Asia-Pacific: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Asia-Pacific

The Asia-Pacific hot-rolled steel products market expanded rapidly to $X in 2023, surging by X% against the previous year. The total consumption indicated a pronounced 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 attained 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-Pacific

In value terms, hot-rolled steel products production rose notably to $X in 2023 estimated in export price. The total production indicated pronounced 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, production decreased by X% against 2021 indices. 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 Asia-Pacific

In 2023, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported in Asia-Pacific surged to X tons, jumping by X% on the year before. 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 expanded to $X in 2023. Total exports indicated a moderate 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, exports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of export peaked in 2023 and is expected to retain growth in years to come.

Exports by Country

In 2023, China (X tons) was the major exporter of flat-rolled products of iron or steel (not further worked than hot-rolled), making up X% of total exports. Japan (X tons) ranks second in terms of the total exports with a X% share, followed by South Korea (X%), India (X%) and Taiwan (Chinese) (X%). The following exporters - Indonesia (X tons) and Vietnam (X tons) - together made up X% of total exports.

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

In value terms, China ($X), Japan ($X) and South Korea ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Indonesia, Taiwan (Chinese), India and Vietnam lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Vietnam, 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

The export price in Asia-Pacific stood at $X per ton in 2023, falling by X% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices attained the maximum at $X per ton in 2022, and then shrank markedly 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 Vietnam (X%), while the other leaders experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports in Asia-Pacific

In 2023, overseas purchases of flat-rolled products of iron or steel (not further worked than hot-rolled) were finally on the rise to reach X tons after three years of decline. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2023, imports failed to regain momentum.

In value terms, hot-rolled steel products imports shrank to $X in 2023. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2022, and then reduced in the following year.

Imports by Country

In 2023, Vietnam (X tons), distantly followed by South Korea (X tons), Thailand (X tons), India (X tons), China (X tons), Malaysia (X tons), Japan (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) represented the largest importers of flat-rolled products of iron or steel (not further worked than hot-rolled), together generating X% of total imports. Bangladesh (X tons) took a little share of total imports.

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 ($X), South Korea ($X) and Thailand ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of total imports.

Vietnam, 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, waning by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure 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