Malaysia: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in Malaysia

After four years of growth, the Malaysian flat-rolled steel products market decreased by -1.5% to $X in 2021. In general, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +59.0% against 2012 indices. Flat-rolled steel products consumption peaked at $X in 2020, and then fell modestly in the following year.

Flat-Rolled Steel Products Production in Malaysia

In value terms, flat-rolled steel products production totaled $X in 2021 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -1.8% against 2018 indices. The pace of growth appeared the most rapid in 2017 with an increase of 21%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Flat-Rolled Steel Products Exports

Exports from Malaysia

In 2021, shipments abroad of flat-rolled products of iron or non-alloy steel decreased by -47.8% to X tons, falling for the fourth consecutive year after two years of growth. Overall, exports recorded a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 24% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, flat-rolled steel products exports contracted rapidly to $X in 2021. Over the period under review, exports faced a deep reduction. The growth pace was the most rapid in 2017 when exports increased by 46%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Bangladesh (X tons) and India (X tons) were the main destinations of flat-rolled steel products exports from Malaysia, together accounting for 57% of total exports. These countries were followed by Australia, Vietnam, Taiwan (Chinese), Pakistan, Myanmar and Singapore, which together accounted for a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +107.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for flat-rolled steel products exported from Malaysia were Indonesia ($X), Bangladesh ($X) and Australia ($X), with a combined 58% share of total exports. India, Taiwan (Chinese), Vietnam, Singapore, Pakistan and Myanmar lagged somewhat behind, together comprising a further 34%.

Among the main countries of destination, Pakistan, with a CAGR of +76.4%, saw 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

In 2021, the average flat-rolled steel products export price amounted to $X per ton, rising by 13% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 17% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Myanmar ($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 Australia (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Flat-Rolled Steel Products Imports

Imports into Malaysia

After four years of growth, overseas purchases of flat-rolled products of iron or non-alloy steel decreased by -22.8% to X tons in 2021. In general, imports recorded a mild contraction. The most prominent rate of growth was recorded in 2017 with an increase of 19%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, flat-rolled steel products imports rose modestly to $X in 2021. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 41% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest flat-rolled steel products supplier to Malaysia, accounting for a 60% share of total imports. Moreover, flat-rolled steel products imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sixfold. Japan (X tons) ranked third in terms of total imports with a 9.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-15.3% per year) and Japan (+30.4% per year).

In value terms, China ($X) constituted the largest supplier of flat-rolled products of iron or non-alloy steel to Malaysia, comprising 60% of total imports. The second position in the ranking was held by Japan ($X), with a 10% share of total imports. It was followed by South Korea, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+30.1% per year) and South Korea (-16.0% per year).

Import Prices by Country

In 2021, the average flat-rolled steel products import price amounted to $X per ton, surging by 36% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat 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 Belgium ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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