Asia-Pacific: Iron And Steel Market 2024

Iron And Steel Market Size in Asia-Pacific

The Asia-Pacific iron and steel market reduced remarkably to $X in 2023, shrinking by X% against the previous year. Over the period under review, consumption, however, continues to indicate a perceptible increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Iron And Steel Production in Asia-Pacific

In value terms, iron and steel production reduced to $X in 2023 estimated in export price. The total production indicated perceptible growth from 2012 to 2023: its value 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, production increased by X% against 2021 indices. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Iron And Steel Exports

Exports in Asia-Pacific

Iron and steel exports contracted dramatically to X tons in 2023, waning by X% against the year before. Over the period under review, exports continue to indicate a mild decrease. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, iron and steel exports dropped significantly to $X in 2023. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2022, and then shrank rapidly in the following year.

Exports by Country

India was the largest exporting country with an export of about X tons, which reached X% of total exports. It was distantly followed by Democratic People's Republic of Korea (X tons), Japan (X tons), South Korea (X tons), Malaysia (X tons) and Vietnam (X tons), together achieving a X% share of total exports. Indonesia (X tons) took a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to iron and steel exports from India stood at X%. At the same time, Vietnam (X%), Malaysia (X%) and South Korea (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of X% from 2012-2023. By contrast, Indonesia (X%), Democratic People's Republic of Korea (X%) and Japan (X%) illustrated a downward trend over the same period. India (X p.p.), South Korea (X p.p.), Malaysia (X p.p.) and Vietnam (X p.p.) significantly strengthened its position in terms of the total exports, while Japan saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest iron and steel supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports. It was followed by Japan, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in India totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (X% per year) and Japan (X% per year).

Export Prices by Country

In 2023, the export price in Asia-Pacific amounted to $X per ton, with a decrease of X% against the previous year. Export price indicated modest 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, iron and steel export price increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then fell markedly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

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

Iron And Steel Imports

Imports in Asia-Pacific

In 2023, purchases abroad of iron and steel decreased by X% to X tons, falling for the third consecutive year after two years of growth. In general, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, iron and steel imports fell significantly to $X in 2023. Overall, imports showed a noticeable setback. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

The countries with the highest levels of iron and steel imports in 2023 were Taiwan (Chinese) (X tons), China (X tons) and India (X tons), together amounting to X% of total import. It was distantly followed by South Korea (X tons), making up an X% share of total imports. Hong Kong SAR (X tons), Bangladesh (X tons), Vietnam (X tons), Thailand (X tons), Indonesia (X tons), Nepal (X tons) and Japan (X tons) followed a long way behind the leaders.

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

In value terms, the largest iron and steel importing markets in Asia-Pacific were China ($X), Taiwan (Chinese) ($X) and India ($X), together comprising X% of total imports. South Korea, Bangladesh, Indonesia, Thailand, Vietnam, Nepal, Japan and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Nepal, 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 more modest paces of growth.

Import Prices by Country

In 2023, the import price in Asia-Pacific amounted to $X per ton, which is down by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2022, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Hong Kong SAR ($X per ton) was 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