Eastern Asia: Iron And Steel Market 2024

Iron And Steel Market Size in Eastern Asia

The East Asian iron and steel market reduced dramatically to $X in 2023, which is down by X% against the previous year. In general, consumption, however, recorded perceptible growth. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Iron And Steel Production in Eastern Asia

In value terms, iron and steel production reduced to $X in 2023 estimated in export price. The total production indicated a notable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. 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 pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2023, production remained at a lower figure.

Iron And Steel Exports

Exports in Eastern Asia

In 2023, exports of iron and steel in Eastern Asia reduced dramatically to X tons, with a decrease of X% compared with the previous year. Over the period under review, exports saw a deep setback. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, iron and steel exports contracted remarkably to $X in 2023. Overall, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2020 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Democratic People's Republic of Korea (X tons), Japan (X tons) and South Korea (X tons) was the largest exporter of iron and steel in Eastern Asia, comprising X% of total export. It was distantly followed by China (X tons), creating a X% share of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by South Korea (with a CAGR of X%), while the other leaders experienced a decline in the exports figures.

In value terms, Japan ($X), Democratic People's Republic of Korea ($X) and South Korea ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

South Korea, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2023, the export price in Eastern Asia amounted to $X per ton, reducing by X% against the previous year. Overall, the export price saw a mild slump. The most prominent rate of growth was recorded in 2022 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined sharply in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

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

Iron And Steel Imports

Imports in Eastern Asia

In 2023, purchases abroad of iron and steel decreased by X% to X tons, falling for the third year in a row after four years of growth. In general, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports reached 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 rapidly to $X in 2023. Overall, imports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

Taiwan (Chinese) (X tons) and China (X tons) represented roughly X% of total imports in 2023. South Korea (X tons) ranks next in terms of the total imports with an X% share, followed by Hong Kong SAR (X%). Japan (X tons) followed a long way behind the leaders.

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

In value terms, the largest iron and steel importing markets in Eastern Asia were China ($X), Taiwan (Chinese) ($X) and South Korea ($X), together comprising X% of total imports. Japan and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Hong Kong SAR, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The import price in Eastern Asia stood at $X per ton in 2023, rising by X% against the previous year. Import price indicated a modest expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, iron and steel import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. The level of import peaked in 2023 and is likely to see gradual growth in the immediate term.

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