Asia-Pacific: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in Asia-Pacific

The Asia-Pacific flat-rolled steel products market rose sharply to $X in 2023, increasing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market remained at a somewhat lower figure.

Flat-Rolled Steel Products Production in Asia-Pacific

In value terms, flat-rolled steel products production reached $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Flat-Rolled Steel Products Exports

Exports in Asia-Pacific

After three years of growth, shipments abroad of flat-rolled products of iron or non-alloy steel decreased by X% to X tons in 2023. The total export volume increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2022, and then declined in the following year.

In value terms, flat-rolled steel products exports reduced rapidly to $X in 2023. Total exports indicated a pronounced expansion from 2012 to 2023: its value increased at an average annual rate of X% 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 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then fell dramatically in the following year.

Exports by Country

China represented the major exporter of flat-rolled products of iron or non-alloy steel in Asia-Pacific, with the volume of exports reaching X tons, which was near X% of total exports in 2023. It was distantly followed by South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons), together achieving a X% share of total exports. India (X tons) and Malaysia (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of X% from 2012 to 2023. At the same time, India (X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2023. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, South Korea (X%), Malaysia (X%) and Japan (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of China and India increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest flat-rolled steel products supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with an X% share of total exports. It was followed by Japan, with a X% share.

In China, flat-rolled steel products exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (X% per year) and Japan (X% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2023, waning by X% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. The level of export peaked at $X per ton in 2022, and then fell markedly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Flat-Rolled Steel Products Imports

Imports in Asia-Pacific

In 2023, purchases abroad of flat-rolled products of iron or non-alloy steel decreased by X% to X tons, falling for the fifth year in a row after three years of growth. Over the period under review, imports saw a perceptible descent. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2023, imports failed to regain momentum.

In value terms, flat-rolled steel products imports contracted dramatically to $X in 2023. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2022, and then dropped sharply in the following year.

Imports by Country

The Philippines (X tons), Thailand (X tons), Indonesia (X tons) and Malaysia (X tons) represented roughly X% of total imports in 2023. Australia (X tons) took the next position in the ranking, followed by Vietnam (X tons), Bangladesh (X tons) and Singapore (X tons). All these countries together took approx. X% share of total imports. Taiwan (Chinese) (X tons), South Korea (X tons), Pakistan (X tons) and Cambodia (X tons) held a minor share of total imports.

From 2012 to 2023, the biggest increases were recorded for Cambodia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Indonesia ($X) and Thailand ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Malaysia, Australia, Vietnam, Bangladesh, South Korea, Taiwan (Chinese), Singapore, Pakistan and Cambodia lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Cambodia, with a CAGR of X%, recorded the highest growth rate of 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-Pacific stood at $X per ton in 2023, shrinking by X% against the previous year. Import price indicated a slight increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, flat-rolled steel products import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped dramatically in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cambodia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform