Japan: Iron And Steel Market 2024

Iron And Steel Market Size in Japan

In 2021, the Japanese iron and steel market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption saw a relatively flat trend pattern. Iron and steel consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Iron And Steel Production in Japan

In value terms, iron and steel production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Iron And Steel Exports

Exports from Japan

In 2021, overseas shipments of iron and steel decreased by -92.6% to X tons for the first time since 2016, thus ending a four-year rising trend. In general, exports continue to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 1,122% against the previous year. As a result, the exports attained the peak of X tons, and then declined dramatically in the following year.

In value terms, iron and steel exports contracted dramatically to $X in 2021. Over the period under review, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2020 when exports increased by 756%. As a result, the exports reached the peak of $X, and then declined remarkably in the following year.

Exports by Country

South Korea (X tons) was the main destination for iron and steel exports from Japan, with a 44% share of total exports. Moreover, iron and steel exports to South Korea exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Malaysia (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea stood at -17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-1.3% per year) and Malaysia (+60.3% per year).

In value terms, South Korea ($X) emerged as the key foreign market for iron and steel exports from Japan, comprising 41% of total exports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total exports. It was followed by Indonesia, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea amounted to -14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+5.3% per year) and Indonesia (-7.7% per year).

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2021, surging by 90% against the previous year. Over the period under review, export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into Japan

Iron and steel imports into Japan surged to X tons in 2021, increasing by 150% against 2020 figures. In general, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, iron and steel imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a slight contraction. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Russia (X tons) constituted the largest supplier of iron and steel to Japan, with a 64% share of total imports. Moreover, iron and steel imports from Russia exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fourfold. South Africa (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from Russia amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+3.1% per year) and South Africa (-1.5% per year).

In value terms, Russia ($X) constituted the largest supplier of iron and steel to Japan, comprising 66% of total imports. The second position in the ranking was taken by Brazil ($X), with a 13% share of total imports. It was followed by South Africa, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Russia stood at +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+1.8% per year) and South Africa (-6.0% per year).

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, jumping by 43% against the previous year. Over the period under review, the import price, however, showed a slight setback. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+61.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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