China: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in China

The Chinese market for raw steel and steel semi-finished products fell modestly to $X in 2021, declining by -2.3% against the previous year. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Consumption of peaked at $X in 2020, and then dropped modestly in the following year.

Production of Raw Steel And Steel Semi-Finished Products in China

In value terms, production of raw steel and steel semi-finished products shrank modestly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 27%. As a result, production reached the peak level of $X. From 2019 to 2021, production of growth remained at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from China

In 2021, approx. X tons of raw steel and steel semi-finished products were exported from China; rising by 95% compared with the previous year. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 132% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of raw steel and steel semi-finished products surged to $X in 2021. Overall, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons) was the main destination for exports of raw steel and steel semi-finished products from China, accounting for a 83% share of total exports. Moreover, exports of raw steel and steel semi-finished products to South Korea exceeded the volume sent to the second major destination, France (X tons), more than tenfold. Italy (X tons) ranked third in terms of total exports with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea totaled +75.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+138.6% per year) and Italy (+54.5% per year).

In value terms, South Korea ($X) emerged as the key foreign market for raw steel and steel semi-finished products exports from China, comprising 76% of total exports. The second position in the ranking was taken by France ($X), with a 3.8% share of total exports. It was followed by Italy, with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea stood at +50.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+86.1% per year) and Italy (+36.1% per year).

Export Prices by Country

In 2021, the average export price for raw steel and steel semi-finished products amounted to $X per ton, surging by 9.8% against the previous year. Over the period under review, the export price, however, showed a pronounced descent. The pace of growth was the most pronounced in 2016 an increase of 18% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+7.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into China

After four years of growth, purchases abroad of raw steel and steel semi-finished products decreased by -24.9% to X tons in 2021. Over the period under review, imports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2020 with an increase of 484% against the previous year. As a result, imports attained the peak of X tons, and then reduced sharply in the following year.

In value terms, imports of raw steel and steel semi-finished products surged to $X in 2021. In general, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2020 with an increase of 425% against the previous year. Over the period under review, imports of hit record highs in 2021 and are likely to continue growth in the near future.

Imports by Country

Indonesia (X tons), Vietnam (X tons) and India (X tons) were the main suppliers of imports of raw steel and steel semi-finished products to China, together comprising 58% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +2,652.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constituted the largest supplier of raw steel and steel semi-finished products to China, comprising 37% of total imports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total imports. It was followed by India, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia totaled +431.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+2,002.0% per year) and India (+77.1% per year).

Import Prices by Country

The average import price for raw steel and steel semi-finished products stood at $X per ton in 2021, jumping by 73% against the previous year. Over the period under review, the import price, however, continues to indicate a deep contraction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Indonesia ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+29.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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