Japan: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Japan

The Japanese market for hot-rolled non-alloy steel wire rods surged to $X in 2021, increasing by 21% against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Japan

In value terms, hot-rolled non-alloy steel wire rod production surged to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 28% against the previous year. Hot-rolled non-alloy steel wire rod production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Japan

After four years of decline, overseas shipments of hot-rolled non-alloy steel wire rods increased by 40% to X tons in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports surged to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

South Korea (X tons), Thailand (X tons) and the United States (X tons) were the main destinations of hot-rolled non-alloy steel wire rod exports from Japan, with a combined 50% share of total exports. China, Malaysia, Taiwan (Chinese), Indonesia and Vietnam lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +10.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled non-alloy steel wire rod exported from Japan were South Korea ($X), Thailand ($X) and the United States ($X), together comprising 51% of total exports. China, Malaysia, Taiwan (Chinese), Indonesia and Vietnam lagged somewhat behind, together accounting for a further 41%.

In terms of the main countries of destination, Vietnam, with a CAGR of +11.3%, recorded the highest growth rate of 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 export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, with an increase of 21% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Thailand ($X per ton) and China ($X per ton), while the average price for exports to Malaysia ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+0.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into Japan

In 2021, approx. X tons of hot-rolled non-alloy steel wire rods were imported into Japan; growing by 14% on the previous year's figure. Over the period under review, imports enjoyed mild growth. The most prominent rate of growth was recorded in 2018 with an increase of 204%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. In general, imports posted a mild expansion. The pace of growth was the most pronounced in 2018 when imports increased by 200% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in years to come.

Imports by Country

Vietnam (X tons), South Korea (X tons) and Indonesia (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to Japan, together accounting for 81% of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +187.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod suppliers to Japan were Vietnam ($X), South Korea ($X) and Indonesia ($X), with a combined 80% share of total imports.

Among the main suppliers, Vietnam, with a CAGR of +179.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, with an increase of 37% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from India ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for the UK ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform