Thailand: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Thailand

The Thai iron and steel wire market skyrocketed to $X in 2021, surging by 23% 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 posted a significant expansion. Over the period under review, the market reached the peak level in 2021 and is likely to see steady growth in the immediate term.

Exports of Iron and Steel Wire

Exports from Thailand

In 2021, after two years of decline, there was significant growth in shipments abroad of iron and steel wire, when their volume increased by 32% to X tons. Over the period under review, exports, however, continue to indicate a mild contraction. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, iron and steel wire exports surged to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for iron and steel wire exports from Thailand, with a 36% share of total exports. Moreover, iron and steel wire exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, Malaysia (X tons), fivefold. Australia (X tons) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Taiwan (Chinese) amounted to -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+6.8% per year) and Australia (+1.7% per year).

In value terms, Taiwan (Chinese) ($X) emerged as the key foreign market for iron and steel wire exports from Thailand, comprising 23% of total exports. The second position in the ranking was taken by Indonesia ($X), with an 11% share of total exports. It was followed by Japan, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Taiwan (Chinese) amounted to -3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+2.4% per year) and Japan (-1.4% per year).

Export Prices by Country

In 2021, the average iron and steel wire export price amounted to $X per ton, growing by 8.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2017 an increase of 28% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Japan (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into Thailand

Iron and steel wire imports into Thailand soared to X tons in 2021, rising by 18% compared with the previous year's figure. The total import volume increased at an average annual rate of +5.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when imports increased by 22% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, iron and steel wire imports soared to $X in 2021. Over the period under review, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron and steel wire to Thailand, with a 51% share of total imports. Moreover, iron and steel wire imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Vietnam (X tons) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+8.5% per year) and Vietnam (+28.2% per year).

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the largest iron and steel wire suppliers to Thailand, with a combined 75% share of total imports. These countries were followed by Vietnam, Malaysia, Taiwan (Chinese) and Hong Kong SAR, which together accounted for a further 20%.

Hong Kong SAR, with a CAGR of +66.2%, saw the highest growth rate of the value of imports, among the main suppliers 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 iron and steel wire import price amounted to $X per ton, jumping by 27% against the previous year. Overall, the import price, however, saw a slight downturn. 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 Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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