Asia-Pacific: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Asia-Pacific

In 2021, the Asia-Pacific iron and steel wire market increased by 11% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Iron and Steel Wire in Asia-Pacific

In value terms, iron and steel wire production rose remarkably to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 13%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Exports of Iron and Steel Wire

Exports in Asia-Pacific

In 2021, shipments abroad of iron and steel wire decreased by -5.7% to X tons, falling for the third year in a row after two years of growth. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 13%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, iron and steel wire exports rose sharply to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 14% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

China dominates exports structure, amounting to X tons, which was approx. 63% of total exports in 2021. It was distantly followed by India (X tons), South Korea (X tons), Japan (X tons), Malaysia (X tons) and Thailand (X tons), together comprising a 29% share of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +1.5% from 2012 to 2021. At the same time, India (+9.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +9.0% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Thailand (-1.3%), Japan (-1.4%), Malaysia (-2.3%) and South Korea (-9.2%) illustrated a downward trend over the same period. China (+9.1 p.p.) and India (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while South Korea saw its share reduced by -8.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron and steel wire supplier in Asia-Pacific, comprising 57% of total exports. The second position in the ranking was held by Japan ($X), with an 11% share of total exports. It was followed by India, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +4.9%. 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-Pacific stood at $X per ton in 2021, rising by 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. As a result, the export price attained 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 ($X per ton), while Malaysia ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports in Asia-Pacific

In 2021, purchases abroad of iron and steel wire decreased by -8.5% to X tons, falling for the second year in a row after two years of growth. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 8.6% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, iron and steel wire imports expanded rapidly to $X in 2021. In general, imports continue to indicate a mild decrease. The most prominent rate of growth was recorded in 2017 with an increase of 11%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X tons) and Thailand (X tons) represented the main importers of iron and steel wire in 2021, reaching near 15% and 15% of total imports, respectively. It was followed by India (X tons), Taiwan (Chinese) (X tons), Indonesia (X tons), Malaysia (X tons), Australia (X tons), China (X tons) and the Philippines (X tons), together committing a 55% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of +16.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel wire importing markets in Asia-Pacific were China ($X), Japan ($X) and Thailand ($X), together accounting for 47% of total imports. India, Indonesia, Taiwan (Chinese), Malaysia, Australia and the Philippines lagged somewhat behind, together comprising a further 41%.

Among the main importing countries, the Philippines, with a CAGR of +11.2%, saw 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-Pacific stood at $X per ton in 2021, increasing by 17% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 17% against the previous year. The level of import peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

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 China ($X per ton), while the Philippines ($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 (+1.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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