Eastern Asia: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in Eastern Asia

The East Asian flat-rolled steel products market was estimated at $X in 2023, rising by X% against the previous year. The market value increased at an average annual rate of X% 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 lower figure.

Flat-Rolled Steel Products Production in Eastern Asia

In value terms, flat-rolled steel products production expanded significantly to $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 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Flat-Rolled Steel Products Exports

Exports in Eastern Asia

In 2023, shipments abroad of flat-rolled products of iron or non-alloy steel decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then shrank in the following year.

In value terms, flat-rolled steel products exports dropped rapidly to $X in 2023. Over the period under review, exports, however, continue to indicate moderate growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2022, and then declined rapidly in the following year.

Exports by Country

China represented the major exporter of flat-rolled products of iron or non-alloy steel in Eastern Asia, with the volume of exports accounting for X tons, which was near X% of total exports in 2023. South Korea (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Japan (X%) and Taiwan (Chinese) (X%).

China was also the fastest-growing in terms of the flat-rolled products of iron or non-alloy steel exports, with a CAGR of X% from 2012 to 2023. Taiwan (Chinese) experienced a relatively flat trend pattern. South Korea (X%) and Japan (X%) illustrated a downward trend over the same period. China (X p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese), South Korea and Japan saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

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

In China, flat-rolled steel products exports increased 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 Eastern Asia stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then shrank sharply in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in South Korea ($X per ton) and Taiwan (Chinese) ($X per ton), while China ($X per ton) and Japan ($X per ton) were 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 Eastern Asia

In 2023, purchases abroad of flat-rolled products of iron or non-alloy steel was finally on the rise to reach X tons for the first time since 2019, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a abrupt decline. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2023, imports failed to regain momentum.

In value terms, flat-rolled steel products imports reduced slightly to $X in 2023. In general, imports, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Taiwan (Chinese) (X tons) and South Korea (X tons) represented roughly X% of total imports in 2023. Japan (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by China (X%). Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for South Korea (with a CAGR of X%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, South Korea ($X), Taiwan (Chinese) ($X) and Japan ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

In terms of the main importing countries, South Korea, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2023, the import price in Eastern Asia amounted to $X per ton, which is down by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2022, and then dropped in the following year.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in South Korea ($X per ton) and Japan ($X per ton), while China ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform