India: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in India

In 2022, the Indian hot-rolled steel products market was finally on the rise to reach $X after three years of decline. In general, consumption, however, showed a mild decrease. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Hot-Rolled Steel Products Production in India

In value terms, hot-rolled steel products production declined modestly to $X in 2022 estimated in export price. In general, production, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2014 with an increase of X%. Hot-rolled steel products production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports from India

After three years of growth, overseas shipments of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons in 2022. In general, exports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then fell rapidly in the following year.

In value terms, hot-rolled steel products exports fell notably to $X in 2022. Over the period under review, exports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

Vietnam (X tons), Turkey (X tons) and the United Arab Emirates (X tons) were the main destinations of hot-rolled steel products exports from India, with a combined X% share of total exports. Italy, Nepal, Belgium, Egypt, Saudi Arabia, Spain, Oman, Indonesia and Thailand lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Egypt (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), the United Arab Emirates ($X) and Turkey ($X) appeared to be the largest markets for hot-rolled steel products exported from India worldwide, with a combined X% share of total exports. Italy, Nepal, Belgium, Egypt, Spain, Saudi Arabia, Oman, Indonesia and Thailand lagged somewhat behind, together accounting for a further X%.

Egypt, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average hot-rolled steel products export price amounted to $X per ton, reducing by X% against the previous year. In general, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel products export price increased by X% against 2020 indices. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (X%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into India

In 2022, purchases abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) was finally on the rise to reach X tons after two years of decline. Overall, imports, however, saw a noticeable slump. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, hot-rolled steel products imports surged to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest supplier of hot-rolled steel products to India, accounting for a X% share of total imports. Moreover, hot-rolled steel products imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), fivefold. The third position in this ranking was taken by China (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and China (X% per year).

In value terms, South Korea ($X) constituted the largest supplier of flat-rolled products of iron or steel (not further worked than hot-rolled) to India, comprising X% of total imports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total imports. It was followed by China, with an X% share.

From 2012 to 2022, the average annual growth rate of value from South Korea totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and China (X% per year).

Import Prices by Country

In 2022, the average hot-rolled steel products import price amounted to $X per ton, surging by X% against the previous year. Overall, the import price enjoyed a notable increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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