Hong Kong SAR, China: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Hong Kong SAR, China

The Hong Kong steel and iron articles market contracted to $X in 2022, with a decrease of -14.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a relatively flat trend pattern. Steel and iron articles consumption peaked at $X in 2021, and then declined in the following year.

Exports of Articles Of Iron Or Steel

Exports from Hong Kong SAR, China

In 2022, approx. X tons of articles of iron or steel were exported from Hong Kong SAR; reducing by -27.4% compared with the previous year. Over the period under review, exports recorded a abrupt setback. The pace of growth appeared the most rapid in 2013 with an increase of 29% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, steel and iron articles exports fell to $X in 2022. Overall, exports continue to indicate a mild curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 27% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for steel and iron articles exports from Hong Kong SAR, with a 36% share of total exports. Moreover, steel and iron articles exports to China exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was held by Thailand (X tons), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to -7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-11.9% per year) and Thailand (+7.1% per year).

In value terms, China ($X) remains the key foreign market for articles of iron or steel exports from Hong Kong SAR, comprising 29% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by Japan, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value to China stood at -2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-5.8% per year) and Japan (-4.9% per year).

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, growing by 27% against the previous year. Overall, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel and iron articles export price increased by +128.1% against 2013 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Hong Kong SAR, China

In 2022, imports of articles of iron or steel into Hong Kong SAR shrank to X tons, falling by -13.5% on 2021 figures. Overall, imports saw a noticeable decline. The most prominent rate of growth was recorded in 2021 when imports increased by 20%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, steel and iron articles imports dropped remarkably to $X in 2022. Over the period under review, imports recorded a mild contraction. The pace of growth was the most pronounced in 2021 with an increase of 23%. As a result, imports attained the peak of $X, and then reduced rapidly in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of steel and iron articles to Hong Kong SAR, with a 94% share of total imports. It was followed by Japan (X tons), with a 0.7% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled -2.7%.

In value terms, China ($X) constituted the largest supplier of articles of iron or steel to Hong Kong SAR, comprising 72% of total imports. The second position in the ranking was held by Japan ($X), with a 3.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest.

Import Prices by Country

In 2022, the average steel and iron articles import price amounted to $X per ton, falling by -6.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The growth pace was the most rapid in 2014 an increase of 12% against the previous year. The import price peaked at $X per ton in 2021, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.8%).

Source: IndexBox Platform

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