ASEAN: Market for Hot-Rolled Steel Bars and Rods 2025

Market Size for Hot-Rolled Steel Bars and Rods in ASEAN

The ASEAN market for hot-rolled steel bars and rods contracted to $X in 2021, which is down by -8.4% against the previous year. The market value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Steel Bars and Rods in ASEAN

In value terms, hot-rolled steel bar and rod production declined to $X in 2021 estimated in export price. The total production indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +21.0% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 51%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports in ASEAN

In 2021, after five years of growth, there was decline in overseas shipments of hot-rolled steel bars and rods, when their volume decreased by less than 0.1% to X tons. In general, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 150% against the previous year. As a result, the exports attained the peak of X tons, leveling off in the following year.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. Overall, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2020 with an increase of 91%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Malaysia represented the major exporter of hot-rolled steel bars and rods in ASEAN, with the volume of exports accounting for X tons, which was approx. 60% of total exports in 2021. It was distantly followed by Vietnam (X tons) and Indonesia (X tons), together constituting a 35% share of total exports. The following exporters - Singapore (X tons) and Thailand (X tons) - together made up 5.4% of total exports.

Malaysia was also the fastest-growing in terms of the hot-rolled steel bars and rods exports, with a CAGR of +38.8% from 2012 to 2021. At the same time, Indonesia (+30.8%), Vietnam (+21.2%) and Singapore (+6.7%) displayed positive paces of growth. By contrast, Thailand (-2.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Malaysia and Indonesia increased by +36 and +2.9 percentage points, respectively.

In value terms, Malaysia ($X), Vietnam ($X) and Indonesia ($X) were the countries with the highest levels of exports in 2021, with a combined 93% share of total exports.

Among the main exporting countries, Malaysia, with a CAGR of +34.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, with an increase of 34% against the previous year. Over the period under review, the export price, however, showed a noticeable slump. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.1%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Steel Bars and Rods

Imports in ASEAN

In 2021, after four years of decline, there was significant growth in overseas purchases of hot-rolled steel bars and rods, when their volume increased by 18% to X tons. Total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -41.2% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X tons) and Singapore (X tons) were the key importers of hot-rolled steel bars and rods in ASEAN, together recording near 46% of total imports. It was distantly followed by Vietnam (X tons), Indonesia (X tons), Malaysia (X tons), the Philippines (X tons) and Myanmar (X tons), together constituting a 50% share of total imports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +19.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Singapore ($X) and Vietnam ($X) constituted the countries with the highest levels of imports in 2021, with a combined 62% share of total imports. Indonesia, Malaysia, the Philippines and Myanmar lagged somewhat behind, together comprising a further 35%.

The Philippines, with a CAGR of +18.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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, with an increase of 37% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Vietnam ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform