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Asia-Pacific - Crude Steel And Steel Semi-Finished Products - Market Analysis, Forecast, Size, Trends and Insights
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Article Publishing Date: Jul 21, 2021

Asia-Pacific Steel Price Outlook Remains Cautiously Optimistic Despite Weaker Chinese Demand and Oversupply Concerns

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IndexBox has just published a new report: 'Asia-Pacific - Crude Steel And Steel Semi-Finished Products - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

China's steel prices continue to level off from mid-May heights off the back of sluggish seasonal demand, declines in domestic manufacturer steel consumption and government pledges to curb “unreasonable” demand, despite tighter climate controls on steel production. Overall, Asia-Pacific steel prices are still set to stay elevated in the medium-term with support from robust infrastructure spending. However, concerns loom oversupply capacity expansions in South-East Asia and tightening of fiscal spending in China. 

Key Trends and Insights 

Steel prices rebounded strongly this year after a dismal 2020, which saw global steel demand outside of China plunging 10% amidst widespread coronavirus lockdowns. Prices of the metal worldwide hit a peak in mid-May off a robust rally that started in early 2021 and drove steel prices up by 30-40%, with prices for steel billet hitting a peak of $720 a tonne in China. This rise was fueled mainly by strong demand from China’s infrastructure, construction and manufacturing sectors, but billet prices have since levelled off to around $655 to $665 a tonne in Asia. 

Prices have also been pushed up by news on potential production restrictions in China, which produce more than half of the world’s total crude steel. In April 2021, the Chinese government announced that they would be putting into place environmental regulations aimed at the country’s steel industry, restricting steel production from outdated and heavily polluting mills. Tangshan, China’s largest steel-making city, has already implemented policies curbing its steel output by 30-50% throughout 2021, which would likely lead to a 30 million ton drop in steel production compared to last year. 

More recently, however, the rally was dented in May following a crackdown from Beijing on “unreasonable” steel prices. In response to concerns that the steel market was overheating, the Chinese government announced a series of measures to keep prices under control. Weak seasonal demand in summer and a June drop in manufacturer demand for steel have kept downward pressure on prices since, with some steel products down as much as 19% compared to the peak in May. 

In the face of this decline, analysts are cautiously optimistic in their outlook on steel prices for the Asia-Pacific region. IndexBox expects Asian steel demand to grow by near 5% annually until 2030, driven by India, China and South Korea. The growing automotive industry in Thailand, Malaysia, Indonesia, and Vietnam is also expected to increase the share of steel consumption in the region. 

However, there are concerns over potential steel oversupply: the tighter environmental regulations in China mentioned above have led Chinese investors to set up more steel plants in less-regulated countries in South-East Asia. Due to this, nearly 60 MT of steel production capacity is planned to come online by 2030 in the region. Tighter fiscal controls might also weigh down Chinese steel demand going forwards. The issuance of local government bonds, mainly used to fund infrastructure projects, is down compared to the same period last year for Q1 2021. Lower levels of credit are also projected to slow down investment in private property for H2 2021. 

Steel Production in Asia-Pacific

For the fifth consecutive year, Asia-Pacific recorded growth in production of raw steel and steel semi-finished products, which increased by 3% to 1,396M tonnes in 2020. The total output volume increased at an average annual rate of +4.4% from 2012 to 2020.

China (1,065M tonnes) remains the largest raw steel and steel semi-finished manufacturer in Asia-Pacific, accounting for 76% of total volume. Moreover, production of raw steel and steel semi-finished products in China exceeded the figures recorded by the second-largest producer, India (100M tonnes), more than tenfold. Japan (83M tonnes) ranked third in terms of total production with a 6% share.

Steel Exports in Asia-Pacific

In 2020, Asian-pacific exports of raw steel and steel semi-finished products declined to $5B (IndexBox estimates). In volume terms, overseas shipments stood at 11M tonnes, picking up by 6.3% against the previous year. 

Japan (3.8M tonnes) and India (3.1M tonnes) represented roughly 62% of total exports. Indonesia (1,184K tonnes) ranks next in terms of the total exports with an 11% share, followed by Viet Nam (9.2%), Malaysia (7.8%) and South Korea (6.9%). Taiwan (Chinese) (179K tonnes) held a small share of total exports.

In value terms, the largest supplying countries in Asia-Pacific were Japan ($1.5B), India ($1.3B) and Indonesia ($845M), with a combined 72% share.

The export price for raw steel and steel semi-finished products in Asia-Pacific stood at $450 per tonne in 2020, declining by -8.2% against the previous year. There were significant differences in the average prices amongst the major exporting countries. In 2020, the country with the highest price was Indonesia ($714 per tonne), while Japan ($386 per tonne) was amongst the lowest.

Source: IndexBox Platform

Product coverage:
• Prodcom 24102110 - Flat semi-finished products (of non-alloy steel)
• Prodcom 24102121 - Ingots, other primary forms and long semi-finished products for seamless tubes (of non-alloy steel)
• Prodcom 24102122 - Other ingots, primary forms and long semi-finished products including blanks (of non-alloy steel)
• Prodcom 24102210 - Flat semi-finished products (slabs) (of stainless steel)
• Prodcom 24102221 - Ingots, other primary forms and long semi-finished products for seamless tubes (of stainless steel)
• Prodcom 24102222 - Other ingots, primary forms and long semi-finished products (of stainless steel)
• Prodcom 24102310 - Flat semi-finished products (of alloy steel other than of stainless steel)
• Prodcom 24102321 - Ingots, other primary forms and long semi-finished products for seamless tubes (of alloy steel other than of stainless steel)
• Prodcom 24102322 - Other ingots, primary forms and long semi-finished products (of alloy steel other than of stainless steel)
• Prodcom 241021Z0 - Ingots, other primary forms and long semi-finished products, o f non-alloy steel
• Prodcom 241022Z0 - Ingots, other primary forms and long semi-finished products, o f stainless steel
• Prodcom 241023Z0 - Ingots, other primary forms and long semi-finished products, o f alloy steel other than stainless steel

This report provides an in-depth analysis of the market for raw steel and steel semi-finished products in Asia-Pacific. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.


Country coverage:
• Afghanistan
• American Samoa
• Bhutan
• Brunei Darussalam
• Cambodia
• China, Macao SAR
• Cook Islands
• Democratic People's Republic of Korea
• Fiji
• French Polynesia
• Guam
• Kiribati
• Lao People's Democratic Republic
• Maldives
• Marshall Islands
• Micronesia (Federated States of)
• Nauru
• Nepal
• New Caledonia
• Niue
• Northern Mariana Islands
• Palau
• Papua New Guinea
• Samoa
• Solomon Islands
• Taiwan, Chinese
• Timor-Leste
• Tokelau
• Tonga
• Tuvalu
• Vanuatu
• Wallis and Futuna Islands

Data coverage:
• Market volume and value
• Per Capita consumption
• Forecast of the market dynamics in the medium term
• Production in Asia-Pacific, split by region and country
• Trade (exports and imports) in Asia-Pacific
• Export and import prices
• Market trends, drivers and restraints
• Key market players and their profiles

Reasons to buy this report:
• Take advantage of the latest data
• Find deeper insights into current market developments
• Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
CONSUMPTION BY COUNTRY
3.3
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
TOP EXPORTING COUNTRIES
5.4
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION VOLUME AND VALUE
7.2
PRODUCTION BY COUNTRY
8. IMPORTS

The Largest Importers on The Market and How They Succeed

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Exporters on The Market and How They Succeed

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

11. COUNTRY PROFILES

The Largest Markets And Their Profiles

• Afghanistan
• Australia
• Bangladesh
• Bhutan
• Brunei Darussalam
• Cambodia
• China
• China, Hong Kong SAR
• China, Macao SAR
• Cook Islands
• Fiji
• French Polynesia
• India
• Indonesia
• Japan
• Kiribati
• Malaysia
• Maldives
• Marshall Islands
• Micronesia (Federated States of)
• Myanmar
• Nepal
• New Caledonia
• New Zealand
• Northern Mariana Islands
• Pakistan
• Palau
• Papua New Guinea
• Philippines
• Samoa
• Singapore
• Solomon Islands
• South Korea
• Sri Lanka
• Taiwan, Chinese
• Thailand
• Timor-Leste
• Tokelau
• Tonga
• Tuvalu
• Vanuatu
• Viet Nam
• Wallis and Futuna Islands
• Lao People's Democratic Republic
• American Samoa
• Democratic People's Republic of Korea
• Nauru
• Niue
• Guam
LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption, By Country, 2018–2020
Table 5:
Production, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Physical Terms, By Country, 2007–2020
Table 7:
Imports, In Value Terms, By Country, 2007–2020
Table 8:
Import Prices, By Country Of Destination, 2007–2020
Table 9:
Exports, In Physical Terms, By Country, 2007–2020
Table 10:
Exports, In Value Terms, By Country, 2007–2020
Table 11:
Export Prices, By Country Of Origin, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Consumption, By Country, 2020
Figure 4:
Market Forecast To 2025
Figure 5:
Products: Market Size And Growth, By Type
Figure 6:
Products: Average Per Capita Consumption, By Type
Figure 7:
Products: Exports And Growth, By Type
Figure 8:
Products: Export Prices And Growth, By Type
Figure 9:
Production Volume And Growth
Figure 10:
Exports And Growth
Figure 11:
Export Prices And Growth
Figure 12:
Market Size And Growth
Figure 13:
Per Capita Consumption
Figure 14:
Imports And Growth
Figure 15:
Import Prices
Figure 16:
Production, In Physical Terms, 2007–2020
Figure 17:
Production, In Value Terms, 2007–2020
Figure 18:
Production, By Country, 2020
Figure 19:
Production, In Physical Terms, By Country, 2007–2020
Figure 20:
Imports, In Physical Terms, 2007–2020
Figure 21:
Imports, In Value Terms, 2007–2020
Figure 22:
Imports, In Physical Terms, By Country, 2020
Figure 23:
Imports, In Physical Terms, By Country, 2007–2020
Figure 24:
Imports, In Value Terms, By Country, 2007–2020
Figure 25:
Import Prices, By Country, 2007–2020
Figure 26:
Exports, In Physical Terms, 2007–2020
Figure 27:
Exports, In Value Terms, 2007–2020
Figure 28:
Exports, In Physical Terms, By Country, 2020
Figure 29:
Exports, In Physical Terms, By Country, 2007–2020
Figure 30:
Exports, In Value Terms, By Country, 2007–2020
Figure 31:
Export Prices, 2007–2020

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