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

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

The Thai market for hot-rolled non-alloy steel wire rods skyrocketed to $X in 2021, surging by 38% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded prominent growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Thailand

In 2021, the amount of hot-rolled non-alloy steel wire rods exported from Thailand surged to X tons, growing by 23% compared with the year before. Overall, exports, however, saw a mild reduction. The most prominent rate of growth was recorded in 2017 with an increase of 212% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. In general, exports, however, saw a mild descent. The pace of growth appeared the most rapid in 2017 when exports increased by 185% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for hot-rolled non-alloy steel wire rod exports from Thailand, with a 40% share of total exports. Moreover, hot-rolled non-alloy steel wire rod exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), tenfold. Vietnam (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+29.6% per year) and Vietnam (+0.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for hot-rolled non-alloy steel wire rods exports from Thailand, comprising 38% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 4.3% share of total exports. It was followed by Malaysia, with a 4% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+4.1% per year) and Malaysia (+33.2% per year).

Export Prices by Country

In 2021, the average export price for hot-rolled non-alloy steel wire rods amounted to $X per ton, jumping by 31% against the previous year. Overall, the export price recorded a relatively flat trend pattern. 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 foreign markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Pakistan (+34.7%), 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 Thailand

In 2021, supplies from abroad of hot-rolled non-alloy steel wire rods increased by 13% to X tons, rising for the seventh consecutive year after two years of decline. Overall, imports enjoyed a strong increase. The most prominent rate of growth was recorded in 2018 when imports increased by 27%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. Over the period under review, imports recorded resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Vietnam (X tons) and Japan (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to Thailand, with a combined 34% share of total imports. South Korea, Taiwan (Chinese), China, Indonesia and the United Arab Emirates lagged somewhat behind, together comprising a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +167.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Malaysia ($X) and Vietnam ($X) constituted the largest hot-rolled non-alloy steel wire rod suppliers to Thailand, together comprising 33% of total imports. Taiwan (Chinese), China, South Korea, Indonesia and the United Arab Emirates lagged somewhat behind, together accounting for a further 14%.

Among the main suppliers, Indonesia, with a CAGR of +185.4%, recorded 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

In 2021, the average import price for hot-rolled non-alloy steel wire rods amounted to $X per ton, rising by 40% against the previous year. Overall, the import price, however, showed a slight decrease. 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 remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Malaysia ($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 (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform