Eastern Asia: Iron And Steel Market 2024

Iron And Steel Market Size in Eastern Asia

In 2021, after five years of growth, there was decline in the East Asian iron and steel market, when its value decreased by -0.8% to $X. The market value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 7.1% against the previous year. Over the period under review, the market attained the peak level at $X in 2020, and then reduced modestly in the following year.

Iron And Steel Production in Eastern Asia

In value terms, iron and steel production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 7% against the previous year. The level of production peaked in 2021 and is expected to retain growth in years to come.

Iron And Steel Exports

Exports in Eastern Asia

In 2021, exports of iron and steel in Eastern Asia fell sharply to X tons, which is down by -50% compared with the previous year's figure. Over the period under review, exports saw a abrupt setback. The growth pace was the most rapid in 2020 when exports increased by 178%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, iron and steel exports dropped remarkably to $X in 2021. Overall, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2020 with an increase of 187%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Democratic People's Republic of Korea (X tons) was the major exporter of iron and steel, achieving 40% of total exports. South Korea (X tons) ranks second in terms of the total exports with a 25% share, followed by China (22%) and Japan (10%). Taiwan (Chinese) (X tons) held a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +18.5%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, the largest iron and steel supplying countries in Eastern Asia were China ($X), Democratic People's Republic of Korea ($X) and South Korea ($X), together accounting for 79% of total exports.

In terms of the main exporting countries, South Korea, with a CAGR of +10.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, picking up by 25% against the previous year. In general, the export price, however, continues to indicate a perceptible descent. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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 2021, the most notable rate of growth in terms of prices was attained by Japan (+4.2%), while the other leaders experienced more modest paces of growth.

Iron And Steel Imports

Imports in Eastern Asia

After four years of growth, overseas purchases of iron and steel decreased by -53.9% to X tons in 2021. Over the period under review, imports, however, continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2020 with an increase of 239%. As a result, imports reached the peak of X tons, and then declined notably in the following year.

In value terms, iron and steel imports fell dramatically to $X in 2021. Overall, imports, however, saw tangible growth. The most prominent rate of growth was recorded in 2020 when imports increased by 217%. As a result, imports attained the peak of $X, and then declined sharply in the following year.

Imports by Country

China was the largest importing country with an import of about X tons, which amounted to 72% of total imports. Taiwan (Chinese) (X tons) held the second position in the ranking, distantly followed by South Korea (X tons). All these countries together took approx. 21% share of total imports. Japan (X tons) and Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to iron and steel imports into China stood at +14.1%. At the same time, Hong Kong SAR (+54.4%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +54.4% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-6.7%) and South Korea (-17.1%) illustrated a downward trend over the same period. China (+46 p.p.) and Hong Kong SAR (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese) and South Korea saw its share reduced by -17.8% and -30.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported iron and steel in Eastern Asia, comprising 72% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 17% share of total imports. It was followed by South Korea, with a 6.1% share.

In China, iron and steel imports expanded at an average annual rate of +15.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-4.5% per year) and South Korea (-15.2% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, growing by 44% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :