Indonesia: Steel Stranded Wire Market 2024

Steel Stranded Wire Market Size in Indonesia

The Indonesian steel stranded wire market fell to $X in 2022, approximately mirroring the previous year. Overall, consumption recorded a slight setback. The most prominent rate of growth was recorded in 2017 when the market value increased by 9.6% against the previous year. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Steel Stranded Wire Production in Indonesia

In value terms, steel stranded wire production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a mild slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15%. Steel stranded wire production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Steel Stranded Wire Exports

Exports from Indonesia

Steel stranded wire exports from Indonesia shrank to X tons in 2022, approximately equating the previous year. Overall, exports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2013 when exports increased by 36%. The exports peaked at X tons in 2021, and then reduced modestly in the following year.

In value terms, steel stranded wire exports surged to $X in 2022. In general, exports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2021 when exports increased by 35% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons), Thailand (X tons) and Mexico (X tons) were the main destinations of steel stranded wire exports from Indonesia, together comprising 62% of total exports. Japan, Malaysia, India, Vietnam and the Philippines lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +49.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for iron or steel stranded wire, ropes and cables exports from Indonesia, comprising 38% of total exports. The second position in the ranking was held by Thailand ($X), with a 15% share of total exports. It was followed by Japan, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +19.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+2.6% per year) and Japan (+34.6% per year).

Export Prices by Country

In 2022, the average steel stranded wire export price amounted to $X per ton, rising by 18% against the previous year. In general, the export price, however, recorded a mild decrease. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 ($X per ton), while the average price for exports to Mexico ($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 the United States (+2.0%), while the prices for the other major destinations experienced a decline.

Steel Stranded Wire Imports

Imports into Indonesia

In 2022, overseas purchases of iron or steel stranded wire, ropes and cables increased by 22% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +8.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +38.2% against 2020 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 46% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, steel stranded wire imports soared to $X in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +97.5% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest steel stranded wire supplier to Indonesia, with a 54% share of total imports. Moreover, steel stranded wire imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. The third position in this ranking was held by Singapore (X tons), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+8.2% per year) and Singapore (+4.4% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel stranded wire, ropes and cables to Indonesia, comprising 43% of total imports. The second position in the ranking was held by Singapore ($X), with a 15% share of total imports. It was followed by Thailand, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+5.2% per year) and Thailand (+9.0% per year).

Import Prices by Country

In 2022, the average steel stranded wire import price amounted to $X per ton, surging by 22% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Malaysia ($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 (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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