ASEAN: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in ASEAN

The ASEAN hot-rolled steel products market rose to $X in 2023, growing by X% against the previous year. The total consumption indicated a strong increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Hot-Rolled Steel Products Production in ASEAN

In value terms, hot-rolled steel products production expanded remarkably to $X in 2023 estimated in export price. In general, production recorded a resilient increase. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Hot-Rolled Steel Products Exports

Exports in ASEAN

In 2023, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported in ASEAN amounted to X tons, increasing by X% compared with the previous year's figure. Over the period under review, exports showed a strong increase. The growth pace was the most rapid in 2018 with an increase of X%. Over the period under review, the exports hit record highs in 2023 and are expected to retain growth in the immediate term.

In value terms, hot-rolled steel products exports amounted to $X in 2023. Overall, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are expected to retain growth in the immediate term.

Exports by Country

Indonesia was the main exporting country with an export of about X tons, which accounted for X% of total exports. It was distantly followed by Vietnam (X tons), Singapore (X tons) and Malaysia (X tons), together constituting a X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Vietnam (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the largest hot-rolled steel products supplier in ASEAN, comprising X% of total exports. The second position in the ranking was held by Vietnam ($X), with a X% share of total exports. It was followed by Singapore, with an X% share.

In Indonesia, hot-rolled steel products exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Vietnam (X% per year) and Singapore (X% per year).

Export Prices by Country

In 2023, the export price in ASEAN amounted to $X per ton, waning by X% against the previous year. Export price indicated a moderate expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2022, and then contracted in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced mixed trends in the export price figures.

Hot-Rolled Steel Products Imports

Imports in ASEAN

In 2023, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were imported in ASEAN; with an increase of X% compared with the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2023, the growth of imports failed to regain momentum.

In value terms, hot-rolled steel products imports declined to $X in 2023. Total imports indicated moderate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2022, and then declined in the following year.

Imports by Country

Vietnam represented the main importer of flat-rolled products of iron or steel (not further worked than hot-rolled) in ASEAN, with the volume of imports accounting for X tons, which was near X% of total imports in 2023. Thailand (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (X%), Indonesia (X%) and Singapore (X%). The Philippines (X tons) followed a long way behind the leaders.

Imports into Vietnam increased at an average annual rate of X% from 2012 to 2023. At the same time, the Philippines (X%) and Malaysia (X%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2023. By contrast, Thailand (X%), Indonesia (X%) and Singapore (X%) illustrated a downward trend over the same period. While the share of Vietnam (X p.p.), Malaysia (X p.p.) and the Philippines (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Singapore (X p.p.), Indonesia (X p.p.) and Thailand (X p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in ASEAN, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

In Vietnam, hot-rolled steel products imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Malaysia (X% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2023, reducing by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2022, and then reduced in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Indonesia ($X per ton) and Vietnam ($X per ton), while the Philippines ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform