Asia-Pacific: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Asia-Pacific

The Asia-Pacific market for hot-rolled non-alloy steel wire rods amounted to $X in 2021, picking up by 2.8% against the previous year. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Asia-Pacific

In value terms, hot-rolled non-alloy steel wire rod production reached $X in 2021 estimated in export price. The total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.0% against 2019 indices. The growth pace was the most rapid in 2018 with an increase of 22%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports in Asia-Pacific

In 2021, approx. X tons of hot-rolled non-alloy steel wire rods were exported in Asia-Pacific; surging by 9.6% on the previous year. In general, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 97% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, hot-rolled non-alloy steel wire rod exports soared to $X in 2021. Over the period under review, exports showed a strong increase. The growth pace was the most rapid in 2018 with an increase of 103% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

In 2021, Malaysia (X tons), distantly followed by China (X tons), India (X tons), Japan (X tons), Vietnam (X tons), Indonesia (X tons) and South Korea (X tons) represented the key exporters of hot-rolled non-alloy steel wire rods, together committing 95% of total exports.

Malaysia was also the fastest-growing in terms of the hot-rolled non-alloy steel wire rods exports, with a CAGR of +37.0% from 2012 to 2021. At the same time, India (+36.2%), Indonesia (+33.6%), China (+32.3%), Vietnam (+27.1%) and South Korea (+1.8%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. Malaysia (+23 p.p.), India (+10 p.p.), China (+10 p.p.), Indonesia (+7.4 p.p.) and Vietnam (+6.4 p.p.) significantly strengthened its position in terms of the total exports, while South Korea and Japan saw its share reduced by -16% and -27.5% from 2012 to 2021, respectively.

In value terms, Malaysia ($X), China ($X) and Japan ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 54% share of total exports. India, South Korea, Indonesia and Vietnam lagged somewhat behind, together comprising a further 41%.

Among the main exporting countries, India, with a CAGR of +36.3%, saw 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

In 2021, the export price in Asia-Pacific amounted to $X per ton, rising by 36% against the previous year. Overall, the export price, however, recorded a noticeable slump. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Malaysia ($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 (+0.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports in Asia-Pacific

In 2021, approx. X tons of hot-rolled non-alloy steel wire rods were imported in Asia-Pacific; growing by 19% on the previous year. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +70.3% against 2015 indices. The most prominent rate of growth was recorded in 2020 with an increase of 20%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, hot-rolled non-alloy steel wire rod imports soared to $X in 2021. Total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.6% 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 +133.6% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons), distantly followed by Thailand (X tons), Singapore (X tons), South Korea (X tons), Taiwan (Chinese) (X tons), the Philippines (X tons) and Malaysia (X tons) represented the main importers of hot-rolled non-alloy steel wire rods, together achieving 81% of total imports. Vietnam (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of +20.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod importing markets in Asia-Pacific were China ($X), Thailand ($X) and South Korea ($X), with a combined 52% share of total imports. Singapore, Taiwan (Chinese), the Philippines, Malaysia and Vietnam lagged somewhat behind, together comprising a further 33%.

The Philippines, with a CAGR of +23.4%, recorded the highest rates of growth with regard to 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

In 2021, the import price in Asia-Pacific amounted to $X per ton, growing by 36% against the previous year. Over the period under review, the import price, however, recorded a mild curtailment. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Vietnam ($X per ton) and Thailand ($X per ton), while Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform