Hong Kong SAR, China: Non-Alloy Steel U-Section Market 2024

Non-Alloy Steel U-Section Market Size in Hong Kong SAR, China

After two years of growth, the Hong Kong non-alloy steel u-section market decreased by -4.6% to $X in 2022. Overall, consumption saw a perceptible decline. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Non-Alloy Steel U-Section Exports

Exports from Hong Kong SAR, China

In 2022, after two years of growth, there was significant decline in shipments abroad of u-sections of non-alloy steel, when their volume decreased by -19.6% to X tons. In general, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of 44%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, non-alloy steel u-section exports rose rapidly to $X in 2022. Over the period under review, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2018 with an increase of 63% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for non-alloy steel u-section exports from Hong Kong SAR, accounting for a 88% share of total exports. Moreover, non-alloy steel u-section exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), ninefold.

From 2012 to 2022, the average annual growth rate of volume to China totaled -10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+2.3% per year) and Guam (-7.2% per year).

In value terms, China ($X) remains the key foreign market for u-sections of non-alloy steel exports from Hong Kong SAR, comprising 87% of total exports. The second position in the ranking was taken by Macao SAR ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to -5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+3.8% per year) and Guam (-5.2% per year).

Export Prices by Country

In 2022, the average non-alloy steel u-section export price amounted to $X per ton, rising by 33% against the previous year. Overall, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-alloy steel u-section export price increased by +57.7% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to China ($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 China (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Alloy Steel U-Section Imports

Imports into Hong Kong SAR, China

After two years of growth, overseas purchases of u-sections of non-alloy steel decreased by -12.1% to X tons in 2022. Over the period under review, imports continue to indicate a noticeable decrease. The pace of growth was the most pronounced in 2018 when imports increased by 23% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, non-alloy steel u-section imports shrank slightly to $X in 2022. In general, imports continue to indicate a pronounced downturn. The pace of growth was the most pronounced in 2021 when imports increased by 51% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons) and Macao SAR (X tons) were the main suppliers of non-alloy steel u-section imports to Hong Kong SAR, with a combined 69% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Macao SAR (with a CAGR of +129.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest non-alloy steel u-section suppliers to Hong Kong SAR were China ($X), Taiwan (Chinese) ($X) and Spain ($X), with a combined 67% share of total imports. Turkey, Thailand, Macao SAR, India and the UK lagged somewhat behind, together comprising a further 33%.

In terms of the main suppliers, Macao SAR, with a CAGR of +123.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average non-alloy steel u-section import price amounted to $X per ton, with an increase of 10% against the previous year. Overall, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-alloy steel u-section import price increased by +54.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 41%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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