Asia: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Asia

The Asian steel and iron articles market totaled $X in 2022, standing approx. at the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -8.1% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Articles Of Iron Or Steel in Asia

In value terms, steel and iron articles production stood at $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.6% against 2018 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 32% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports in Asia

In 2022, overseas shipments of articles of iron or steel increased by 3.1% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 30%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, steel and iron articles exports rose notably to $X in 2022. Total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +47.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 37% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

China prevails in exports structure, amounting to X tons, which was near 59% of total exports in 2022. Thailand (X tons) took the second position in the ranking, followed by South Korea (X tons), Turkey (X tons) and India (X tons). All these countries together took approx. 27% share of total exports. The following exporters - Taiwan (Chinese) (X tons) and Vietnam (X tons) - each recorded a 7.1% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to steel and iron articles exports from China stood at +5.6%. At the same time, Vietnam (+16.1%), India (+6.5%), Thailand (+5.2%) and Turkey (+4.1%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +16.1% from 2012-2022. South Korea experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-2.3%) illustrated a downward trend over the same period. China (+7.2 p.p.) and Vietnam (+2.3 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) and South Korea saw its share reduced by -3.3% and -3.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest steel and iron articles supplier in Asia, comprising 60% of total exports. The second position in the ranking was taken by South Korea ($X), with a 7.8% share of total exports. It was followed by Thailand, with a 5.3% share.

In China, steel and iron articles exports increased at an average annual rate of +10.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+2.1% per year) and Thailand (-0.6% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, picking up by 4.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2018 an increase of 7.8%. The level of export peaked in 2022 and is likely to continue growth in the near future.

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 Taiwan (Chinese) ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.7%), while the other leaders experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports in Asia

In 2022, supplies from abroad of articles of iron or steel increased by 3.4% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2021 when imports increased by 14%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, steel and iron articles imports expanded to $X in 2022. The total import value increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 14% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

The purchases of the three major importers of articles of iron or steel, namely Thailand, South Korea and Japan, represented more than third of total import. It was distantly followed by Vietnam (X tons), India (X tons), Turkey (X tons), Malaysia (X tons) and China (X tons), together making up a 26% share of total imports. The following importers - Hong Kong SAR (X tons), the Philippines (X tons), Singapore (X tons), the United Arab Emirates (X tons) and Saudi Arabia (X tons) - together made up 13% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Turkey (with a CAGR of +14.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 48% share of total imports. Japan, Vietnam, India, Malaysia, Singapore, Turkey, Hong Kong SAR, the United Arab Emirates, the Philippines and Saudi Arabia lagged somewhat behind, together accounting for a further 39%.

The Philippines, with a CAGR of +20.6%, recorded the highest rates of growth with regard to the value of imports, among 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

In 2022, the import price in Asia amounted to $X per ton, stabilizing at the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 3.8% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+9.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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