ASEAN: Market for Hot-Rolled Bars Of High Speed Steel 2024

Market Size for Hot-Rolled Bars Of High Speed Steel in ASEAN

The ASEAN market for hot-rolled bars of high speed steel rose modestly to $X in 2022, picking up by 2.6% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Bars Of High Speed Steel in ASEAN

In value terms, hot-rolled high speed steel bar production totaled $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 22% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Hot-Rolled Bars Of High Speed Steel

Exports in ASEAN

In 2022, approx. X tons of hot-rolled bars of high speed steel were exported in ASEAN; which is down by -7.7% on the year before. In general, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of 34% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled high speed steel bar exports expanded slightly to $X in 2022. Over the period under review, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 70% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the two major exporters of hot-rolled bars of high speed steel, namely Singapore and Thailand, represented more than two-thirds of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Singapore (with a CAGR of -4.3%).

In value terms, Singapore ($X) remains the largest hot-rolled high speed steel bar supplier in ASEAN, comprising 68% of total exports. The second position in the ranking was held by Thailand ($X), with a 23% share of total exports.

In Singapore, hot-rolled high speed steel bar exports declined by an average annual rate of -2.8% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, growing by 12% against the previous year. Export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled high speed steel bar export price increased by +64.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 47%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, 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 Singapore ($X per ton), while Thailand totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+1.5%).

Imports of Hot-Rolled Bars Of High Speed Steel

Imports in ASEAN

For the third consecutive year, ASEAN recorded growth in purchases abroad of hot-rolled bars of high speed steel, which increased by 94% to X tons in 2022. Overall, imports, however, showed a drastic downturn. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, hot-rolled high speed steel bar imports skyrocketed to $X in 2022. In general, imports, however, showed a abrupt downturn. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Brunei Darussalam represented the key importing country with an import of about X tons, which reached 57% of total imports. It was distantly followed by Thailand (X tons), Singapore (X tons), the Philippines (X tons) and Indonesia (X tons), together making up a 37% share of total imports. The following importers - Lao People's Democratic Republic (X tons) and Malaysia (X tons) - each recorded a 5.8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to hot-rolled high speed steel bar imports into Brunei Darussalam stood at +8.6%. At the same time, Thailand (+24.2%), Lao People's Democratic Republic (+23.6%) and the Philippines (+4.9%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +24.2% from 2012-2022. By contrast, Indonesia (-16.1%), Singapore (-17.9%) and Malaysia (-20.3%) illustrated a downward trend over the same period. While the share of Brunei Darussalam (+42 p.p.), Thailand (+11 p.p.), the Philippines (+5.7 p.p.) and Lao People's Democratic Republic (+3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-12.1 p.p.), Malaysia (-12.3 p.p.) and Singapore (-35.9 p.p.) displayed negative dynamics.

In value terms, Thailand ($X), Singapore ($X) and Brunei Darussalam ($X) were the countries with the highest levels of imports in 2022, together accounting for 76% of total imports. Lao People's Democratic Republic, the Philippines, Indonesia and Malaysia lagged somewhat behind, together comprising a further 21%.

Lao People's Democratic Republic, with a CAGR of +24.9%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

The import price in ASEAN stood at $X per ton in 2022, which is down by -27.8% against the previous year. Over the period under review, the import price showed a mild downturn. The pace of growth appeared the most rapid in 2019 when the import price increased by 311%. As a result, import price reached the peak level of $X per ton. From 2020 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+9.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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