Eastern Asia: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Eastern Asia

The East Asian market for iron or steel wire products declined to $X in 2022, with a decrease of X% against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Iron or Steel Wire Products in Eastern Asia

In value terms, iron or steel wire product production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of X%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2022.

Exports of Iron or Steel Wire Products

Exports in Eastern Asia

In 2022, the amount of iron or steel wire products exported in Eastern Asia was estimated at X tons, increasing by X% compared with the previous year. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, iron or steel wire product exports soared to $X in 2022. Overall, exports posted resilient growth. The growth pace was the most rapid in 2021 with an increase of X%. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, reaching X tons, which was near X% of total exports in 2022. South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the iron or steel wire products exports, with a CAGR of X% from 2012 to 2022. At the same time, South Korea (X%) displayed positive paces of growth. While the share of China (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest iron or steel wire product supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to X%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, with an increase of X% against the previous year. Export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel wire product export price increased by X% against 2017 indices. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 South Korea ($X per ton), while China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%).

Imports of Iron or Steel Wire Products

Imports in Eastern Asia

Iron or steel wire product imports shrank modestly to X tons in 2022, approximately mirroring the year before. Total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2013 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, iron or steel wire product imports reduced to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2014 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

Japan was the key importing country with an import of around X tons, which accounted for X% of total imports. Taiwan (Chinese) (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (X%). The following importers - China (X tons) and Hong Kong SAR (X tons) - together made up X% of total imports.

Imports into Japan increased at an average annual rate of X% from 2012 to 2022. At the same time, South Korea (X%), Taiwan (Chinese) (X%) and China (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2022. By contrast, Hong Kong SAR (X%) illustrated a downward trend over the same period. South Korea (X p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), Japan and Hong Kong SAR saw its share reduced by X%, X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported iron or steel wire products in Eastern Asia, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan totaled X%. In the other countries, the average annual rates were as follows: South Korea (X% per year) and China (X% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, dropping by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by X%. As a result, import price attained the peak level of $X per ton, and then dropped in the following year.

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

From 2012 to 2022, 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.

Source: IndexBox Platform

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