Thailand: Market for Wire Rod Of Free-Cutting Steel 2024

Market Size for Wire Rod Of Free-Cutting Steel in Thailand

The Thai free-cutting steel wire rod market declined remarkably to $X in 2022, which is down by X% 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). In general, consumption continues to indicate a slight decline. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Exports of Wire Rod Of Free-Cutting Steel

Exports from Thailand

In 2022, shipments abroad of wire rod of free-cutting steel increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, free-cutting steel wire rod exports totaled $X in 2022. In general, exports, however, continue to indicate a pronounced downturn. The growth pace was the most rapid in 2017 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X tons) was the main destination for free-cutting steel wire rod exports from Thailand, accounting for a X% share of total exports. Moreover, free-cutting steel wire rod exports to Myanmar exceeded the volume sent to the second major destination, Vietnam (X tons), fivefold. The third position in this ranking was taken by China (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Myanmar amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and China (X% per year).

In value terms, Vietnam ($X) remains the key foreign market for wire rod of free-cutting steel exports from Thailand, comprising X% of total exports. The second position in the ranking was held by Myanmar ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (X% per year) and China (X% per year).

Export Prices by Country

The average free-cutting steel wire rod export price stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the export price, however, continues to indicate a resilient expansion. The growth pace was the most rapid in 2021 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then reduced sharply in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wire Rod Of Free-Cutting Steel

Imports into Thailand

In 2022, approx. X tons of wire rod of free-cutting steel were imported into Thailand; shrinking by X% against 2021 figures. Over the period under review, imports showed a perceptible descent. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, free-cutting steel wire rod imports fell markedly to $X in 2022. Overall, imports showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X tons) constituted the largest supplier of free-cutting steel wire rod to Thailand, with a X% share of total imports. Moreover, free-cutting steel wire rod imports from Japan exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The UK (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (X% per year) and the UK (X% per year).

In value terms, Japan ($X) constituted the largest supplier of wire rod of free-cutting steel to Thailand, comprising X% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an X% share of total imports. It was followed by the UK, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (X% per year) and the UK (X% per year).

Import Prices by Country

In 2022, the average free-cutting steel wire rod import price amounted to $X per ton, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2020 an increase of X%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per ton) and the UK ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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