dropped in the following year.

In value terms, imports of raw steel and steel semi-finished products shrank markedly to $30.1B (IndexBox estimates) in 2019. Over the period under review, imports saw a noticeable setback. The pace of growth appeared the most rapid in 2018 with an increase of 26% year-to-year. Over the period under review, global imports hit record highs at $40.3B in 2012; however, from 2013 to 2019, imports remained at a lower figure.

In 2019, the U.S. (7.3M tons), followed by Italy (4.8M tons), Indonesia (4.8M tons), Taiwan (Chinese) (3.4M tons), Thailand (3.1M tons), the Philippines (2.7M tons) and Belgium (2.5M tons) were the key importers of raw steel and steel semi-finished products, together committing 52% of total imports. The following importers - South Korea (2.2M tons), Turkey (1.7M tons), Egypt (1.5M tons), France (1.5M tons), Spain (1.2M tons) and Germany (1.1M tons) - together made up 17% of total imports.

In value terms, the U.S. ($4.9B), Italy ($2.6B) and Indonesia ($2.2B) appeared to be the countries with the highest levels of imports in 2019, together accounting for 32% of global imports. Thailand, Taiwan (Chinese), the Philippines, Belgium, South Korea, France, Germany, Turkey, Spain and Egypt lagged somewhat behind, together accounting for a further 36%.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global market for raw steel and steel semi-finished products. 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.

Product coverage:

  • Prodcom 24102110 - Flat semi-finished products (of non-alloy steel)
  • Prodcom 24102121 - Ingots, other primary forms and long semi-finished products for seamless tubes (of non-alloy steel)
  • Prodcom 24102122 - Other ingots, primary forms and long semi-finished products including blanks (of non-alloy steel)
  • Prodcom 24102210 - Flat semi-finished products (slabs) (of stainless steel)
  • Prodcom 24102221 - Ingots, other primary forms and long semi-finished products for seamless tubes (of stainless steel)
  • Prodcom 24102222 - Other ingots, primary forms and long semi-finished products (of stainless steel)
  • Prodcom 24102310 - Flat semi-finished products (of alloy steel other than of stainless steel)
  • Prodcom 24102321 - Ingots, other primary forms and long semi-finished products for seamless tubes (of alloy steel other than of stainless steel)
  • Prodcom 24102322 - Other ingots, primary forms and long semi-finished products (of alloy steel other than of stainless steel)

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

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:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

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.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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