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

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

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Jul 21, 2021

Asia-Pacific Steel Price Outlook Remains Cautiously Optimistic Despite Weaker Chinese Demand and Oversupply Concerns

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

China's steel prices continue to level off from mid-May heights off the back of sluggish seasonal demand, declines in domestic manufacturer steel consumption and government pledges to curb “unreasonable” demand, despite tighter climate controls on steel production. Overall, Asia-Pacific steel prices are still set to stay elevated in the medium-term with support from robust infrastructure spending. However, concerns loom oversupply capacity expansions in South-East Asia and tightening of fiscal spending in China.

Key Trends and Insights

Steel prices rebounded strongly this year after a dismal 2020, which saw global steel demand outside of China plunging 10% amidst widespread coronavirus lockdowns. Prices of the metal worldwide hit a peak in mid-May off a robust rally that started in early 2021 and drove steel prices up by 30-40%, with prices for steel billet hitting a peak of $720 a ton in China. This rise was fueled mainly by strong demand from China's infrastructure, construction and manufacturing sectors, but billet prices have since levelled off to around $655 to $665 a ton in Asia.

Prices have also been pushed up by news on potential production restrictions in China, which produce more than half of the world's total crude steel. In April 2021, the Chinese government announced that they would be putting into place environmental regulations aimed at the country's steel industry, restricting steel production from outdated and heavily polluting mills. Tangshan, China's largest steel-making city, has already implemented policies curbing its steel output by 30-50% throughout 2021, which would likely lead to a 30 million ton drop in steel production compared to last year.

More recently, however, the rally was dented in May following a crackdown from Beijing on “unreasonable” steel prices. In response to concerns that the steel market was overheating, the Chinese government announced a series of measures to keep prices under control. Weak seasonal demand in summer and a June drop in manufacturer demand for steel have kept downward pressure on prices since, with some steel products down as much as 19% compared to the peak in May.

In the face of this decline, analysts are cautiously optimistic in their outlook on steel prices for the Asia-Pacific region. IndexBox expects Asian steel demand to grow by near 5% annually until 2030, driven by India, China and South Korea. The growing automotive industry in Thailand, Malaysia, Indonesia, and Vietnam is also expected to increase the share of steel consumption in the region.

However, there are concerns over potential steel oversupply: the tighter environmental regulations in China mentioned above have led Chinese investors to set up more steel plants in less-regulated countries in South-East Asia. Due to this, nearly 60 MT of steel production capacity is planned to come online by 2030 in the region. Tighter fiscal controls might also weigh down Chinese steel demand going forwards. The issuance of local government bonds, mainly used to fund infrastructure projects, is down compared to the same period last year for Q1 2021. Lower levels of credit are also projected to slow down investment in private property for H2 2021.

Steel Production in Asia-Pacific

For the fifth consecutive year, Asia-Pacific recorded growth in production of raw steel and steel semi-finished products, which increased by 3% to 1,396M tons in 2020. The total output volume increased at an average annual rate of +4.4% from 2012 to 2020.

China (1,065M tons) remains the largest raw steel and steel semi-finished manufacturer in Asia-Pacific, accounting for 76% of total volume. Moreover, production of raw steel and steel semi-finished products in China exceeded the figures recorded by the second-largest producer, India (100M tons), more than tenfold. Japan (83M tons) ranked third in terms of total production with a 6% share.

Steel Exports in Asia-Pacific

In 2020, Asian-pacific exports of raw steel and steel semi-finished products declined to $5B (IndexBox estimates). In volume terms, overseas shipments stood at 11M tons, picking up by 6.3% against the previous year.

Japan (3.8M tons) and India (3.1M tons) represented roughly 62% of total exports. Indonesia (1,184K tons) ranks next in terms of the total exports with an 11% share, followed by Vietnam (9.2%), Malaysia (7.8%) and South Korea (6.9%). Taiwan (Chinese) (179K tons) held a small share of total exports.

In value terms, the largest supplying countries in Asia-Pacific were Japan ($1.5B), India ($1.3B) and Indonesia ($845M), with a combined 72% share.

The export price for raw steel and steel semi-finished products in Asia-Pacific stood at $450 per ton in 2020, declining by -8.2% against the previous year. There were significant differences in the average prices amongst the major exporting countries. In 2020, the country with the highest price was Indonesia ($714 per ton), while Japan ($386 per ton) was amongst the lowest.

Source: IndexBox Market Intelligence Platform

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

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Production in Asia-Pacific, split by region and country
  • Trade (exports and imports) in Asia-Pacific
  • 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. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. 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. 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
    • Afghanistan
    • Australia
    • Bangladesh
    • Bhutan
    • Brunei Darussalam
    • Cambodia
    • China
    • Hong Kong SAR
    • Macao SAR
    • Cook Islands
    • Fiji
    • French Polynesia
    • India
    • Indonesia
    • Japan
    • Kiribati
    • Malaysia
    • Maldives
    • Marshall Islands
    • Micronesia
    • Myanmar
    • Nepal
    • New Caledonia
    • New Zealand
    • Northern Mariana Islands
    • Pakistan
    • Palau
    • Papua New Guinea
    • Philippines
    • Samoa
    • Singapore
    • Solomon Islands
    • South Korea
    • Sri Lanka
    • Taiwan (Chinese)
    • Thailand
    • Timor-Leste
    • Tokelau
    • Tonga
    • Tuvalu
    • Vanuatu
    • Vietnam
    • Wallis and Futuna Islands
    • Lao People's Democratic Republic
    • American Samoa
    • Democratic People's Republic of Korea
    • Nauru
    • Niue
    • Guam

  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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