India: Cold-Rolled Steel Products Market 2024

Cold-Rolled Steel Products Market Size in India

In 2022, the Indian cold-rolled steel products market increased by 298% to $X, rising for the fourth year in a row after three years of decline. Overall, consumption recorded a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Cold-Rolled Steel Products Production in India

In value terms, cold-rolled steel products production declined markedly to $X in 2022 estimated in export price. In general, production, however, showed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 29,094,496,300% against the previous year. Over the period under review, production hit record highs at $X in 2021, and then fell dramatically in the following year.

Cold-Rolled Steel Products Exports

Exports from India

In 2022, approx. X tons of flat-rolled products of iron or steel (not further worked than cold-rolled) were exported from India; dropping by -49% compared with 2021 figures. In general, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 98%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, cold-rolled steel products exports dropped rapidly to $X in 2022. Over the period under review, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2021 when exports increased by 213% against the previous year. As a result, the exports reached the peak of $X, and then reduced sharply in the following year.

Exports by Country

Italy (X tons), Belgium (X tons) and Turkey (X tons) were the main destinations of cold-rolled steel products exports from India, with a combined 47% share of total exports. The United States, Spain, the UK, Saudi Arabia, Poland, Jordan, Nepal, Egypt, Brazil and Nigeria lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jordan (with a CAGR of +132.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cold-rolled steel products exported from India were the United States ($X), Belgium ($X) and Italy ($X), together comprising 49% of total exports. Turkey, Spain, Poland, the UK, Saudi Arabia, Brazil, Jordan, Egypt, Nepal and Nigeria lagged somewhat behind, together comprising a further 32%.

Jordan, with a CAGR of +115.0%, saw the highest rates of growth with regard to 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

In 2022, the average cold-rolled steel products export price amounted to $X per ton, jumping by 28% against the previous year. Over the period under review, the export price showed a pronounced increase. The growth pace was the most rapid in 2021 an increase of 58% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Jordan ($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 Nigeria (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Cold-Rolled Steel Products Imports

Imports into India

In 2022, the amount of flat-rolled products of iron or steel (not further worked than cold-rolled) imported into India surged to X tons, rising by 35% against the previous year. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 57%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, cold-rolled steel products imports skyrocketed to $X in 2022. Overall, imports enjoyed a measured expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 74% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

South Korea (X tons), China (X tons) and Japan (X tons) were the main suppliers of cold-rolled steel products imports to India, together comprising 77% of total imports. Hong Kong SAR, Indonesia and Vietnam lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +59.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cold-rolled steel products suppliers to India were South Korea ($X), China ($X) and Japan ($X), together accounting for 68% of total imports. Indonesia, Hong Kong SAR and Vietnam lagged somewhat behind, together comprising a further 21%.

Indonesia, with a CAGR of +57.5%, 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

The average cold-rolled steel products import price stood at $X per ton in 2022, rising by 22% against the previous year. Overall, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cold-rolled steel products import price increased by +111.9% against 2015 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 41%. The import price peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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