Thailand: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in Thailand

The Thai flat-rolled steel products market fell to $X in 2023, which is down by X% against the previous year. Over the period under review, consumption, however, showed a noticeable downturn. Flat-rolled steel products consumption peaked at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Flat-Rolled Steel Products Production in Thailand

In value terms, flat-rolled steel products production contracted to $X in 2023 estimated in export price. In general, production showed a perceptible downturn. The most prominent rate of growth was recorded in 2020 with an increase of X%. Flat-rolled steel products production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Flat-Rolled Steel Products Exports

Exports from Thailand

In 2023, overseas shipments of flat-rolled products of iron or non-alloy steel increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2023, the growth of the exports failed to regain momentum.

In value terms, flat-rolled steel products exports surged to $X in 2023. In general, exports, however, continue to indicate a noticeable contraction. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

Exports by Country

Myanmar (X tons) was the main destination for flat-rolled steel products exports from Thailand, accounting for a X% share of total exports. Moreover, flat-rolled steel products exports to Myanmar exceeded the volume sent to the second major destination, Vietnam (X tons), fivefold. Lao People's Democratic Republic (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Myanmar totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Lao People's Democratic Republic (X% per year).

In value terms, Myanmar ($X) emerged as the key foreign market for flat-rolled products of iron or non-alloy steel exports from Thailand, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by Lao People's Democratic Republic, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Myanmar totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Lao People's Democratic Republic (X% per year).

Export Prices by Country

In 2023, the average flat-rolled steel products export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Malaysia ($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 Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

Flat-Rolled Steel Products Imports

Imports into Thailand

In 2023, approx. X tons of flat-rolled products of iron or non-alloy steel were imported into Thailand; picking up by X% against the previous year's figure. Overall, imports, however, recorded a slight descent. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2023, imports remained at a lower figure.

In value terms, flat-rolled steel products imports dropped to $X in 2023. In general, imports, however, recorded a mild downturn. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

South Korea (X tons), China (X tons) and Germany (X tons) were the main suppliers of flat-rolled steel products imports to Thailand, together comprising X% of total imports. Vietnam, the United States, Japan and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), China ($X) and Germany ($X) appeared to be the largest flat-rolled steel products suppliers to Thailand, with a combined X% share of total imports. Vietnam, Japan, the United States and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, recorded the highest growth rate of 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 flat-rolled steel products import price stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2022, and then dropped dramatically in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform