Overview of the Global Market for Hot-Rolled Steel Bars and Rods

Market Size for Hot-Rolled Steel Bars and Rods

In 2021, after three years of growth, there was decline in the global market for hot-rolled steel bars and rods, when its value decreased by -3.2% to $X. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $X in 2020, and then fell in the following year.

Production of Hot-Rolled Steel Bars and Rods

In value terms, hot-rolled steel bar and rod production contracted slightly to $X in 2021 estimated in export price. Overall, the total production indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.0% against 2016 indices. The growth pace was the most rapid in 2016 with an increase of 80% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, global production growth failed to regain momentum.

Exports of Hot-Rolled Steel Bars and Rods

Exports

After three years of decline, overseas shipments of hot-rolled steel bars and rods increased by 29% to X tons in 2021. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled steel bar and rod exports soared to $X in 2021. In general, total exports indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Turkey (X tons), distantly followed by China (X tons), Malaysia (X tons), Italy (X tons), Germany (X tons) and Russia (X tons) represented the key exporters of hot-rolled steel bars and rods, together comprising 52% of total exports. Japan (X tons), India (X tons), Spain (X tons), Vietnam (X tons), France (X tons), Ukraine (X tons) and South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled steel bar and rod exports from Turkey stood at +6.2%. At the same time, Malaysia (+38.8%), India (+30.8%), Vietnam (+21.2%), Russia (+7.7%), Italy (+3.7%) and South Korea (+2.4%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +38.8% from 2012-2021. Japan, Germany and France experienced a relatively flat trend pattern. By contrast, Spain (-4.0%), China (-4.8%) and Ukraine (-10.1%) illustrated a downward trend over the same period. Turkey (+7.2 p.p.), Malaysia (+5.8 p.p.), India (+2.9 p.p.), Vietnam (+2.1 p.p.) and Russia (+2 p.p.) significantly strengthened its position in terms of the global exports, while Spain, Ukraine and China saw its share reduced by -2%, -4.1% and -7.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), China ($X) and Germany ($X) constituted the countries with the highest levels of exports in 2021, with a combined 33% share of global exports. These countries were followed by Italy, Japan, Russia, Malaysia, Spain, India, France, Vietnam, South Korea and Ukraine, which together accounted for a further 35%.

Malaysia, with a CAGR of +34.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for hot-rolled steel bars and rods stood at $X per ton in 2021, rising by 39% against the previous year. Over the period under review, the export price saw 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 amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was France ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.7%), while the other global leaders experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports

In 2021, supplies from abroad of hot-rolled steel bars and rods was finally on the rise to reach X tons for the first time since 2015, thus ending a five-year declining trend. Over the period under review, imports showed a relatively flat trend pattern. Over the period under review, global imports attained the maximum at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports surged to $X in 2021. In general, total imports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.3% 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

The purchases of the twelve major importers of hot-rolled steel bars and rods, namely Germany, China, the United States, South Korea, Hong Kong SAR, Italy, Thailand, the Netherlands, Poland, France, Romania and Israel, represented more than third of total import. Canada (X tons) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +18.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets worldwide were Germany ($X), the United States ($X) and China ($X), together accounting for 17% of global imports. These countries were followed by South Korea, Italy, Thailand, France, Poland, Israel, the Netherlands, Romania, Hong Kong SAR and Canada, which together accounted for a further 28%.

Among the main importing countries, Poland, with a CAGR of +11.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for hot-rolled steel bars and rods amounted to $X per ton, increasing by 37% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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