Eastern Asia: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Eastern Asia

After three years of growth, the East Asian market for hot-rolled steel bars and rods decreased by -2.5% to $X in 2021. The total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +80.8% against 2015 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then fell slightly in the following year.

Production of Hot-Rolled Steel Bars and Rods in Eastern Asia

In value terms, hot-rolled steel bar and rod production contracted to $X in 2021 estimated in export price. The total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.2% against 2016 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 136% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Exports of Hot-Rolled Steel Bars and Rods

Exports in Eastern Asia

In 2021, after five years of decline, there was significant growth in overseas shipments of hot-rolled steel bars and rods, when their volume increased by 19% to X tons. Over the period under review, exports, however, showed a perceptible decline. The pace of growth appeared the most rapid in 2014 with an increase of 63% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, China (X tons) represented the largest exporter of hot-rolled steel bars and rods, making up 56% of total exports. It was distantly followed by Japan (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons), together achieving a 41% share of total exports. Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled steel bar and rod exports from China stood at -4.8%. At the same time, Hong Kong SAR (+8.7%), Taiwan (Chinese) (+2.6%) and South Korea (+2.4%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +8.7% from 2012-2021. Japan experienced a relatively flat trend pattern. Japan (+6.2 p.p.), South Korea (+4.3 p.p.) and Taiwan (Chinese) (+2 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -14% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest hot-rolled steel bar and rod supplying countries in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together accounting for 91% of total exports. Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together comprising a further 9.4%.

Hong Kong SAR, with a CAGR of +6.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries 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 Eastern Asia amounted to $X per ton, jumping by 36% against the previous year. Export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the export price increased by 94%. The level of export peaked in 2021 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 Taiwan (Chinese) ($X per ton), while Hong Kong SAR ($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 (+2.7%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Steel Bars and Rods

Imports in Eastern Asia

In 2021, overseas purchases of hot-rolled steel bars and rods increased by 33% to X tons, rising for the second year in a row after two years of decline. Total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +7.5% 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 +60.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 35%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.4% 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 +77.9% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), South Korea (X tons) and Hong Kong SAR (X tons) represented roughly 82% of total imports in 2021. Taiwan (Chinese) (X tons) ranks next in terms of the total imports with a 12% share, followed by Japan (5%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by China (with a CAGR of +18.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in Eastern Asia were China ($X), South Korea ($X) and Hong Kong SAR ($X), together comprising 79% of total imports.

China, with a CAGR of +11.2%, 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 Eastern Asia amounted to $X per ton, surging by 33% against the previous year. Over the period under review, the import price, however, recorded a slight downturn. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+0.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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