Asia: Market for Iron and Steel Wire 2025

Market Size for Iron and Steel Wire in Asia

In 2021, the Asian iron and steel wire market increased by 10% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Production of Iron and Steel Wire in Asia

In value terms, iron and steel wire production expanded remarkably to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 13% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Exports of Iron and Steel Wire

Exports in Asia

In 2021, overseas shipments of iron and steel wire decreased by -0.9% to X tons, falling for the third consecutive year after two years of growth. The total export volume increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 15% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, iron and steel wire exports rose sharply to $X in 2021. The total export value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 15%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

In 2021, China (X tons) represented the major exporter of iron and steel wire, constituting 53% of total exports. Turkey (X tons) took the second position in the ranking, distantly followed by India (X tons), South Korea (X tons) and Japan (X tons). All these countries together held approx. 30% share of total exports. The following exporters - Malaysia (X tons) and Thailand (X tons) - each recorded a 7.9% share of total exports.

Exports from China increased at an average annual rate of +1.5% from 2012 to 2021. At the same time, Turkey (+14.1%) and India (+9.0%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +14.1% from 2012-2021. By contrast, Thailand (-1.3%), Japan (-1.4%), Malaysia (-2.3%) and South Korea (-9.2%) illustrated a downward trend over the same period. While the share of Turkey (+9.2 p.p.), India (+3.1 p.p.) and China (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of South Korea (-8.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron and steel wire supplier in Asia, comprising 51% of total exports. The second position in the ranking was taken by Japan ($X), with a 10% share of total exports. It was followed by India, with a 9.4% share.

In China, iron and steel wire exports expanded at an average annual rate of +4.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-2.6% per year) and India (+7.1% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, picking up by 14% against the previous year. In general, the export price recorded a relatively flat trend pattern. 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 Japan ($X per ton), while Turkey ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports in Asia

For the third year in a row, Asia recorded decline in overseas purchases of iron and steel wire, which decreased by -10% to X tons in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 8.5% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, iron and steel wire imports expanded rapidly to $X in 2021. Overall, imports recorded a mild reduction. The pace of growth was the most pronounced in 2018 when imports increased by 12% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) and Thailand (X tons) were the key importers of iron and steel wire in Asia, together generating 25% of total imports. India (X tons) held a 7.5% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (6.9%), Indonesia (6.9%), Malaysia (6.8%), China (6%), the Philippines (5.2%) and Turkey (5%). Saudi Arabia (X tons), the United Arab Emirates (X tons), South Korea (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +16.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel wire importing markets in Asia were China ($X), Japan ($X) and Thailand ($X), with a combined 41% share of total imports. These countries were followed by India, Indonesia, Turkey, Taiwan (Chinese), Malaysia, the United Arab Emirates, the Philippines, Saudi Arabia, South Korea and Oman, which together accounted for a further 46%.

Among the main importing countries, the Philippines, with a CAGR of +11.2%, recorded the highest growth rate of 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

The import price in Asia stood at $X per ton in 2021, with an increase of 19% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Oman ($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 United Arab Emirates (+1.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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