ASEAN: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in ASEAN

In 2021, the ASEAN market for hot-rolled non-alloy steel wire rods increased by 2.7% to $X, rising for the fifth year in a row after four years of decline. The total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +65.2% against 2016 indices. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in ASEAN

In value terms, hot-rolled non-alloy steel wire rod production shrank to $X in 2021 estimated in export price. In general, production, however, saw buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 43%. The level of production peaked at $X in 2020, and then fell in the following year.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports in ASEAN

After five years of growth, shipments abroad of hot-rolled non-alloy steel wire rods decreased by -9.1% to X tons in 2021. In general, exports, however, posted significant growth. The pace of growth was the most pronounced in 2019 when exports increased by 113% against the previous year. The volume of export peaked at X tons in 2020, and then reduced in the following year.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 124%. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.

Exports by Country

Malaysia represented the key exporter of hot-rolled non-alloy steel wire rods in ASEAN, with the volume of exports resulting at X tons, which was approx. 55% of total exports in 2021. Vietnam (X tons) ranks second in terms of the total exports with a 21% share, followed by Indonesia (19%). Singapore (X tons) and Thailand (X tons) held a minor share of total exports.

Malaysia was also the fastest-growing in terms of the hot-rolled non-alloy steel wire rods exports, with a CAGR of +37.0% from 2012 to 2021. At the same time, Indonesia (+33.6%), Vietnam (+27.1%) and Singapore (+16.7%) displayed positive paces of growth. By contrast, Thailand (-1.8%) illustrated a downward trend over the same period. Malaysia (+22 p.p.) and Indonesia (+4.7 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam, Singapore and Thailand saw its share reduced by -3.7%, -5.3% and -17.5% from 2012 to 2021, respectively.

In value terms, Malaysia ($X) remains the largest hot-rolled non-alloy steel wire rod supplier in ASEAN, comprising 52% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 21% share of total exports. It was followed by Vietnam, with a 20% share.

In Malaysia, hot-rolled non-alloy steel wire rod exports expanded at an average annual rate of +33.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+32.4% per year) and Vietnam (+25.3% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, rising by 30% against the previous year. Over the period under review, the export price, however, saw a slight contraction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Thailand ($X per ton) and Singapore ($X per ton), while Malaysia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+0.8%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports in ASEAN

In 2021, purchases abroad of hot-rolled non-alloy steel wire rods increased by 19% to X tons, rising for the fourth year in a row after two years of decline. Total imports indicated a measured increase from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +71.4% against 2017 indices. The most prominent rate of growth was recorded in 2018 with an increase of 27%. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, hot-rolled non-alloy steel wire rod imports surged to $X in 2021. Total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Thailand (X tons), distantly followed by Singapore (X tons), the Philippines (X tons), Malaysia (X tons), Vietnam (X tons), Myanmar (X tons) and Indonesia (X tons) represented the main importers of hot-rolled non-alloy steel wire rods, together generating 99% of total imports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +20.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod importing markets in ASEAN were Thailand ($X), Singapore ($X) and the Philippines ($X), together accounting for 69% of total imports.

Among the main importing countries, the Philippines, with a CAGR of +23.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, picking up by 39% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform