Asia: Iron And Steel Market 2024

Iron And Steel Market Size in Asia

The Asian iron and steel market amounted to $X in 2021, leveling off at the previous year. The market value increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2018 with an increase of 7%. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in years to come.

Iron And Steel Production in Asia

In value terms, iron and steel production expanded slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 7%. The level of production peaked in 2021 and is expected to retain growth in the immediate term.

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Iron And Steel Exports

Exports in Asia

In 2021, approx. X tons of iron and steel were exported in Asia; shrinking by -5.5% compared with the year before. Over the period under review, exports recorded a noticeable decrease. The growth pace was the most rapid in 2020 with an increase of 67%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron and steel exports surged to $X in 2021. Total exports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +86.4% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 46%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

India dominates exports structure, amounting to X tons, which was approx. 59% of total exports in 2021. Democratic People's Republic of Korea (X tons) ranks second in terms of the total exports with a 9.7% share, followed by Iran (6.8%), South Korea (6%) and China (5.3%). Indonesia (X tons) and Kazakhstan (X tons) followed a long way behind the leaders.

Exports from India increased at an average annual rate of +10.4% from 2012 to 2021. At the same time, South Korea (+18.5%), Kazakhstan (+18.0%) and Indonesia (+1.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia, with a CAGR of +18.5% from 2012-2021. By contrast, Democratic People's Republic of Korea (-3.1%), China (-12.8%) and Iran (-14.6%) illustrated a downward trend over the same period. India (+39 p.p.), South Korea (+4.9 p.p.) and Kazakhstan (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while China and Iran saw its share reduced by -10% and -16.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) emerged as the largest iron and steel supplier in Asia, comprising 49% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a 22% share of total exports. It was followed by Indonesia, with a 5.8% share.

In India, iron and steel exports expanded at an average annual rate of +12.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Kazakhstan (+51.2% per year) and Indonesia (+6.3% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, increasing by 35% against the previous year. Export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kazakhstan (+28.1%), while the other leaders experienced more modest paces of growth.

Iron And Steel Imports

Imports in Asia

In 2021, after three years of growth, there was significant decline in purchases abroad of iron and steel, when their volume decreased by -39.5% to X tons. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 93%. As a result, imports reached the peak of X tons, and then dropped notably in the following year.

In value terms, iron and steel imports fell to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 82%. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

China represented the largest importing country with an import of around X tons, which recorded 41% of total imports. Turkey (X tons) ranks second in terms of the total imports with a 25% share, followed by Taiwan (Chinese) (8.5%) and the United Arab Emirates (5%). The following importers - Kuwait (X tons), South Korea (X tons), Japan (X tons), Vietnam (X tons), Thailand (X tons) and Saudi Arabia (X tons) - together made up 15% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +14.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Turkey ($X) and Taiwan (Chinese) ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 76% of total imports.

In terms of the main importing countries, China, with a CAGR of +15.9%, recorded the highest rates of growth with regard to the value of imports, 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 Asia stood at $X per ton in 2021, jumping by 45% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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