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

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

After three years of growth, the Asian market for hot-rolled steel bars and rods decreased by -4.4% to $X in 2021. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.5% 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 +61.9% against 2015 indices. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Production of Hot-Rolled Steel Bars and Rods in Asia

In value terms, hot-rolled steel bar and rod production contracted modestly to $X in 2021 estimated in export price. The total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +2.5% 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 decreased by -5.7% against 2016 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 101%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports in Asia

In 2021, overseas shipments of hot-rolled steel bars and rods increased by 45% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports enjoyed a notable increase. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled steel bar and rod exports skyrocketed to $X in 2021. Total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Turkey (X tons) was the key exporter of hot-rolled steel bars and rods, constituting 39% of total exports. China (X tons) ranks second in terms of the total exports with a 17% share, followed by Malaysia (11%), Japan (7%), India (5.7%) and Vietnam (4.7%). South Korea (X tons) held a minor share of total exports.

Exports from Turkey increased at an average annual rate of +6.2% from 2012 to 2021. At the same time, Malaysia (+38.8%), India (+30.8%), Vietnam (+21.2%) and South Korea (+2.4%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +38.8% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, China (-4.8%) illustrated a downward trend over the same period. While the share of Malaysia (+10 p.p.), India (+5 p.p.), Turkey (+4.7 p.p.) and Vietnam (+3.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-2.7 p.p.) and China (-22.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), China ($X) and Japan ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 63% of total exports. These countries were followed by Malaysia, India, Vietnam and South Korea, which together accounted for a further 24%.

Among the main exporting countries, Malaysia, with a CAGR of +34.2%, recorded 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 Asia amounted to $X per ton, picking up by 36% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 59% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.7%), while the other leaders experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports in Asia

In 2021, purchases abroad of hot-rolled steel bars and rods was finally on the rise to reach X tons after five years of decline. The total import volume increased at an average annual rate of +1.3% 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 reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports soared to $X in 2021. The total import value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern 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

The purchases of the twelve major importers of hot-rolled steel bars and rods, namely China, South Korea, Hong Kong SAR, Thailand, Israel, Singapore, Taiwan (Chinese), Turkey, Vietnam, Indonesia, Yemen and Malaysia, represented more than two-thirds of total import. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +19.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in Asia were China ($X), South Korea ($X) and Thailand ($X), with a combined 32% share of total imports. Israel, Hong Kong SAR, Singapore, Taiwan (Chinese), Vietnam, Turkey, Indonesia, Malaysia, the Philippines and Yemen lagged somewhat behind, together comprising a further 43%.

The Philippines, with a CAGR of +18.2%, saw the highest growth rate of 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

In 2021, the import price in Asia amounted to $X per ton, surging by 37% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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