Asia-Pacific: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in Asia-Pacific

The Asia-Pacific market for raw steel and steel semi-finished products reduced slightly to $X in 2021, stabilizing at the previous year. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020, and then dropped modestly in the following year.

Production of Raw Steel And Steel Semi-Finished Products in Asia-Pacific

In value terms, production of raw steel and steel semi-finished products amounted to $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 27%. As a result, production reached the peak level of $X. From 2019 to 2021, production of growth failed to regain momentum.

Exports of Raw Steel And Steel Semi-Finished Products

Exports in Asia-Pacific

For the third consecutive year, Asia-Pacific recorded growth in shipments abroad of raw steel and steel semi-finished products, which increased by 12% to X tons in 2021. In general, exports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 58% against the previous year. Over the period under review, the exports of attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, exports of raw steel and steel semi-finished products skyrocketed to $X in 2021. Over the period under review, exports recorded a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the three major exporters of raw steel and steel semi-finished products, namely India, Indonesia and Japan, represented more than two-thirds of total export. It was distantly followed by Malaysia (X tons), achieving a 9.4% share of total exports. The following exporters - Thailand (X tons) and South Korea (X tons) - together made up 6.7% of total exports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +120.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), India ($X) and Japan ($X) were the countries with the highest levels of exports in 2021, together comprising 84% of total exports.

Among the main exporting countries, Indonesia, with a CAGR of +104.2%, recorded the highest growth rate of 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-Pacific stood at $X per ton in 2021, increasing by 63% against the previous year. Export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +3.2% 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, 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 South Korea (+1.5%), while the other leaders experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports in Asia-Pacific

After three years of growth, purchases abroad of raw steel and steel semi-finished products decreased by -8.5% to X tons in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +66.9% against 2017 indices. The pace of growth was the most pronounced in 2020 when imports increased by 54% against the previous year. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, imports of raw steel and steel semi-finished products soared to $X in 2021. Over the period under review, imports, however, saw a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the major importer of raw steel and steel semi-finished products, achieving 43% of total imports. Taiwan (Chinese) (X tons) took the second position in the ranking, followed by Indonesia (X tons), Thailand (X tons), the Philippines (X tons) and South Korea (X tons). All these countries together held near 48% share of total imports. Nepal (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the raw steel and steel semi-finished products imports, with a CAGR of +48.1% from 2012 to 2021. At the same time, the Philippines (+25.5%), Nepal (+12.5%) and Taiwan (Chinese) (+1.3%) displayed positive paces of growth. By contrast, Indonesia (-1.4%), Thailand (-2.3%) and South Korea (-5.3%) illustrated a downward trend over the same period. While the share of China (+41 p.p.) and the Philippines (+6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-6.7 p.p.), South Korea (-9.1 p.p.), Indonesia (-9.4 p.p.) and Thailand (-10.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported raw steel and steel semi-finished products in Asia-Pacific, comprising 47% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 14% share of total imports. It was followed by Indonesia, with a 9.8% share.

In China, imports of raw steel and steel semi-finished products expanded at an average annual rate of +39.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+3.3% per year) and Indonesia (-0.6% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, jumping by 62% against the previous year. Import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.1% 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.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in China ($X per ton) and South Korea ($X per ton), while Nepal ($X per ton) and the Philippines ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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