Cold-Rolled Steel Products Market

The article discusses the forecasted downward trend in the cold-rolled steel products market over the next eight years, with a slight decrease in performance. It highlights the expected reduction in market volume to 88M tons by 2030 and a projected market value of $196.3B in the same year. The article provides detailed insights on consumption patterns, production, imports, exports, and key players in the global cold-rolled steel products market.

Market Forecast

The cold-rolled steel products market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -0.6% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 88M tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market value to $196.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Cold-Rolled)

In 2022, consumption of flat-rolled products of iron or steel (not further worked than cold-rolled) increased by 10% to 92M tons, rising for the third year in a row after two years of decline. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global cold-rolled steel products market value expanded notably to $170.6B in 2022, increasing by 14% 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). The market value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

Finland (41M tons) remains the largest cold-rolled steel products consuming country worldwide, comprising approx. 44% of total volume. Moreover, cold-rolled steel products consumption in Finland exceeded the figures recorded by the second-largest consumer, Russia (7.2M tons), sixfold. The United Arab Emirates (4.3M tons) ranked third in terms of total consumption with a 4.6% share.

In Finland, cold-rolled steel products consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Russia (+21.2% per year) and the United Arab Emirates (+1.7% per year).

In value terms, Finland ($102.8B) led the market, alone. The second position in the ranking was taken by Germany ($7.8B). It was followed by Italy.

In Finland, the cold-rolled steel products market remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Germany (+48.6% per year) and Italy (+28.9% per year).

In 2022, the highest levels of cold-rolled steel products per capita consumption was registered in Finland (7,331 kg per person), followed by the United Arab Emirates (424 kg per person), Canada (96 kg per person) and Italy (61 kg per person), while the world average per capita consumption of cold-rolled steel products was estimated at 12 kg per person.

In Finland, cold-rolled steel products per capita consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+0.4% per year) and Canada (+22.0% per year).

Production

World Production of Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Cold-Rolled)

In 2022, production of flat-rolled products of iron or steel (not further worked than cold-rolled) increased by 62% to 132M tons, rising for the third consecutive year after two years of decline. In general, the total production indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +64.4% against 2019 indices. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, cold-rolled steel products production fell remarkably to $56.7B in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2021 when the production volume increased by 10%. As a result, production reached the peak level of $152.7B, and then declined rapidly in the following year.

Production By Country

Finland (80M tons) remains the largest cold-rolled steel products producing country worldwide, comprising approx. 60% of total volume. Moreover, cold-rolled steel products production in Finland exceeded the figures recorded by the second-largest producer, Australia (8M tons), tenfold. The third position in this ranking was taken by Russia (7.2M tons), with a 5.4% share.

In Finland, cold-rolled steel products production increased at an average annual rate of +7.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Australia (+1.2% per year) and Russia (+12.9% per year).

Imports

World Imports of Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Cold-Rolled)

In 2022, approx. 42M tons of flat-rolled products of iron or steel (not further worked than cold-rolled) were imported worldwide; waning by -4.7% compared with 2021 figures. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 32% against the previous year. As a result, imports attained the peak of 44M tons, and then shrank modestly in the following year.

In value terms, cold-rolled steel products imports skyrocketed to $63.5B in 2022. Over the period under review, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +84.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 57%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, Canada (4.2M tons), China (2.9M tons), Germany (2.4M tons), Italy (2M tons), the United States (2M tons), Belgium (1.8M tons), Indonesia (1.6M tons), Turkey (1.5M tons), the Netherlands (1.4M tons), Mexico (1.4M tons), Thailand (1.3M tons) and Poland (1.3M tons) was the largest importer of flat-rolled products of iron or steel (not further worked than cold-rolled) in the world, committing 57% of total import. India (1M tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Canada (with a CAGR of +20.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($6.3B), China ($5B) and Italy ($4.8B) appeared to be the countries with the highest levels of imports in 2022, with a combined 25% share of global imports.

Italy, with a CAGR of +8.2%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (8.7M tons) and iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (7.2M tons) represented roughly 42% of total imports in 2022. It was distantly followed by alloy steel, flat-rolled, width 600mm or more, cold-rolled (4.5M tons), stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (4.4M tons), iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm (2.9M tons) and stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (2.8M tons), together making up a 38% share of total imports. The following types - stainless steel, flat-rolled, width less than 600mm, cold-rolled (1.2M tons) and stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more but less than 4.75mm (1.1M tons) - each accounted for a 6.2% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by alloy steel, flat-rolled, width 600mm or more, cold-rolled (with a CAGR of +7.3%), while imports for the other products experienced more modest paces of growth.

In value terms, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($13.6B), iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($8.6B) and stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($8.4B) constituted the products with the highest levels of imports in 2022, with a combined 48% share of global imports. Iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, stainless steel, flat-rolled, width less than 600mm, cold-rolled, alloy steel, flat-rolled, width 600mm or more, cold-rolled, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, iron or non-alloy steel, flat-rolled, cold-rolled, of a width less than 600mm, containing by weight less than 0.25% of carbon, alloy steel, flat-rolled, width less than 600mm, n.e.s. in heading no. 7226, cold-rolled, stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more, iron or non-alloy steel, flat-rolled, hot-rolled, width less than 600mm, other than of item no. 7211.21 and 7211.22, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more and iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm lagged somewhat behind, together comprising a further 52%.

Among the main imported products, alloy steel, flat-rolled, width 600mm or more, cold-rolled, with a CAGR of +9.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average cold-rolled steel products import price stood at $1,524 per ton in 2022, picking up by 23% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. As a result, import 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 imported products. In 2022, the product with the highest price was stainless steel, flat-rolled, width less than 600mm, cold-rolled ($4,284 per ton), while the price for iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm ($696 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more (+8.2%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average cold-rolled steel products import price stood at $1,524 per ton in 2022, growing by 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($2,606 per ton), while Canada ($290 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Cold-Rolled)

In 2022, shipments abroad of flat-rolled products of iron or steel (not further worked than cold-rolled) increased by 97% to 82M tons, rising for the second year in a row after three years of decline. In general, exports posted a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cold-rolled steel products exports surged to $109.7B in 2022. Overall, exports showed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, Finland (39M tons) represented the largest exporter of flat-rolled products of iron or steel (not further worked than cold-rolled), comprising 48% of total exports. Australia (7.7M tons) took a 9.5% share (based on physical terms) of total exports, which put it in second place, followed by China (7.1%) and South Korea (5.7%). Japan (3.5M tons), Belgium (2.5M tons), Germany (2M tons), Taiwan (Chinese) (1.9M tons) and the Netherlands (1.5M tons) took a little share of total exports.

Finland was also the fastest-growing in terms of the flat-rolled products of iron or steel (not further worked than cold-rolled) exports, with a CAGR of +49.2% from 2012 to 2022. At the same time, Australia (+39.8%) and China (+4.1%) displayed positive paces of growth. The Netherlands, Belgium and South Korea experienced a relatively flat trend pattern. By contrast, Germany (-1.5%), Japan (-2.4%) and Taiwan (Chinese) (-2.5%) illustrated a downward trend over the same period. Finland (+46 p.p.) and Australia (+8.7 p.p.) significantly strengthened its position in terms of the global exports, while the Netherlands, China, Belgium, Germany, Taiwan (Chinese), South Korea and Japan saw its share reduced by -2%, -3.4%, -3.8%, -3.8%, -4.3%, -7.8% and -7.9% from 2012 to 2022, respectively.

In value terms, Finland ($46.7B) emerged as the largest cold-rolled steel products supplier worldwide, comprising 43% of global exports. The second position in the ranking was taken by China ($11.9B), with an 11% share of global exports. It was followed by Australia, with a 4.8% share.

In Finland, cold-rolled steel products exports increased at an average annual rate of +36.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: China (+11.7% per year) and Australia (+45.1% per year).

Exports By Type

In 2022, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (13M tons), distantly followed by iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (8.3M tons), stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (4.4M tons), alloy steel, flat-rolled, width 600mm or more, cold-rolled (4.2M tons), stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (2.7M tons) and iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm (2.6M tons) represented the main types of flat-rolled products of iron or steel (not further worked than cold-rolled), together making up 83% of total exports. Stainless steel, flat-rolled, width less than 600mm, cold-rolled (1.4M tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for alloy steel, flat-rolled, width 600mm or more, cold-rolled (with a CAGR of +6.6%), while shipments for the other products experienced more modest paces of growth.

In value terms, the largest types of exported flat-rolled products of iron or steel (not further worked than cold-rolled) were stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($12.7B), iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($11.1B) and stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($8.8B), with a combined 49% share of global exports. Iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, stainless steel, flat-rolled, width less than 600mm, cold-rolled, alloy steel, flat-rolled, width 600mm or more, cold-rolled, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more but less than 4.75mm, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, iron or non-alloy steel, flat-rolled, cold-rolled, of a width less than 600mm, containing by weight less than 0.25% of carbon, alloy steel, flat-rolled, width less than 600mm, n.e.s. in heading no. 7226, cold-rolled, stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more, iron or non-alloy steel, flat-rolled, hot-rolled, width less than 600mm, other than of item no. 7211.21 and 7211.22, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more and iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm lagged somewhat behind, together comprising a further 51%.

In terms of the main exported products, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, with a CAGR of +9.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average cold-rolled steel products export price amounted to $1,338 per ton, flattening at the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2021 when the average export price increased by 27% against the previous year. As a result, the export price attained the peak level of $1,356 per ton, and then dropped modestly in the following year.

Prices varied noticeably by the product type; the product with the highest price was stainless steel, flat-rolled, width less than 600mm, cold-rolled ($4,763 per ton), while the average price for exports of iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm ($778 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more (+9.0%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average cold-rolled steel products export price stood at $1,338 per ton in 2022, approximately equating the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2021 an increase of 27%. As a result, the export price attained the peak level of $1,356 per ton, and then dropped modestly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($2,173 per ton), while Australia ($677 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform