South-Eastern Asia: Hot-Rolled Steel Products Market 2025

Hot-Rolled Steel Products Market Size in South-Eastern Asia

In 2021, the Southeast Asian hot-rolled steel products market increased by 6.4% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Hot-Rolled Steel Products Production in South-Eastern Asia

In value terms, hot-rolled steel products production fell modestly to $X in 2021 estimated in export price. Overall, production, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 42%. Over the period under review, production hit record highs at $X in 2020, and then fell modestly in the following year.

Hot-Rolled Steel Products Exports

Exports in South-Eastern Asia

In 2021, hot-rolled steel products exports in South-Eastern Asia skyrocketed to X tons, jumping by 32% against 2020 figures. Over the period under review, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2018 when exports increased by 111%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

In value terms, hot-rolled steel products exports soared to $X in 2021. Overall, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 173% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

Indonesia represented the largest exporting country with an export of around X tons, which accounted for 61% of total exports. Vietnam (X tons) held a 29% share (based on physical terms) of total exports, which put it in second place, followed by Singapore (5.6%). Malaysia (X tons) held a relatively small share of total exports.

Indonesia was also the fastest-growing in terms of the flat-rolled products of iron or steel (not further worked than hot-rolled) exports, with a CAGR of +36.9% from 2012 to 2021. At the same time, Vietnam (+30.4%) and Malaysia (+5.9%) displayed positive paces of growth. By contrast, Singapore (-10.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Indonesia and Vietnam increased by +46 and +18 percentage points, respectively.

In value terms, Indonesia ($X) remains the largest hot-rolled steel products supplier in South-Eastern Asia, comprising 75% of total exports. The second position in the ranking was held by Vietnam ($X), with a 17% share of total exports. It was followed by Singapore, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Indonesia amounted to +51.6%. In the other countries, the average annual rates were as follows: Vietnam (+35.6% per year) and Singapore (-6.3% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, with an increase of 61% against the previous year. Overall, the export price continues to indicate a resilient increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+10.7%), while the other leaders experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports in South-Eastern Asia

Hot-rolled steel products imports declined to X tons in 2021, stabilizing at 2020 figures. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 19%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, hot-rolled steel products imports surged to $X in 2021. Total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. 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

Vietnam (X tons) and Thailand (X tons) represented the main importers of flat-rolled products of iron or steel (not further worked than hot-rolled) in 2021, finishing at approx. 40% and 28% of total imports, respectively. Malaysia (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (10%). The following importers - the Philippines (X tons) and Singapore (X tons) - together made up 7.1% of total imports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +8.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Thailand ($X) and Malaysia ($X) constituted the countries with the highest levels of imports in 2021, together comprising 83% of total imports. Indonesia, the Philippines and Singapore lagged somewhat behind, together comprising a further 17%.

In terms of the main importing countries, the Philippines, with a CAGR of +7.4%, recorded 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

In 2021, the import price in South-Eastern Asia amounted to $X per ton, with an increase of 51% against the previous year. Import price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 importing countries. In 2021, major importing countries recorded the following prices: in Singapore ($X per ton) and Malaysia ($X per ton), while the Philippines ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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