ASEAN: Iron And Steel Market 2024

Iron And Steel Market Size in ASEAN

In 2021, the ASEAN iron and steel market increased by 40% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a mild decline. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Iron And Steel Production in ASEAN

In value terms, iron and steel production soared to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Iron And Steel Exports

Exports in ASEAN

In 2021, shipments abroad of iron and steel decreased by -72.8% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports, however, showed perceptible growth. The pace of growth appeared the most rapid in 2014 with an increase of 159%. The volume of export peaked at X tons in 2020, and then contracted sharply in the following year.

In value terms, iron and steel exports fell notably to $X in 2021. Overall, exports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 167% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia was the largest exporter of iron and steel in ASEAN, with the volume of exports reaching X tons, which was near 82% of total exports in 2021. It was distantly followed by Vietnam (X tons), creating an 18% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to iron and steel exports from Indonesia stood at +1.2%. At the same time, Vietnam (+41.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +41.8% from 2012-2021. Vietnam (+17 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -12.6% from 2012 to 2021, respectively.

In value terms, Indonesia ($X) remains the largest iron and steel supplier in ASEAN, comprising 87% of total exports. The second position in the ranking was held by Vietnam ($X), with a 12% share of total exports.

In Indonesia, iron and steel exports expanded at an average annual rate of +6.3% over the period from 2012-2021.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, surging by 51% against the previous year. Export price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Vietnam amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+5.1%).

Iron And Steel Imports

Imports in ASEAN

In 2021, supplies from abroad of iron and steel was finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. Over the period under review, imports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 44% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, iron and steel imports soared to $X in 2021. Overall, imports, however, recorded a abrupt curtailment. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Vietnam (X tons) and Thailand (X tons) prevails in imports structure, together making up 89% of total imports. It was distantly followed by Indonesia (X tons), constituting a 7.6% share of total imports. Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +11.3%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest iron and steel importing markets in ASEAN were Thailand ($X), Vietnam ($X) and Indonesia ($X), together accounting for 92% of total imports.

Among the main importing countries, Vietnam, with a CAGR of +5.6%, 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

In 2021, the import price in ASEAN amounted to $X per ton, rising by 27% 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 2017 when the import price increased by 31%. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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