India: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in India

For the third consecutive year, the Indian flat-rolled steel products market recorded decline in sales value, which decreased by -10.3% to $X in 2021. Over the period under review, consumption recorded a deep setback. Flat-rolled steel products consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Flat-Rolled Steel Products Production in India

In value terms, flat-rolled steel products production stood at $X in 2021 estimated in export price. In general, production saw a abrupt slump. Flat-rolled steel products production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Flat-Rolled Steel Products Exports

Exports from India

In 2021, the amount of flat-rolled products of iron or non-alloy steel exported from India soared to X tons, with an increase of 24% compared with the year before. Overall, exports enjoyed resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by 76% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, flat-rolled steel products exports skyrocketed to $X in 2021. Over the period under review, exports saw a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates (X tons), Nepal (X tons) and Italy (X tons) were the main destinations of flat-rolled steel products exports from India, with a combined 66% share of total exports. Malaysia, Turkey, Sri Lanka, Egypt, Spain, Belgium, Bangladesh, Greece, Oman and Indonesia lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Greece (with a CAGR of +539.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Nepal ($X) and Italy ($X) were the largest markets for flat-rolled steel products exported from India worldwide, with a combined 65% share of total exports. Malaysia, Turkey, Sri Lanka, Egypt, Bangladesh, Spain, Belgium, Greece, Oman and Indonesia lagged somewhat behind, together comprising a further 28%.

Among the main countries of destination, Greece, with a CAGR of +535.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average flat-rolled steel products export price stood at $X per ton in 2021, picking up by 59% against the previous year. In general, export price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Turkey ($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 Indonesia (+15.4%), while the prices for the other major destinations experienced more modest paces of growth.

Flat-Rolled Steel Products Imports

Imports into India

In 2021, flat-rolled steel products imports into India contracted remarkably to X tons, which is down by -15.9% against the previous year. In general, imports saw a deep downturn. The pace of growth was the most pronounced in 2016 with an increase of 34%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, flat-rolled steel products imports shrank to $X in 2021. Over the period under review, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 26%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), Belgium (X tons) and Japan (X tons) were the main suppliers of flat-rolled steel products imports to India, together accounting for 43% of total imports. These countries were followed by Italy, Germany, the United States, Russia, South Korea, China, the United Arab Emirates, Singapore, Spain and Canada, which together accounted for a further 49%.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +37.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), the Netherlands ($X) and Japan ($X) appeared to be the largest flat-rolled steel products suppliers to India, together accounting for 44% of total imports. These countries were followed by Germany, Italy, South Korea, the United States, China, Russia, the United Arab Emirates, Singapore, Spain and Canada, which together accounted for a further 47%.

The United Arab Emirates, with a CAGR of +36.8%, saw 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 flat-rolled steel products import price amounted to $X per ton, with an increase of 11% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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 ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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