Eastern Asia: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Eastern Asia

The East Asian hot-rolled steel products market amounted to $X in 2023, surging by X% against the previous year. The total consumption indicated noticeable 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 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 lower figure.

Hot-Rolled Steel Products Production in Eastern Asia

In value terms, hot-rolled steel products production amounted to $X in 2023 estimated in export price. Over the period under review, production recorded notable growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Hot-Rolled Steel Products Exports

Exports in Eastern Asia

In 2023, overseas shipments of flat-rolled products of iron or steel (not further worked than hot-rolled) increased by X% to X tons, rising for the third consecutive year after five years of decline. 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 in certain years. The volume of export peaked at X tons in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

In value terms, hot-rolled steel products exports reached $X in 2023. Total exports indicated a measured 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, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. 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 major exporter of flat-rolled products of iron or steel (not further worked than hot-rolled), comprising X% of total exports. Japan (X tons) held the second position in the ranking, distantly followed by South Korea (X tons) and Taiwan (Chinese) (X tons). All these countries together held approx. 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 China (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel products supplying countries in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), with a combined X% share of total exports.

China, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries 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 Eastern Asia amounted to $X per ton, waning by X% against the previous year. In general, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2022, and then fell sharply in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Taiwan (Chinese) ($X per ton) and South Korea ($X per ton), while China ($X per ton) and Japan ($X per ton) were 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 mixed trends in the export price figures.

Hot-Rolled Steel Products Imports

Imports in Eastern Asia

In 2023, purchases abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons, falling for the third consecutive year after two years of growth. In general, imports showed a pronounced descent. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, hot-rolled steel products imports shrank to $X in 2023. Overall, imports recorded a noticeable slump. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

South Korea was the main importer of flat-rolled products of iron or steel (not further worked than hot-rolled) in Eastern Asia, with the volume of imports resulting at X tons, which was near X% of total imports in 2023. It was distantly followed by China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons), together comprising a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of X%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest hot-rolled steel products importing markets in Eastern Asia were South Korea ($X), Taiwan (Chinese) ($X) and China ($X), with a combined X% share of total imports.

In terms of the main importing countries, Taiwan (Chinese), 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 a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, reducing by X% against the previous year. Import price indicated a modest increase from 2012 to 2023: its price 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. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices reached the peak figure at $X per ton in 2022, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, 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 South Korea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform