Australia: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Australia

The Australian market for hot-rolled steel bars and rods skyrocketed to $X in 2022, growing by X% against the previous year. In general, consumption continues to indicate a slight setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Hot-Rolled Steel Bars and Rods in Australia

In value terms, hot-rolled steel bar and rod production reduced to $X in 2022 estimated in export price. In general, production recorded a abrupt downturn. The pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. Hot-rolled steel bar and rod production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Australia

Hot-rolled steel bar and rod exports from Australia fell rapidly to X tons in 2023, reducing by X% against 2022 figures. In general, exports, however, posted moderate growth. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

In value terms, hot-rolled steel bar and rod exports fell markedly to $X in 2023. Overall, exports, however, recorded a notable expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2022, and then shrank significantly in the following year.

Exports by Country

New Zealand (X tons) was the main destination for hot-rolled steel bar and rod exports from Australia, accounting for a X% share of total exports. It was followed by the United States (X tons), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of volume to New Zealand totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Indonesia (X% per year).

In value terms, New Zealand ($X) remains the key foreign market for hot-rolled steel bars and rods exports from Australia, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value to New Zealand stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Indonesia (X% per year).

Export Prices by Country

In 2023, the average export price for hot-rolled steel bars and rods amounted to $X per ton, declining by X% against the previous year. Overall, export price indicated mild growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, hot-rolled steel bar and rod export price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell in the following year.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Australia

In 2023, imports of hot-rolled steel bars and rods into Australia soared to X tons, with an increase of X% against 2022 figures. Overall, imports enjoyed slight growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see gradual growth in the immediate term.

In value terms, hot-rolled steel bar and rod imports surged to $X in 2023. In general, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Imports peaked in 2023 and are expected to retain growth in the near future.

Imports by Country

In 2023, Indonesia (X tons) constituted the largest supplier of hot-rolled steel bar and rod to Australia, accounting for a X% share of total imports. Moreover, hot-rolled steel bar and rod imports from Indonesia exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Singapore (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Indonesia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Singapore (X% per year).

In value terms, Indonesia ($X), China ($X) and Singapore ($X) appeared to be the largest hot-rolled steel bar and rod suppliers to Australia, with a combined X% share of total imports.

Indonesia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for hot-rolled steel bars and rods stood at $X per ton in 2023, waning by X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2022, and then declined markedly in the following year.

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

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

Source: IndexBox Platform