India: Market for Hot-Rolled Steel Bars and Rods 2025

Market Size for Hot-Rolled Steel Bars and Rods in India

After two years of growth, the Indian market for hot-rolled steel bars and rods decreased by -13.5% to $X in 2021. Over the period under review, consumption, however, recorded a strong increase. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Production of Hot-Rolled Steel Bars and Rods in India

In value terms, hot-rolled steel bar and rod production reduced to $X in 2021 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +78.6% against 2014 indices. The growth pace was the most rapid in 2015 with an increase of 17% against the previous year. Hot-rolled steel bar and rod production peaked at $X in 2020, and then reduced modestly in the following year.

Exports of Hot-Rolled Steel Bars and Rods

Exports from India

Hot-rolled steel bar and rod exports from India surged to X tons in 2021, increasing by 156% against the previous year. Overall, exports enjoyed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. Over the period under review, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons), Singapore (X tons) and Nepal (X tons) were the main destinations of hot-rolled steel bar and rod exports from India, with a combined 44% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +838.7%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Singapore ($X) and Taiwan (Chinese) ($X) constituted the largest markets for hot-rolled steel bar and rod exported from India worldwide, together accounting for 36% of total exports.

Hong Kong SAR, with a CAGR of +609.1%, saw the highest growth rate of the value of exports, in terms of 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

The average export price for hot-rolled steel bars and rods stood at $X per ton in 2021, growing by 31% against the previous year. In general, the export price, however, recorded a abrupt shrinkage. The export price peaked at $X per ton in 2012; however, from 2013 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 Italy ($X per ton), while the average price for exports to Myanmar ($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 Sri Lanka (+0.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Hot-Rolled Steel Bars and Rods

Imports into India

In 2021, supplies from abroad of hot-rolled steel bars and rods was finally on the rise to reach X tons after two years of decline. Overall, imports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2014 with an increase of 147%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a noticeable downturn. The growth pace was the most rapid in 2014 with an increase of 95% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X tons), China (X tons) and South Korea (X tons) were the main suppliers of hot-rolled steel bar and rod imports to India, with a combined 67% share of total imports. These countries were followed by Ukraine, Singapore, Thailand, Germany, Taiwan (Chinese) and Italy, which together accounted for a further 25%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +41.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and South Korea ($X) were the largest hot-rolled steel bar and rod suppliers to India, with a combined 68% share of total imports. Germany, Taiwan (Chinese), Ukraine, Singapore, Thailand and Italy lagged somewhat behind, together accounting for a further 22%.

Singapore, with a CAGR of +26.1%, recorded the highest growth rate of 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 steel bars and rods amounted to $X per ton, rising by 37% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled steel bar and rod import price increased by +35.4% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Taiwan (Chinese) ($X per ton), while the price for Ukraine ($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 (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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