Hong Kong SAR, China: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Hong Kong SAR, China

In 2021, the Hong Kong market for hot-rolled non-alloy steel wire rods increased by 226% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption enjoyed a resilient increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Hong Kong SAR, China

In 2021, overseas shipments of hot-rolled non-alloy steel wire rods decreased by -30.8% to X tons, falling for the second year in a row after two years of growth. Overall, exports recorded a abrupt contraction. The pace of growth was the most pronounced in 2014 with an increase of 286% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports contracted significantly to $X in 2021. Over the period under review, exports saw a abrupt contraction. The pace of growth appeared the most rapid in 2014 when exports increased by 224% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Ethiopia (X tons) was the main destination for hot-rolled non-alloy steel wire rod exports from Hong Kong SAR, with a 48% share of total exports. Moreover, hot-rolled non-alloy steel wire rod exports to Ethiopia exceeded the volume sent to the second major destination, Brazil (X tons), fivefold. The third position in this ranking was taken by Indonesia (X tons), with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume to Ethiopia amounted to +114.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+28.1% per year) and Indonesia (+129.3% per year).

In value terms, Ethiopia ($X), Brunei Darussalam ($X) and Brazil ($X) were the largest markets for hot-rolled non-alloy steel wire rod exported from Hong Kong SAR worldwide, together accounting for 49% of total exports. These countries were followed by Indonesia, Israel, China, Singapore, Malaysia and Guatemala, which together accounted for a further 23%.

Indonesia, with a CAGR of +72.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for hot-rolled non-alloy steel wire rods amounted to $X per ton, growing by 16% against the previous year. In general, the export price, however, showed a noticeable decrease. The pace of growth appeared the most rapid in 2017 an increase of 48%. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Ethiopia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brunei Darussalam (+51.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into Hong Kong SAR, China

After two years of decline, purchases abroad of hot-rolled non-alloy steel wire rods increased by 64% to X tons in 2021. Over the period under review, total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled non-alloy steel wire rod imports soared to $X in 2021. In general, imports posted a modest expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest hot-rolled non-alloy steel wire rod supplier to Hong Kong SAR, with a 41% share of total imports. Moreover, hot-rolled non-alloy steel wire rod imports from China exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold. The third position in this ranking was taken by India (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (0.0% per year) and India (+170.0% per year).

In value terms, China ($X), Saudi Arabia ($X) and India ($X) constituted the largest hot-rolled non-alloy steel wire rod suppliers to Hong Kong SAR, together accounting for 67% of total imports. Singapore, Spain, the UK, Italy and Japan lagged somewhat behind, together comprising a further 21%.

Italy, with a CAGR of +182.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for hot-rolled non-alloy steel wire rods amounted to $X per ton, growing by 33% against the previous year. In general, the import price, however, continues to indicate a slight setback. The pace of growth appeared the most rapid in 2017 when the average import price increased by 35%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform