Eastern Asia: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Eastern Asia

In 2021, the East Asian iron and steel wire market increased by 12% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Production of Iron and Steel Wire in Eastern Asia

In value terms, iron and steel wire production expanded markedly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 15%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Exports of Iron and Steel Wire

Exports in Eastern Asia

In 2021, overseas shipments of iron and steel wire decreased by -5.8% to X tons, falling for the third consecutive year after two years of growth. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 15%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, iron and steel wire exports stood at $X in 2021. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 13%. The level of export peaked in 2021 and is likely to see steady growth in the immediate term.

Exports by Country

China prevails in exports structure, accounting for X tons, which was approx. 79% of total exports in 2021. South Korea (X tons) held the second position in the ranking, followed by Japan (X tons) and Taiwan (Chinese) (X tons). All these countries together took near 21% share of total exports.

China was also the fastest-growing in terms of the iron and steel wire exports, with a CAGR of +1.5% from 2012 to 2021. Taiwan (Chinese) experienced a relatively flat trend pattern. Japan (-1.4%) and South Korea (-9.2%) illustrated a downward trend over the same period. While the share of China (+12 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of South Korea (-10.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron and steel wire supplier in Eastern Asia, comprising 72% of total exports. The second position in the ranking was held by Japan ($X), with a 14% share of total exports. It was followed by South Korea, with a 7.1% share.

In China, iron and steel wire exports expanded at an average annual rate of +4.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-2.6% per year) and South Korea (-11.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, surging by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2016 when the export price increased by 13% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in years to come.

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 Japan ($X per ton), while China ($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 (+3.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Iron and Steel Wire

Imports in Eastern Asia

In 2021, the amount of iron and steel wire imported in Eastern Asia fell to X tons, which is down by -12.7% on 2020. Over the period under review, imports recorded a mild descent. The pace of growth was the most pronounced in 2016 when imports increased by 14%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iron and steel wire imports reached $X in 2021. Overall, imports showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 8.8% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Japan was the largest importing country with an import of about X tons, which recorded 44% of total imports. It was distantly followed by Taiwan (Chinese) (X tons), China (X tons) and South Korea (X tons), together achieving a 55% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +7.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) were the countries with the highest levels of imports in 2021, together comprising 91% of total imports.

Among the main importing countries, Taiwan (Chinese), with a CAGR of +2.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, increasing by 21% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 28% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while South Korea ($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 (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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