Asia: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in Asia

In 2021, the Asian flat-rolled steel products market decreased by -0.4% to $X, falling for the third consecutive year after seven years of growth. The market value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Flat-Rolled Steel Products Production in Asia

In value terms, flat-rolled steel products production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 7.9%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Flat-Rolled Steel Products Exports

Exports in Asia

In 2021, overseas shipments of flat-rolled products of iron or non-alloy steel increased by 9.2% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 11%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, flat-rolled steel products exports soared to $X in 2021. Total exports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. 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

China represented the largest exporter of flat-rolled products of iron or non-alloy steel in Asia, with the volume of exports accounting for X tons, which was approx. 48% of total exports in 2021. Japan (X tons) held the second position in the ranking, followed by South Korea (X tons), Turkey (X tons) and Taiwan (Chinese) (X tons). All these countries together took near 43% share of total exports. India (X tons) and Kazakhstan (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to flat-rolled steel products exports from China stood at +6.6%. At the same time, Turkey (+27.9%) and India (+12.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +27.9% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, South Korea (-1.4%), Kazakhstan (-2.7%) and Japan (-3.1%) illustrated a downward trend over the same period. China (+13 p.p.), Turkey (+8.6 p.p.) and India (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese), South Korea and Japan saw its share reduced by -1.5%, -5.6% and -11% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest flat-rolled steel products supplier in Asia, comprising 48% of total exports. The second position in the ranking was taken by Japan ($X), with a 15% share of total exports. It was followed by South Korea, with a 13% share.

In China, flat-rolled steel products exports expanded at an average annual rate of +8.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-2.9% per year) and South Korea (+0.2% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, jumping by 47% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Turkey ($X per ton) and South Korea ($X per ton), while Kazakhstan ($X per ton) and Japan ($X per ton) were amongst the lowest.

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

Flat-Rolled Steel Products Imports

Imports in Asia

In 2021, overseas purchases of flat-rolled products of iron or non-alloy steel were finally on the rise to reach X tons after four years of decline. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 13%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, flat-rolled steel products imports surged to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X tons), the Philippines (X tons), Turkey (X tons), the United Arab Emirates (X tons), Indonesia (X tons), Saudi Arabia (X tons), India (X tons), Malaysia (X tons), Bangladesh (X tons), Singapore (X tons), Vietnam (X tons) and Iran (X tons) represented roughly 80% of total imports in 2021.

From 2012 to 2021, the biggest increases were recorded for Bangladesh (with a CAGR of +6.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest flat-rolled steel products importing markets in Asia were Thailand ($X), the Philippines ($X) and Turkey ($X), with a combined 36% share of total imports. These countries were followed by Indonesia, the United Arab Emirates, Saudi Arabia, Malaysia, India, Bangladesh, Singapore, Vietnam and Iran, which together accounted for a further 45%.

Among the main importing countries, Bangladesh, with a CAGR of +7.4%, recorded the highest rates of growth with regard to 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

In 2021, the import price in Asia amounted to $X per ton, rising by 32% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price attained 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 Indonesia ($X per ton), while India ($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 (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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