China: Base Metal Hook Market 2024

Base Metal Hook Market Size in China

The Chinese base metal hook market declined rapidly to $X in 2022, reducing by -40.6% against the previous year. Over the period under review, consumption showed a abrupt setback. Base metal hook consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Base Metal Hook Production in China

In value terms, base metal hook production declined modestly to $X in 2022 estimated in export price. Overall, production recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 8.5% against the previous year. Base metal hook production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Base Metal Hook Exports

Exports from China

Base metal hook exports from China skyrocketed to X tons in 2022, growing by 18% compared with 2021. In general, exports, however, showed a noticeable reduction. The growth pace was the most rapid in 2021 with an increase of 37%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, base metal hook exports surged to $X in 2022. Overall, exports showed prominent growth. The growth pace was the most rapid in 2021 with an increase of 66%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

India (X tons), Indonesia (X tons) and Vietnam (X tons) were the main destinations of base metal hook exports from China, with a combined 28% share of total exports. Cambodia, the United States, Turkey, Bangladesh, Malaysia, Pakistan, Egypt, Thailand, Myanmar and the Philippines lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +32.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for base metal hook exported from China were Vietnam ($X), India ($X) and Cambodia ($X), with a combined 26% share of total exports.

In terms of the main countries of destination, Cambodia, with a CAGR of +47.6%, 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 2022, the average base metal hook export price amounted to $X per ton, increasing by 6.4% against the previous year. In general, the export price posted prominent growth. The pace of growth appeared the most rapid in 2020 an increase of 36% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Hook Imports

Imports into China

In 2022, overseas purchases of base metal hooks, eyes and eyelets increased by 1% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2021 with an increase of 24% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, base metal hook imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest base metal hook supplier to China, accounting for a 23% share of total imports. Moreover, base metal hook imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea stood at -8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.7% per year) and the United States (-4.3% per year).

In value terms, the largest base metal hook suppliers to China were South Korea ($X), Japan ($X) and Italy ($X), together accounting for 45% of total imports. The United States, Spain, Vietnam and Germany lagged somewhat behind, together accounting for a further 6.5%.

Vietnam, with a CAGR of +44.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average base metal hook import price stood at $X per ton in 2022, rising by 20% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. As a result, import 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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