Asia: Hot-Rolled Steel Products Market 2025

Hot-Rolled Steel Products Market Size in Asia

The Asian hot-rolled steel products market fell to $X in 2021, approximately equating the previous year. The market value increased at an average annual rate of +2.2% 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, the market reached the peak level at $X in 2020, and then shrank slightly in the following year.

Hot-Rolled Steel Products Production in Asia

In value terms, hot-rolled steel products production contracted slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 23%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports in Asia

In 2021, exports of flat-rolled products of iron or steel (not further worked than hot-rolled) in Asia rose significantly to X tons, increasing by 5.3% on 2020 figures. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 20% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

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

Exports by Country

Japan (X tons) and China (X tons) were the main exporters of flat-rolled products of iron or steel (not further worked than hot-rolled) in 2021, reaching approx. 28% and 23% of total exports, respectively. South Korea (X tons) held the next position in the ranking, followed by India (X tons), Taiwan (Chinese) (X tons), Turkey (X tons) and Indonesia (X tons). All these countries together held approx. 43% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Indonesia (with a CAGR of +36.9%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2021, with a combined 63% share of total exports. India, Indonesia, Taiwan (Chinese) and Turkey lagged somewhat behind, together accounting for a further 32%.

In terms of the main exporting countries, Indonesia, with a CAGR of +51.6%, 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

The export price in Asia stood at $X per ton in 2021, with an increase of 59% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export 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 exporting countries. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+10.7%), while the other leaders experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports in Asia

In 2021, hot-rolled steel products imports in Asia reduced to X tons, with a decrease of -9.5% on the previous year's figure. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 7.4% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, hot-rolled steel products imports surged to $X in 2021. The total import value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons), Vietnam (X tons), South Korea (X tons), Thailand (X tons) and China (X tons) represented the major importer of flat-rolled products of iron or steel (not further worked than hot-rolled) in Asia, constituting 56% of total import. It was distantly followed by Malaysia (X tons), mixing up a 4.8% share of total imports. Pakistan (X tons), Taiwan (Chinese) (X tons), Japan (X tons), the United Arab Emirates (X tons), India (X tons), Indonesia (X tons) and Bangladesh (X tons) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Pakistan (with a CAGR of +14.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel products importing markets in Asia were Turkey ($X), Vietnam ($X) and South Korea ($X), with a combined 38% share of total imports. China, Thailand, Taiwan (Chinese), Malaysia, India, the United Arab Emirates, Japan, Indonesia, Pakistan and Bangladesh lagged somewhat behind, together comprising a further 51%.

Pakistan, with a CAGR of +14.6%, recorded 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

In 2021, the import price in Asia amounted to $X per ton, increasing by 55% against the previous year. Import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 Taiwan (Chinese) ($X per ton), while Pakistan ($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 (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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