Asia-Pacific: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Asia-Pacific

After three years of growth, the Asia-Pacific market for hot-rolled steel bars and rods decreased by X% to $X in 2023. Over the period under review, consumption recorded a precipitous decrease. The level of consumption peaked at $X in 2022, and then contracted remarkably in the following year.

Production of Hot-Rolled Steel Bars and Rods in Asia-Pacific

In value terms, hot-rolled steel bar and rod production stood at $X in 2023 estimated in export price. The total production indicated perceptible growth 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 2022 figures, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2023, production growth remained at a somewhat lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports in Asia-Pacific

In 2023, exports of hot-rolled steel bars and rods in Asia-Pacific reached X tons, growing by X% on the year before. Over the period under review, exports showed noticeable growth. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

In value terms, hot-rolled steel bar and rod exports dropped slightly to $X in 2023. Total exports indicated tangible 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. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

China was the major exporter of hot-rolled steel bars and rods in Asia-Pacific, with the volume of exports accounting for X tons, which was approx. X% of total exports in 2023. Malaysia (X tons) ranks second in terms of the total exports with a X% share, followed by Japan (X%), Vietnam (X%) and South Korea (X%). Indonesia (X tons) and Taiwan (Chinese) (X tons) took a minor share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of hot-rolled steel bars and rods. At the same time, Malaysia (X%), Indonesia (X%), Vietnam (X%), South Korea (X%) and Taiwan (Chinese) (X%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2023. By contrast, Japan (X%) illustrated a downward trend over the same period. While the share of Malaysia (X p.p.), Vietnam (X p.p.) and Indonesia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Japan (X p.p.) and China (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest hot-rolled steel bar and rod supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

In China, hot-rolled steel bar and rod exports remained relatively stable over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (X% per year) and Japan (X% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the export price increased by X% against the previous year. 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.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

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

Imports of Hot-Rolled Steel Bars and Rods

Imports in Asia-Pacific

In 2023, approx. X tons of hot-rolled steel bars and rods were imported in Asia-Pacific; approximately reflecting 2022. Total imports indicated mild growth from 2012 to 2023: its volume 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, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports dropped to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

South Korea (X tons), Hong Kong SAR (X tons), Thailand (X tons), Singapore (X tons), Taiwan (Chinese) (X tons), Indonesia (X tons), Vietnam (X tons), Malaysia (X tons), Australia (X tons), China (X tons), the Philippines (X tons) and Japan (X tons) represented roughly X% of total imports in 2023.

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

In value terms, South Korea ($X), Thailand ($X) and Hong Kong SAR ($X) constituted the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Indonesia, China, Taiwan (Chinese), Singapore, Vietnam, Malaysia, Australia, Japan and the Philippines lagged somewhat behind, together accounting for a further X%.

The Philippines, with a CAGR of X%, 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 leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Asia-Pacific amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2022, and then reduced in the following year.

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

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

Source: IndexBox Platform