World's Iron and Steel Semi-Finished Products Market to See Steady 14% Volume CAGR Through 2035

IndexBox has just published a new report: World - Slabs, Billets And Blooms Of Iron And Steel - Market Analysis, Forecast, Size, Trends and Insights.

The global market for slabs, billets, and blooms of iron and steel reached 1,610 million tons in consumption and 1,616 million tons in production in 2024. China dominates, accounting for 69% of both consumption and production. The market is forecast to grow at a CAGR of +1.4% in volume and +2.9% in value through 2035. Global trade saw imports of 33M tons and exports of 38M tons in 2024, with the United States and Turkey as leading importers, and Russia and Brazil as top exporters. Price trends show a 2024 average import price of $696/ton and export price of $651/ton.

Key Findings

• China is the undisputed market leader, accounting for 69% of global consumption and production
• The market is forecast for steady growth, with a +1.4% volume CAGR and +2.9% value CAGR from 2024 to 2035
• Global trade is concentrated, with the US and Turkey as top importers and Russia and Brazil as leading exporters
• Stainless steel semi-finished products command the highest trade prices, over $2,300 per ton for imports
• Per capita consumption is highest in China (780 kg), South Korea (483 kg), and Russia (411 kg)

Market Forecast

Driven by increasing demand for slabs, billets and blooms of iron and steel worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2024 to 2035, which is projected to bring the market volume to 1,882M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2024 to 2035, which is projected to bring the market value to $1,447.1B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Slabs, Billets And Blooms Of Iron And Steel

In 2024, global consumption of slabs, billets and blooms of iron and steel reached 1,610M tons, almost unchanged from the previous year's figure. The total consumption volume increased at an average annual rate of +2.1% from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when the consumption volume increased by 4.5% against the previous year. Over the period under review, global consumption of attained the peak volume at 1,637M tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

The size of the market for slabs, billets and blooms of iron and steel worldwide fell to $1,051.6B in 2024, with a decrease of -6.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption enjoyed a moderate expansion. Over the period under review, the global market hit record highs at $1,315.8B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

China (1,112M tons) remains the largest slabs, billets and blooms of iron and steel consuming country worldwide, accounting for 69% of total volume. Moreover, consumption of slabs, billets and blooms of iron and steel in China exceeded the figures recorded by the second-largest consumer, India (138M tons), eightfold. The United States (73M tons) ranked third in terms of total consumption with a 4.6% share.

In China, consumption of slabs, billets and blooms of iron and steel expanded at an average annual rate of +2.8% over the period from 2013-2024. In the other countries, the average annual rates were as follows: India (+4.9% per year) and the United States (-2.1% per year).

In value terms, China ($722.9B) led the market, alone. The second position in the ranking was held by India ($89.9B). It was followed by the United States.

From 2013 to 2024, the average annual growth rate of value in China totaled +4.4%. In the other countries, the average annual rates were as follows: India (+6.6% per year) and the United States (-0.6% per year).

The countries with the highest levels of slabs, billets and blooms of iron and steel per capita consumption in 2024 were China (780 kg per person), South Korea (483 kg per person) and Russia (411 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of steel, amongst the key consuming countries, was attained by India (with a CAGR of +3.9%), while steel for the other global leaders experienced more modest paces of growth.

Production

World's Production of Slabs, Billets And Blooms Of Iron And Steel

In 2024, global production of slabs, billets and blooms of iron and steel stood at 1,616M tons, remaining relatively unchanged against the previous year. The total output volume increased at an average annual rate of +2.1% from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 4.6% against the previous year. Global production peaked at 1,639M tons in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

In value terms, production of slabs, billets and blooms of iron and steel skyrocketed to $1,503.8B in 2024 estimated in export price. Overall, the total production indicated a notable expansion from 2013 to 2024: its value increased at an average annual rate of +4.5% 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 2014 when the production volume increased by 50% against the previous year. Over the period under review, global production of attained the peak level in 2024 and is expected to retain growth in the near future.

Production By Country

China (1,114M tons) constituted the country with the largest volume of production of slabs, billets and blooms of iron and steel, accounting for 69% of total volume. Moreover, production of slabs, billets and blooms of iron and steel in China exceeded the figures recorded by the second-largest producer, India (138M tons), eightfold. The third position in this ranking was held by Russia (68M tons), with a 4.2% share.

From 2013 to 2024, the average annual growth rate of volume in China amounted to +2.8%. In the other countries, the average annual rates were as follows: India (+5.0% per year) and Russia (-0.1% per year).

Imports

World's Imports of Slabs, Billets And Blooms Of Iron And Steel

In 2024, global imports of slabs, billets and blooms of iron and steel fell to 33M tons, which is down by -9% compared with 2023. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 8.6% against the previous year. Over the period under review, global imports of attained the peak figure at 39M tons in 2021; however, from 2022 to 2024, imports stood at a somewhat lower figure.

In value terms, imports of slabs, billets and blooms of iron and steel dropped to $22.9B in 2024. In general, total imports indicated a modest expansion from 2013 to 2024: its value increased at an average annual rate of +1.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -23.7% against 2021 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 79% against the previous year. As a result, imports reached the peak of $30B. From 2022 to 2024, the growth of global imports of remained at a somewhat lower figure.

Imports By Country

In 2024, the United States (5.5M tons) and Turkey (4.1M tons) were the largest importers of slabs, billets and blooms of iron and steelaround the world, together comprising 29% of total imports. Italy (2.3M tons) held the next position in the ranking, followed by Taiwan (Chinese) (2.1M tons), Indonesia (2M tons), Belgium (1.9M tons) and Thailand (1.6M tons). All these countries together held near 30% share of total imports. The following importers - the Philippines (1.4M tons), South Korea (1.2M tons) and Brazil (1M tons) - together made up 11% of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of +130.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest slabs, billets and blooms of iron and steel importing markets worldwide were the United States ($3.7B), Turkey ($2.3B) and Italy ($1.6B), with a combined 33% share of global imports. Taiwan (Chinese), Belgium, Thailand, the Philippines, Indonesia, South Korea and Brazil lagged somewhat behind, together accounting for a further 29%.

Among the main importing countries, the Philippines, with a CAGR of +102.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section was the main type of slabs, billets and blooms of iron and steel in the world, with the volume of imports accounting for 22M tons, which was near 67% of total imports in 2024. Iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon (6.4M tons) held the second position in the ranking, distantly followed by steel, alloy; semi-finished products (3.6M tons). All these products together held near 30% share of total imports. Steel, stainless; semi-finished products, of rectangular (other than square) cross-section (1M tons) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section imports of stood at -1.8%. At the same time, steel, stainless; semi-finished products, of rectangular (other than square) cross-section (+19.2%), steel, alloy; semi-finished products (+3.7%) and iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon (+1.6%) displayed positive paces of growth. Moreover, steel, stainless; semi-finished products, of rectangular (other than square) cross-section emerged as the fastest-growing type imported in the world, with a CAGR of +19.2% from 2013-2024. From 2013 to 2024, the share of iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon, steel, alloy; semi-finished products and steel, stainless; semi-finished products, of rectangular (other than square) cross-section increased by +3.9, +3.9 and +2.7 percentage points, respectively.

In value terms, iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section ($12.8B) constitutes the largest type of slabs, billets and blooms of iron and steel imported worldwide, comprising 56% of global imports. The second position in the ranking was taken by iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon ($4.2B), with an 18% share of global imports. It was followed by steel, alloy; semi-finished products, with a 15% share.

For iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section, imports remained relatively stable over the period from 2013-2024. With regard to the other imported products, the following average annual rates of growth were recorded: iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon (+1.8% per year) and steel, alloy; semi-finished products (+4.7% per year).

Import Prices By Type

The average import price for slabs, billets and blooms of iron and steel stood at $696 per ton in 2024, with a decrease of -2.8% against the previous year. In general, import price indicated a modest increase from 2013 to 2024: its price increased at an average annual rate of +1.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, import price for slabs, billets and blooms of iron and steel decreased by -13.5% against 2022 indices. The pace of growth was the most pronounced in 2021 an increase of 68% against the previous year. Global import price peaked at $804 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was steel, stainless; semi-finished products, of rectangular (other than square) cross-section ($2,313 per ton), while the price for iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section ($584 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section (+1.1%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average import price for slabs, billets and blooms of iron and steel stood at $696 per ton in 2024, declining by -2.8% against the previous year. In general, import price indicated a modest expansion from 2013 to 2024: its price increased at an average annual rate of +1.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, import price for slabs, billets and blooms of iron and steel decreased by -13.5% against 2022 indices. The most prominent rate of growth was recorded in 2021 an increase of 68% against the previous year. Global import price peaked at $804 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belgium ($764 per ton), while Indonesia ($364 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Belgium (+3.7%), while the other global leaders experienced more modest paces of growth.

Exports

World's Exports of Slabs, Billets And Blooms Of Iron And Steel

In 2024, the amount of slabs, billets and blooms of iron and steel exported worldwide rose slightly to 38M tons, picking up by 3.1% against the previous year. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 8.4% against the previous year. As a result, the exports reached the peak of 40M tons. From 2022 to 2024, the growth of the global exports of failed to regain momentum.

In value terms, exports of slabs, billets and blooms of iron and steel reduced slightly to $25B in 2024. Over the period under review, exports enjoyed modest growth. The most prominent rate of growth was recorded in 2021 when exports increased by 81% against the previous year. As a result, the exports reached the peak of $29.6B. From 2022 to 2024, the growth of the global exports of remained at a somewhat lower figure.

Exports By Country

Russia (9.2M tons) and Brazil (7.2M tons) represented the largest exporters of slabs, billets and blooms of iron and steel in 2024, resulting at near 24% and 19% of total exports, respectively. China (3M tons) held the next position in the ranking, followed by Japan (2.8M tons), Indonesia (2.5M tons) and Malaysia (2.4M tons). All these countries together took approx. 28% share of total exports. Germany (1.4M tons), Iran (1.1M tons), Mexico (1M tons) and Ukraine (0.8M tons) held a relatively small share of total exports.

From 2013 to 2024, the biggest increases were recorded for China (with a CAGR of +83.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($6B), Brazil ($4.6B) and Indonesia ($1.8B) appeared to be the countries with the highest levels of exports in 2024, with a combined 50% share of global exports.

Indonesia, with a CAGR of +81.2%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section was the largest type of slabs, billets and blooms of iron and steel in the world, with the volume of exports resulting at 25M tons, which was approx. 64% of total exports in 2024. Iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon (8.5M tons) took the second position in the ranking, distantly followed by steel, alloy; semi-finished products (3.9M tons). All these products together held approx. 32% share of total exports. Steel, stainless; semi-finished products, of rectangular (other than square) cross-section (1.2M tons) followed a long way behind the leaders.

Iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section experienced a relatively flat trend pattern with regard to volume of exports. At the same time, steel, stainless; semi-finished products, of rectangular (other than square) cross-section (+16.9%) and steel, alloy; semi-finished products (+2.5%) displayed positive paces of growth. Moreover, steel, stainless; semi-finished products, of rectangular (other than square) cross-section emerged as the fastest-growing type exported in the world, with a CAGR of +16.9% from 2013-2024. Iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon experienced a relatively flat trend pattern. From 2013 to 2024, the share of steel, stainless; semi-finished products, of rectangular (other than square) cross-section and steel, alloy; semi-finished products increased by +2.7 and +2.5 percentage points, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section ($14.8B) remains the largest type of slabs, billets and blooms of iron and steel supplied worldwide, comprising 59% of global exports. The second position in the ranking was taken by iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon ($5B), with a 20% share of global exports. It was followed by steel, alloy; semi-finished products, with a 12% share.

From 2013 to 2024, the average annual rate of growth in terms of the value of iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section exports stood at +1.0%. For the other products, the average annual rates were as follows: iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon (-0.2% per year) and steel, alloy; semi-finished products (+2.9% per year).

Export Prices By Type

The average export price for slabs, billets and blooms of iron and steel stood at $651 per ton in 2024, declining by -7.6% against the previous year. Over the period under review, export price indicated mild growth from 2013 to 2024: its price increased at an average annual rate of +1.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, export price for slabs, billets and blooms of iron and steel decreased by -18.8% against 2022 indices. The pace of growth appeared the most rapid in 2021 an increase of 67% against the previous year. Over the period under review, the average export prices reached the peak figure at $802 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was steel, stainless; semi-finished products, of rectangular (other than square) cross-section ($1,675 per ton), while the average price for exports of iron or non-alloy steel; semi-finished products of iron or non-alloy steel, containing by weight 0.25% or more of carbon ($584 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; semi-finished products of iron or non-alloy steel; containing by weight less than 0.25% of carbon, of rectangular (other than square) cross-section (+1.6%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average export price for slabs, billets and blooms of iron and steel stood at $651 per ton in 2024, which is down by -7.6% against the previous year. Overall, export price indicated a slight expansion from 2013 to 2024: its price increased at an average annual rate of +1.5% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, export price for slabs, billets and blooms of iron and steel decreased by -18.8% against 2022 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 67% against the previous year. The global export price peaked at $802 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($823 per ton), while Ukraine ($497 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Brazil (+2.3%), while the other global leaders experienced more modest paces of growth.