Eastern Asia: Flat-Rolled Steel Products Market 2025

Flat-Rolled Steel Products Market Size in Eastern Asia

In 2021, the East Asian flat-rolled steel products market decreased by -0.7% to $X, falling for the third year in a row after four years of growth. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Flat-Rolled Steel Products Production in Eastern Asia

In value terms, flat-rolled steel products production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 7.5%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Flat-Rolled Steel Products Exports

Exports in Eastern Asia

In 2021, overseas shipments of flat-rolled products of iron or non-alloy steel increased by 4.6% 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 +2.1% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 11%. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, flat-rolled steel products exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +3.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the main exporter of flat-rolled products of iron or non-alloy steel in Eastern Asia, with the volume of exports amounting to X tons, which was approx. 60% of total exports in 2021. Japan (X tons) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (15%) and Taiwan (Chinese) (5.8%).

China was also the fastest-growing in terms of the flat-rolled products of iron or non-alloy steel exports, with a CAGR of +6.6% from 2012 to 2021. Taiwan (Chinese) experienced a relatively flat trend pattern. South Korea (-1.4%) and Japan (-3.1%) illustrated a downward trend over the same period. While the share of China (+19 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of South Korea (-5.7 p.p.) and Japan (-11.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest flat-rolled steel products supplier in Eastern Asia, comprising 60% of total exports. The second position in the ranking was taken by Japan ($X), with an 18% share of total exports. It was followed by South Korea, with a 16% share.

In China, flat-rolled steel products exports expanded at an average annual rate of +8.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-2.9% per year) and South Korea (+0.2% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, growing by 47% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in South Korea ($X per ton) and Taiwan (Chinese) ($X per ton), while Japan ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.9%), while the other leaders experienced more modest paces of growth.

Flat-Rolled Steel Products Imports

Imports in Eastern Asia

In 2021, approx. X tons of flat-rolled products of iron or non-alloy steel were imported in Eastern Asia; with a decrease of -11.9% on the previous year's figure. Overall, imports saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 24% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, flat-rolled steel products imports expanded significantly to $X in 2021. In general, imports continue to indicate a pronounced decrease. The pace of growth was the most pronounced in 2017 when imports increased by 33% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Taiwan (Chinese) (X tons) and South Korea (X tons) were the main importers of flat-rolled products of iron or non-alloy steel in 2021, accounting for near 34% and 32% of total imports, respectively. It was distantly followed by China (X tons), Japan (X tons) and Hong Kong SAR (X tons), together making up a 34% share of total imports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +6.9%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, South Korea ($X), Taiwan (Chinese) ($X) and China ($X) constituted the countries with the highest levels of imports in 2021, together comprising 82% of total imports.

South Korea, with a CAGR of +7.9%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, rising by 27% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in South Korea ($X per ton) and Hong Kong SAR ($X per ton), while China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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