Asia-Pacific: Iron And Steel Market 2024

Iron And Steel Market Size in Asia-Pacific

The Asia-Pacific iron and steel market was estimated at $X in 2021, stabilizing at the previous year. The market value increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the market value increased by 7.3% against the previous year. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Iron And Steel Production in Asia-Pacific

In value terms, iron and steel production rose slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2018 when the production volume increased by 7.4% against the previous year. The level of production peaked in 2021 and is expected to retain growth in years to come.

Iron And Steel Exports

Exports in Asia-Pacific

In 2021, overseas shipments of iron and steel decreased by -2.4% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 120%. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, iron and steel exports surged to $X in 2021. Overall, exports, however, posted a slight increase. The growth pace was the most rapid in 2020 when exports increased by 108% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

India represented the major exporting country with an export of around X tons, which reached 65% of total exports. It was distantly followed by Democratic People's Republic of Korea (X tons), South Korea (X tons) and China (X tons), together comprising a 23% share of total exports. Indonesia (X tons), Japan (X tons) and Australia (X tons) held a relatively small share of total exports.

Exports from India increased at an average annual rate of +10.4% from 2012 to 2021. At the same time, Australia (+48.1%), South Korea (+18.5%) and Indonesia (+1.2%) displayed positive paces of growth. Moreover, Australia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +48.1% from 2012-2021. By contrast, Democratic People's Republic of Korea (-3.1%), China (-12.8%) and Japan (-22.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India, South Korea and Australia increased by +38, +5.2 and +2.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) emerged as the largest iron and steel supplier in Asia-Pacific, comprising 69% of total exports. The second position in the ranking was taken by Indonesia ($X), with an 8.1% share of total exports. It was followed by China, with a 6.2% share.

In India, iron and steel exports expanded at an average annual rate of +12.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (+6.3% per year) and China (-11.8% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, surging by 42% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+5.1%), while the other leaders experienced more modest paces of growth.

Iron And Steel Imports

Imports in Asia-Pacific

In 2021, overseas purchases of iron and steel decreased by -50.5% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 172% against the previous year. As a result, imports attained the peak of X tons, and then reduced markedly in the following year.

In value terms, iron and steel imports declined markedly to $X in 2021. In general, imports, however, continue to indicate a modest increase. The most prominent rate of growth was recorded in 2020 when imports increased by 150%. As a result, imports attained the peak of $X, and then reduced notably in the following year.

Imports by Country

China was the key importing country with an import of around X tons, which accounted for 63% of total imports. Taiwan (Chinese) (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (5%). The following importers - Japan (X tons), Vietnam (X tons), Thailand (X tons) and Hong Kong SAR (X tons) - together made up 13% of total imports.

From 2012 to 2021, average annual rates of growth with regard to iron and steel imports into China stood at +14.1%. At the same time, Hong Kong SAR (+54.4%) and Vietnam (+11.3%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +54.4% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-6.7%), Thailand (-6.8%) and South Korea (-17.1%) illustrated a downward trend over the same period. China (+43 p.p.), Hong Kong SAR (+2.3 p.p.) and Vietnam (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Thailand, Taiwan (Chinese) and South Korea saw its share reduced by -3.2%, -12.1% and -22.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron and steel in Asia-Pacific, comprising 63% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 14% share of total imports. It was followed by South Korea, with a 5.3% share.

In China, iron and steel imports increased at an average annual rate of +15.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-4.5% per year) and South Korea (-15.2% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, picking up by 43% against the previous year. Overall, 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 ($X per ton), while Hong Kong SAR ($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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