Eastern Asia: Steel Stranded Wire Market 2024

Steel Stranded Wire Market Size in Eastern Asia

The East Asian steel stranded wire market reduced to $X in 2022, shrinking by -11.3% against the previous year. In general, consumption recorded a pronounced curtailment. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Steel Stranded Wire Production in Eastern Asia

In value terms, steel stranded wire production reduced to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 25% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Steel Stranded Wire Exports

Exports in Eastern Asia

In 2022, approx. X tons of iron or steel stranded wire, ropes and cables were exported in Eastern Asia; growing by 17% on the previous year's figure. The total export volume increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when exports increased by 24% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, steel stranded wire exports soared to $X in 2022. Total exports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +64.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 36% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports by Country

China represented the largest exporting country with an export of around X tons, which resulted at 88% of total exports. It was distantly followed by South Korea (X tons), comprising a 10% share of total exports. Japan (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the iron or steel stranded wire, ropes and cables exports, with a CAGR of +6.8% from 2012 to 2022. South Korea (-4.6%) and Japan (-4.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +18 percentage points.

In value terms, China ($X) remains the largest steel stranded wire supplier in Eastern Asia, comprising 80% of total exports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total exports.

In China, steel stranded wire exports expanded at an average annual rate of +7.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (-2.4% per year) and Japan (-5.0% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, picking up by 3.3% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 16% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: 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 South Korea (+2.3%), while the other leaders experienced mixed trends in the export price figures.

Steel Stranded Wire Imports

Imports in Eastern Asia

In 2022, imports of iron or steel stranded wire, ropes and cables in Eastern Asia amounted to X tons, surging by 3.5% compared with the previous year. The total import volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2021 with an increase of 20% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, steel stranded wire imports rose slightly to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 29%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

South Korea represented the main importer of iron or steel stranded wire, ropes and cables in Eastern Asia, with the volume of imports recording X tons, which was approx. 44% of total imports in 2022. It was distantly followed by Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons), together creating a 52% share of total imports. Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +4.1%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest steel stranded wire importing markets in Eastern Asia were South Korea ($X), Japan ($X) and China ($X), with a combined 86% share of total imports. Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together accounting for a further 14%.

Hong Kong SAR, with a CAGR of +3.0%, saw the highest growth rate of the value of imports, in terms of 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

The import price in Eastern Asia stood at $X per ton in 2022, remaining constant against the previous year. Overall, the import price recorded a mild reduction. The pace of growth was the most pronounced in 2018 an increase of 11%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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