India: Mill Rolling Roll Market 2024

Mill Rolling Roll Market Size in India

In 2022, the Indian mill rolling roll market decreased by -0.8% to $X for the first time since 2017, thus ending a four-year rising trend. The market value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Mill rolling roll consumption peaked at $X in 2021, and then declined slightly in the following year.

Mill Rolling Roll Production in India

In value terms, mill rolling roll production totaled $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 5.1% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Mill Rolling Roll Exports

Exports from India

In 2022, approx. X units of rolls for rolling mills were exported from India; increasing by 11% compared with the year before. Over the period under review, exports saw a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 91%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, mill rolling roll exports soared to $X in 2022. In general, total exports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.9% against 2020 indices. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Bangladesh (X units) was the main destination for mill rolling roll exports from India, with a 19% share of total exports. Moreover, mill rolling roll exports to Bangladesh exceeded the volume sent to the second major destination, Nigeria (X units), twofold. Nepal (X units) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh totaled +14.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+7.5% per year) and Nepal (+15.5% per year).

In value terms, the largest markets for mill rolling roll exported from India were the United States ($X), Bangladesh ($X) and Kenya ($X), with a combined 32% share of total exports. Nepal, Saudi Arabia, Nigeria, South Korea, Ghana, the United Arab Emirates, Sudan, Sri Lanka, Mozambique and Mexico lagged somewhat behind, together accounting for a further 36%.

In terms of the main countries of destination, South Korea, with a CAGR of +52.1%, recorded 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 mill rolling roll export price stood at $X per unit in 2022, surging by 15% against the previous year. Over the period under review, the export price, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2020 an increase of 23% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Mill Rolling Roll Imports

Imports into India

In 2022, mill rolling roll imports into India expanded rapidly to X units, growing by 8.4% on 2021 figures. In general, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 75%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, mill rolling roll imports reduced to $X in 2022. Over the period under review, imports posted a modest increase. The pace of growth appeared the most rapid in 2018 with an increase of 51% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of mill rolling roll to India, with a 55% share of total imports. Moreover, mill rolling roll imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), threefold. Italy (X units) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+27.3% per year) and Italy (+12.2% per year).

In value terms, China ($X) constituted the largest supplier of rolls for rolling mills to India, comprising 49% of total imports. The second position in the ranking was held by Germany ($X), with a 10% share of total imports. It was followed by South Korea, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.2% per year) and South Korea (-2.4% per year).

Import Prices by Country

In 2022, the average mill rolling roll import price amounted to $X per unit, reducing by -16.5% against the previous year. Over the period under review, the import price saw a abrupt decline. The growth pace was the most rapid in 2013 an increase of 41%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices failed to regain momentum.

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 the United States ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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