Asia: Market for Wire Rod Of Free-Cutting Steel 2024

Market Size for Wire Rod Of Free-Cutting Steel in Asia

The Asian free-cutting steel wire rod market rose rapidly to $X in 2022, picking up by X% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Production of Wire Rod Of Free-Cutting Steel in Asia

In value terms, free-cutting steel wire rod production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Wire Rod Of Free-Cutting Steel

Exports in Asia

In 2022, overseas shipments of wire rod of free-cutting steel decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports continue to indicate a perceptible descent. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons, and then declined remarkably in the following year.

In value terms, free-cutting steel wire rod exports dropped significantly to $X in 2022. Over the period under review, exports saw a perceptible descent. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then shrank significantly in the following year.

Exports by Country

In 2022, Japan (X tons) was the major exporter of wire rod of free-cutting steel, creating X% of total exports. Malaysia (X tons) held the second position in the ranking, followed by India (X tons) and Oman (X tons). All these countries together held near X% share of total exports. The following exporters - China (X tons), Turkey (X tons) and the United Arab Emirates (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to free-cutting steel wire rod exports from Japan stood at X%. At the same time, Oman (X%), Malaysia (X%) and China (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2022. India experienced a relatively flat trend pattern. By contrast, Turkey (X%) and the United Arab Emirates (X%) illustrated a downward trend over the same period. While the share of Japan (X p.p.), Malaysia (X p.p.), Oman (X p.p.), India (X p.p.) and China (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Turkey (X p.p.) and the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, Japan ($X) remains the largest free-cutting steel wire rod supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by India ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: India (X% per year) and Malaysia (X% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced more modest paces of growth.

Imports of Wire Rod Of Free-Cutting Steel

Imports in Asia

In 2022, after two years of growth, there was significant decline in supplies from abroad of wire rod of free-cutting steel, when their volume decreased by X% to X tons. Over the period under review, imports saw a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, free-cutting steel wire rod imports reduced to $X in 2022. Overall, imports continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) represented the key importer of wire rod of free-cutting steel, constituting X% of total imports. It was distantly followed by South Korea (X tons), Taiwan (Chinese) (X tons), China (X tons) and Jordan (X tons), together creating a X% share of total imports. Lao People's Democratic Republic (X tons), Malaysia (X tons), Vietnam (X tons), Myanmar (X tons), Israel (X tons) and Thailand (X tons) took a little share of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, Myanmar (X%), Israel (X%), Lao People's Democratic Republic (X%) and South Korea (X%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. By contrast, China (X%), Thailand (X%), Vietnam (X%), Taiwan (Chinese) (X%), Malaysia (X%) and Jordan (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, South Korea, Lao People's Democratic Republic, Myanmar and Israel increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported wire rod of free-cutting steel in Asia, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at X%. In the other countries, the average annual rates were as follows: South Korea (X% per year) and China (X% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, rising by X% against the previous year. Import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, free-cutting steel wire rod import price increased by X% against 2020 indices. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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