Eastern Asia: Market for Articles Of Iron Or Steel 2025

Market Size for Articles Of Iron Or Steel in Eastern Asia

The East Asian steel and iron articles market stood at $X in 2022, leveling off at the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.1% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Articles Of Iron Or Steel in Eastern Asia

In value terms, steel and iron articles production rose modestly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.1% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 31% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports in Eastern Asia

In 2022, overseas shipments of articles of iron or steel increased by 4% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 31% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, steel and iron articles exports rose notably to $X in 2022. Over the period under review, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of 41% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

China was the major exporter of articles of iron or steel in Eastern Asia, with the volume of exports amounting to X tons, which was approx. 82% of total exports in 2022. South Korea (X tons) ranks second in terms of the total exports with an 11% share, followed by Taiwan (Chinese) (5%). Japan (X tons) took a little share of total exports.

China was also the fastest-growing in terms of the articles of iron or steel exports, with a CAGR of +5.6% from 2012 to 2022. South Korea experienced a relatively flat trend pattern. Taiwan (Chinese) (-2.3%) and Japan (-2.5%) illustrated a downward trend over the same period. While the share of China (+11 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-4.3 p.p.) and Taiwan (Chinese) (-4.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest steel and iron articles supplier in Eastern Asia, comprising 76% of total exports. The second position in the ranking was taken by South Korea ($X), with a 9.9% share of total exports. It was followed by Taiwan (Chinese), with a 6.6% share.

In China, steel and iron articles exports increased at an average annual rate of +10.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+2.1% per year) and Taiwan (Chinese) (-0.4% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, rising by 5.3% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2018 an increase of 11% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.7%), while the other leaders experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports in Eastern Asia

In 2022, imports of articles of iron or steel in Eastern Asia reduced to X tons, leveling off at the previous year. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 16% against the previous year. As a result, imports attained the peak of X tons, and then shrank slightly in the following year.

In value terms, steel and iron articles imports dropped modestly to $X in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. As a result, imports attained the peak of $X, and then fell slightly in the following year.

Imports by Country

South Korea (X tons) and Japan (X tons) represented roughly 73% of total imports in 2022. It was distantly followed by China (X tons) and Hong Kong SAR (X tons), together creating a 21% share of total imports. Taiwan (Chinese) (X tons) and Macao SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Macao SAR (with a CAGR of +5.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest steel and iron articles importing markets in Eastern Asia were China ($X), South Korea ($X) and Japan ($X), together accounting for 89% of total imports. Hong Kong SAR, Taiwan (Chinese) and Macao SAR lagged somewhat behind, together accounting for a further 11%.

In terms of the main importing countries, Taiwan (Chinese), with a CAGR of +6.2%, recorded 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 Eastern Asia stood at $X per ton in 2022, shrinking by -2.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2018 an increase of 7.6%. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then contracted slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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