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

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

In 2021, after two years of decline, there was significant growth in the Malaysian market for hot-rolled non-alloy steel wire rods, when its value increased by 12% to $X. Overall, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

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

In value terms, hot-rolled non-alloy steel wire rod production declined to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 100%. Hot-rolled non-alloy steel wire rod production peaked at $X in 2020, and then dropped in the following year.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Malaysia

In 2021, after four years of growth, there was significant decline in overseas shipments of hot-rolled non-alloy steel wire rods, when their volume decreased by -22.6% to X tons. Overall, exports, however, posted a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 851% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020, and then dropped markedly in the following year.

In value terms, hot-rolled non-alloy steel wire rod exports dropped to $X in 2021. Over the period under review, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 677% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020, and then contracted modestly in the following year.

Exports by Country

China (X tons) was the main destination for hot-rolled non-alloy steel wire rod exports from Malaysia, accounting for a 35% share of total exports. Moreover, hot-rolled non-alloy steel wire rod exports to China exceeded the volume sent to the second major destination, the Philippines (X tons), twofold. South Korea (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at +326.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+74.1% per year) and South Korea (+61.3% per year).

In value terms, China ($X) remains the key foreign market for hot-rolled non-alloy steel wire rods exports from Malaysia, comprising 35% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 16% share of total exports. It was followed by South Korea, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +231.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+84.3% per year) and South Korea (+55.3% per year).

Export Prices by Country

The average export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, jumping by 29% against the previous year. Overall, the export price, however, showed a perceptible downturn. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Qatar ($X per ton), while the average price for exports to Ghana ($X per ton) and Vietnam ($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 Benin (+33.0%), 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 Malaysia

In 2021, hot-rolled non-alloy steel wire rod imports into Malaysia skyrocketed to X tons, picking up by 24% on the previous year. Over the period under review, imports, however, continue to indicate a perceptible descent. The pace of growth appeared the most rapid in 2018 when imports increased by 37%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. Overall, imports, however, showed a noticeable downturn. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

South Korea (X tons), Japan (X tons) and Vietnam (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to Malaysia, with a combined 80% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +76.6%), 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 Malaysia were South Korea ($X), Japan ($X) and Vietnam ($X), together accounting for 80% of total imports.

Among the main suppliers, Vietnam, with a CAGR of +74.3%, 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, surging by 35% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform