Asia-Pacific: Flat-Rolled Steel Products Market 2025

Flat-Rolled Steel Products Market Size in Asia-Pacific

After two years of decline, the Asia-Pacific flat-rolled steel products market increased by 0.1% to $X in 2021. The market value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. 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-Pacific

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 +1.8% 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 2013 with an increase of 9.1% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Flat-Rolled Steel Products Exports

Exports in Asia-Pacific

In 2021, overseas shipments of flat-rolled products of iron or non-alloy steel increased by 4.5% 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 +1.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when exports increased by 11%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, flat-rolled steel products exports soared to $X in 2021. The total export value increased at an average annual rate of +3.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the largest exporter of flat-rolled products of iron or non-alloy steel in Asia-Pacific, with the volume of exports recording X tons, which was approx. 55% of total exports in 2021. Japan (X tons) ranks second in terms of the total exports with an 18% share, followed by South Korea (14%), Taiwan (Chinese) (5.4%) and India (5.1%).

Exports from China increased at an average annual rate of +6.6% from 2012 to 2021. At the same time, India (+12.1%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +12.1% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, South Korea (-1.4%) and Japan (-3.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and India increased by +18 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest flat-rolled steel products supplier in Asia-Pacific, comprising 55% of total exports. The second position in the ranking was held by Japan ($X), with a 17% share of total exports. It was followed by South Korea, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +8.6%. In the other countries, the average annual rates were as follows: Japan (-2.9% per year) and South Korea (+0.2% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, growing by 46% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in South Korea ($X per ton) and India ($X per ton), while Japan ($X per ton) and China ($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-Pacific

In 2021, supplies from abroad of flat-rolled products of iron or non-alloy steel decreased by -2.2% to X tons, falling for the fourth year in a row after two years of growth. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 17% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, flat-rolled steel products imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed 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) and the Philippines (X tons) represented the key importers of flat-rolled products of iron or non-alloy steel in 2021, resulting at near 17% and 17% of total imports, respectively. Indonesia (X tons) took the next position in the ranking, followed by India (X tons), Australia (X tons), Malaysia (X tons) and Bangladesh (X tons). All these countries together held near 38% share of total imports. Singapore (X tons), Vietnam (X tons), Taiwan (Chinese) (X tons), South Korea (X tons), Pakistan (X tons) and Nepal (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 leading importing countries, was attained by Nepal (with a CAGR of +48.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), the Philippines ($X) and Indonesia ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 48% of total imports. These countries were followed by Australia, Malaysia, India, Bangladesh, Singapore, Vietnam, South Korea, Taiwan (Chinese), Nepal and Pakistan, which together accounted for a further 45%.

Nepal, with a CAGR of +50.9%, recorded the highest growth rate of the value of imports, among 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

The import price in Asia-Pacific stood at $X per ton in 2021, surging by 29% against the previous year. Over the period under review, the import price continues to indicate 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 Nepal ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nepal (+1.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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