ASEAN: Market for Hot-Rolled Wire Rod In Coil Of Stainless Steel 2024

Market Size for Hot-Rolled Wire Rod In Coil Of Stainless Steel in ASEAN

In 2022, after two years of growth, there was significant decline in the ASEAN market for hot-rolled wire rod in coil of stainless steel, when its value decreased by -5.8% to $X. The total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +23.6% against 2019 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Production of Hot-Rolled Wire Rod In Coil Of Stainless Steel in ASEAN

In value terms, hot-rolled wire stainless steel rod production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 51%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Exports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Exports in ASEAN

In 2022, hot-rolled wire stainless steel rod exports in ASEAN reduced rapidly to X tons, with a decrease of -20.9% on the previous year's figure. Over the period under review, exports recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2013 when exports increased by 363% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled wire stainless steel rod exports fell to $X in 2022. In general, exports, however, saw a perceptible expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 448% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Singapore (X tons) represented the major exporter of hot-rolled wire rod in coil of stainless steel, constituting 80% of total exports. It was distantly followed by Vietnam (X tons) and Malaysia (X tons), together achieving a 17% share of total exports. Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to hot-rolled wire stainless steel rod exports from Singapore stood at -5.7%. At the same time, Vietnam (+42.7%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +42.7% from 2012-2022. By contrast, Thailand (-2.6%) and Malaysia (-12.4%) illustrated a downward trend over the same period. While the share of Vietnam (+12 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-6.1 p.p.) and Singapore (-6.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest hot-rolled wire stainless steel rod supplier in ASEAN, comprising 89% of total exports. The second position in the ranking was held by Malaysia ($X), with a 5.4% share of total exports. It was followed by Thailand, with a 2.9% share.

From 2012 to 2022, the average annual growth rate of value in Singapore totaled +5.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-8.9% per year) and Thailand (-1.4% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, rising by 16% against the previous year. Over the period under review, the export price saw resilient growth. The most prominent rate of growth was recorded in 2017 an increase of 163% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+12.2%), while the other leaders experienced more modest paces of growth.

Imports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Imports in ASEAN

In 2022, after two years of growth, there was significant decline in overseas purchases of hot-rolled wire rod in coil of stainless steel, when their volume decreased by -10% to X tons. In general, imports, however, saw prominent growth. The pace of growth was the most pronounced in 2014 when imports increased by 122%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, hot-rolled wire stainless steel rod imports declined slightly to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.6% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 96%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Vietnam (X tons) and Thailand (X tons) represented roughly 73% of total imports in 2022. Malaysia (X tons) ranks next in terms of the total imports with an 18% share, followed by Indonesia (5.4%). Singapore (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +15.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled wire stainless steel rod importing markets in ASEAN were Thailand ($X), Vietnam ($X) and Malaysia ($X), with a combined 87% share of total imports. Indonesia and Singapore lagged somewhat behind, together comprising a further 12%.

Indonesia, with a CAGR of +16.8%, saw the highest rates of growth with regard to the value of imports, among 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

In 2022, the import price in ASEAN amounted to $X per ton, surging by 6.4% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by 40% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+15.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform