Asia: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Asia

The Asian hot-rolled steel products market reached $X in 2023, with an increase of X% against the previous year. The total consumption indicated a perceptible expansion 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. 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 remained at a somewhat lower figure.

Hot-Rolled Steel Products Production in Asia

In value terms, hot-rolled steel products production expanded significantly to $X in 2023 estimated in export price. The total production indicated a noticeable expansion 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. Based on 2023 figures, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Hot-Rolled Steel Products Exports

Exports in Asia

In 2023, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported in Asia soared to X tons, with an increase of X% on the previous year's figure. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel products exports stood at $X in 2023. Total exports indicated a moderate increase 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. Based on 2023 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports attained the peak figure in 2023 and are expected to retain growth in the near future.

Exports by Country

In 2023, China (X tons) was the largest exporter of flat-rolled products of iron or steel (not further worked than hot-rolled), making up X% of total exports. It was distantly followed by Japan (X tons), South Korea (X tons), India (X tons) and Taiwan (Chinese) (X tons), together constituting a X% share of total exports. The following exporters - Indonesia (X tons) and Turkey (X tons) - each amounted to a X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Indonesia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel products supplying countries in Asia were China ($X), Japan ($X) and South Korea ($X), together comprising X% of total exports. Indonesia, Taiwan (Chinese), India and Turkey lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Indonesia, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Asia amounted to $X per ton, dropping by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2022, and then fell significantly 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 ($X per ton), while China ($X per ton) was amongst the lowest.

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

Hot-Rolled Steel Products Imports

Imports in Asia

After three years of decline, overseas purchases of flat-rolled products of iron or steel (not further worked than hot-rolled) increased by X% to X tons in 2023. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2023, imports failed to regain momentum.

In value terms, hot-rolled steel products imports dropped to $X in 2023. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2022, and then fell in the following year.

Imports by Country

The purchases of the twelve major importers of flat-rolled products of iron or steel (not further worked than hot-rolled), namely Vietnam, Turkey, South Korea, Thailand, India, China, Malaysia, the United Arab Emirates, Japan, Indonesia, Taiwan (Chinese) and Bangladesh, represented more than two-thirds of total import.

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

In value terms, Vietnam ($X), Turkey ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2023, together accounting for X% of total imports.

Among the main importing countries, Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Asia amounted to $X per ton, which is down by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced 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 fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Japan ($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 more modest paces of growth.

Source: IndexBox Platform