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

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

In 2021, the South Asian market for hot-rolled non-alloy steel wire rods decreased by -1.8% to $X, falling for the second year in a row after three years of growth. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Southern Asia

In value terms, hot-rolled non-alloy steel wire rod production stood at $X in 2021 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 24% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports in Southern Asia

In 2021, shipments abroad of hot-rolled non-alloy steel wire rods increased by 136% to X tons, rising for the second year in a row after two years of decline. In general, exports showed significant growth. The growth pace was the most rapid in 2013 when exports increased by 230% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. Overall, exports showed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from India (X tons), together amounting to 100% of total export.

India was also the fastest-growing in terms of the hot-rolled non-alloy steel wire rods exports, with a CAGR of +36.2% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest hot-rolled non-alloy steel wire rod supplier in Southern Asia.

In India, hot-rolled non-alloy steel wire rod exports expanded at an average annual rate of +36.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, rising by 49% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +0.0% per year.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports in Southern Asia

After two years of decline, supplies from abroad of hot-rolled non-alloy steel wire rods increased by 6% to X tons in 2021. Over the period under review, imports, however, continue to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 19%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod imports soared to $X in 2021. In general, imports, however, saw a noticeable reduction. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Nepal represented the key importer of hot-rolled non-alloy steel wire rods in Southern Asia, with the volume of imports amounting to X tons, which was near 58% of total imports in 2021. Afghanistan (X tons) ranks second in terms of the total imports with a 12% share, followed by India (9.2%), Bangladesh (8.9%) and Sri Lanka (7%). Pakistan (X tons) took a relatively small share of total imports.

Nepal was also the fastest-growing in terms of the hot-rolled non-alloy steel wire rods imports, with a CAGR of +11.4% from 2012 to 2021. At the same time, Afghanistan (+8.9%) and Bangladesh (+2.0%) displayed positive paces of growth. By contrast, Sri Lanka (-8.6%), Pakistan (-13.6%) and India (-17.0%) illustrated a downward trend over the same period. While the share of Nepal (+40 p.p.), Afghanistan (+7.6 p.p.) and Bangladesh (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Sri Lanka (-6.1 p.p.), Pakistan (-8.7 p.p.) and India (-31.4 p.p.) displayed negative dynamics.

In value terms, Nepal ($X) constitutes the largest market for imported hot-rolled non-alloy steel wire rods in Southern Asia, comprising 58% of total imports. The second position in the ranking was held by India ($X), with a 12% share of total imports. It was followed by Afghanistan, with an 8.7% share.

In Nepal, hot-rolled non-alloy steel wire rod imports expanded at an average annual rate of +10.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: India (-15.7% per year) and Afghanistan (+6.0% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, with an increase of 27% against the previous year. Over the period under review, the import price, however, recorded a mild contraction. Over the period under review, import prices hit record highs 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 importing countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+1.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform