Asia: Steel Railway Material Market 2022

Steel Railway Material Market Size in Asia

The Asian steel railway material market was finally on the rise to reach $X in 2021, after two years of decline. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Steel Railway Material Production in Asia

In value terms, steel railway material production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 14%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Steel Railway Material Exports

Exports in Asia

In 2021, steel railway material exports in Asia expanded markedly to X tons, surging by 5.2% against 2020. Overall, exports, however, showed a mild curtailment. The pace of growth was the most pronounced in 2015 with an increase of 28%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, steel railway material exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a pronounced reduction. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) and Japan (X tons) represented roughly 73% of total exports in 2021. It was distantly followed by Bahrain (X tons), comprising a 17% share of total exports. The following exporters - Turkey (X tons), Saudi Arabia (X tons) and India (X tons) - each amounted to a 6.2% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Bahrain (with a CAGR of +20.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest steel railway material supplying countries in Asia were China ($X), Japan ($X) and Bahrain ($X), together accounting for 82% of total exports.

In terms of the main exporting countries, Bahrain, with a CAGR of +18.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, picking up by 11% against the previous year. In general, the export price, however, saw a noticeable shrinkage. The pace of growth appeared the most rapid in 2018 when the export price increased by 11% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was India ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.4%), while the other leaders experienced more modest paces of growth.

Steel Railway Material Imports

Imports in Asia

In 2021, supplies from abroad of railway material of steel increased by 28% to X tons for the first time since 2018, thus ending a two-year declining trend. Total imports indicated a mild expansion from 2012 to 2021: its volume increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -21.5% against 2016 indices. The pace of growth was the most pronounced in 2016 when imports increased by 38%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, steel railway material imports soared to $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. The level of import peaked at $X in 2018; afterwards, it flattened through to 2021.

Imports by Country

In 2021, Iran (X tons) represented the main importer of railway material of steel, achieving 28% of total imports. India (X tons) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (8%), Taiwan (Chinese) (6.4%), China (6.1%), Indonesia (4.9%) and Vietnam (4.6%). The following importers - Uzbekistan (X tons), Mongolia (X tons), Lao People's Democratic Republic (X tons), South Korea (X tons), Syrian Arab Republic (X tons) and Singapore (X tons) - together made up 15% of total imports.

From 2012 to 2021, average annual rates of growth with regard to steel railway material imports into Iran stood at +21.9%. At the same time, Lao People's Democratic Republic (+37.4%), India (+15.5%), Mongolia (+12.1%), the United Arab Emirates (+9.1%), Syrian Arab Republic (+8.4%), Taiwan (Chinese) (+6.0%), Singapore (+5.4%), Vietnam (+5.1%) and Uzbekistan (+4.2%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in Asia, with a CAGR of +37.4% from 2012-2021. By contrast, Indonesia (-3.5%), South Korea (-5.0%) and China (-7.2%) illustrated a downward trend over the same period. Iran (+23 p.p.), India (+7.1 p.p.), the United Arab Emirates (+4 p.p.), Taiwan (Chinese) (+2.2 p.p.), Lao People's Democratic Republic (+2.2 p.p.) and Mongolia (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while South Korea, Indonesia and China saw its share reduced by -1.7%, -2.6% and -7.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X), India ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 37% of total imports. These countries were followed by the United Arab Emirates, Uzbekistan, Indonesia, Taiwan (Chinese), Vietnam, Mongolia, Singapore, Syrian Arab Republic, South Korea and Lao People's Democratic Republic, which together accounted for a further 36%.

Lao People's Democratic Republic, with a CAGR of +29.1%, recorded the highest growth rate of 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 2021, the import price in Asia amounted to $X per ton, leveling off at the previous year. In general, the import price recorded a mild curtailment. The pace of growth was the most pronounced in 2019 an increase of 14% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Singapore ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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