New Zealand: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in New Zealand

The New Zealand market for hot-rolled steel bars and rods dropped to $X in 2021, reducing by -10.8% against the previous year. Over the period under review, consumption saw a noticeable downturn. Hot-rolled steel bar and rod consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Hot-Rolled Steel Bars and Rods in New Zealand

In value terms, hot-rolled steel bar and rod production fell significantly to $X in 2021 estimated in export price. Overall, production saw a abrupt slump. The growth pace was the most rapid in 2017 with an increase of 78%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Hot-Rolled Steel Bars and Rods

Exports from New Zealand

Hot-rolled steel bar and rod exports from New Zealand reduced rapidly to X tons in 2021, which is down by -82.1% against the year before. Overall, exports continue to indicate a sharp reduction. The pace of growth was the most pronounced in 2017 with an increase of 38%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled steel bar and rod exports shrank dramatically to $X in 2021. Over the period under review, exports saw a sharp curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 47%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Vanuatu (X tons) was the main destination for hot-rolled steel bar and rod exports from New Zealand, with a 37% share of total exports. Moreover, hot-rolled steel bar and rod exports to Vanuatu exceeded the volume sent to the second major destination, Fiji (X tons), twofold. Australia (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to Vanuatu totaled +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (+5.8% per year) and Australia (-52.5% per year).

In value terms, Vanuatu ($X), Fiji ($X) and Australia ($X) appeared to be the largest markets for hot-rolled steel bar and rod exported from New Zealand worldwide, with a combined 58% share of total exports.

In terms of the main countries of destination, Vanuatu, with a CAGR of +12.6%, 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 export price for hot-rolled steel bars and rods amounted to $X per ton, with an increase of 117% against the previous year. Overall, the export price showed a resilient increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Fiji ($X per ton), while the average price for exports to Vanuatu ($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 New Caledonia (+7.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into New Zealand

In 2021, overseas purchases of hot-rolled steel bars and rods increased by 86% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports continue to indicate a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel bar and rod imports soared to $X in 2021. Overall, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Singapore (X tons) constituted the largest hot-rolled steel bar and rod supplier to New Zealand, with a 37% share of total imports. Moreover, hot-rolled steel bar and rod imports from Singapore exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. Australia (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Singapore stood at +107.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+2.6% per year) and Australia (-0.9% per year).

In value terms, Singapore ($X), Taiwan (Chinese) ($X) and Australia ($X) were the largest hot-rolled steel bar and rod suppliers to New Zealand, with a combined 69% share of total imports.

Among the main suppliers, Singapore, with a CAGR of +95.1%, saw the highest rates of growth with regard to 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 steel bars and rods stood at $X per ton in 2021, rising by 25% against the previous year. In general, the import price, however, recorded a mild slump. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, 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 ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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