Hot-Rolled Steel Products Market

The global market for flat-rolled products of iron or steel (not further worked than hot-rolled) is expected to see growth in both volume and value terms. With a focus on the increasing demand for these products worldwide, particularly in China, the market is projected to expand with a CAGR of +3.2% in consumption volume and +5.4% in market value from 2022 to 2030. China dominates both consumption and production, with significant growth rates recorded over the past decade. Analysis of imports and exports reveals notable fluctuations in global trade patterns, with key exporting countries like China, Japan, and South Korea leading the market. Overall, the outlook for the flat-rolled products market is positive, with expectations for continued growth in the coming years.

Market Forecast

Driven by increasing demand for flat-rolled products of iron or steel (not further worked than hot-rolled) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 1,085M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $842.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Hot-Rolled)

In 2022, global hot-rolled steel products consumption rose to 842M tons, with an increase of 1.7% on the year before. The total consumption volume increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume at 849M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global hot-rolled steel products market size amounted to $553.5B in 2022, remaining stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

China (441M tons) remains the largest hot-rolled steel products consuming country worldwide, comprising approx. 52% of total volume. Moreover, hot-rolled steel products consumption in China exceeded the figures recorded by the second-largest consumer, India (65M tons), sevenfold. The third position in this ranking was taken by the United States (55M tons), with a 6.5% share.

In China, hot-rolled steel products consumption increased at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+4.7% per year) and the United States (-1.7% per year).

In value terms, China ($283.4B) led the market, alone. The second position in the ranking was held by the United States ($53.1B). It was followed by South Korea.

In China, the hot-rolled steel products market expanded at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-2.0% per year) and South Korea (-1.1% per year).

In 2022, the highest levels of hot-rolled steel products per capita consumption was registered in South Korea (973 kg per person), followed by Vietnam (317 kg per person), China (310 kg per person) and Italy (231 kg per person), while the world average per capita consumption of hot-rolled steel products was estimated at 106 kg per person.

In South Korea, hot-rolled steel products per capita consumption remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Vietnam (+8.1% per year) and China (+4.6% per year).

Production

World Production of Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Hot-Rolled)

Global hot-rolled steel products production reached 848M tons in 2022, approximately reflecting 2021 figures. The total output volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 5.5%. Global production peaked at 852M tons in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, hot-rolled steel products production amounted to $508.3B in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 20% against the previous year. As a result, production attained the peak level of $540.8B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

The country with the largest volume of hot-rolled steel products production was China (454M tons), comprising approx. 54% of total volume. Moreover, hot-rolled steel products production in China exceeded the figures recorded by the second-largest producer, India (67M tons), sevenfold. South Korea (53M tons) ranked third in terms of total production with a 6.3% share.

In China, hot-rolled steel products production expanded at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+5.4% per year) and South Korea (+1.4% per year).

Imports

World Imports of Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Hot-Rolled)

In 2022, global imports of flat-rolled products of iron or steel (not further worked than hot-rolled) dropped to 102M tons, with a decrease of -6.8% compared with the previous year. In general, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 9.3%. Over the period under review, global imports hit record highs at 121M tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, hot-rolled steel products imports rose slightly to $117B in 2022. Overall, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 65%. Over the period under review, global imports attained the peak figure in 2022 and are likely to continue growth in the near future.

Imports By Country

The purchases of the twelve major importers of flat-rolled products of iron or steel (not further worked than hot-rolled), namely Italy, Vietnam, Turkey, South Korea, Germany, the United States, Thailand, Spain, China, Poland, France and Belgium, represented more than half of total import. India (2.2M tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Italy (with a CAGR of +5.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Vietnam ($8B), Italy ($8B) and Germany ($7.2B) constituted the countries with the highest levels of imports in 2022, together comprising 20% of global imports.

Vietnam, with a CAGR of +9.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of less than 3mm (24M tons), distantly followed by iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness exceeding 10mm (14M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of 3mm or more but less than 4.75mm (11M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of 4.75mm or more but not exceeding 10mm (8.4M tons), steel, alloy (6.6M tons), iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness of 4.75mm or more but not exceeding 10mm (5.3M tons) and iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of less than 3mm (5.2M tons) represented the main types of flat-rolled products of iron or steel (not further worked than hot-rolled), together making up 75% of total imports. Steel, alloy (4.3M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of 3mm or more but less than 4.75mm (3.1M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness exceeding 10mm (3M tons), steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of 3mm or more but less than 4.75mm (2.7M tons) and iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of 4.75mm or more (1.7M tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of 4.75mm or more but not exceeding 10mm (with a CAGR of +4.6%), while imports for the other products experienced more modest paces of growth.

In value terms, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of less than 3mm ($21.3B), iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness exceeding 10mm ($16.4B) and iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of 3mm or more but less than 4.75mm ($9.9B) were the products with the highest levels of imports in 2022, with a combined 41% share of global imports. Iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of 4.75mm or more but not exceeding 10mm, steel, alloy, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of 3mm or more but less than 4.75mm, steel, alloy, iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness of 4.75mm or more but not exceeding 10mm, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of less than 3mm, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of 4.75mm or more but not exceeding 10mm, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness exceeding 10mm, steel, stainless, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of less than 3mm, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, (not in coils), of a thickness of 4.75mm or more but not exceeding 10mm, iron or non-alloy steel; flat-rolled, hot-rolled, width less than 600mm, excluding those of item no. 7211.11 and 7211.12, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of 4.75mm or more, iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness of 3mm or more but less than 4.75mm, steel, alloy, iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness of less than 3mm, iron or non-alloy steel; in coils, flat-rolled, of a width 600mm or more, hot-rolled, with patterns in relief, iron or non-alloy steel; flat-rolled, hot-rolled, of a width less than 600mm, 4.75mm thick or more, excluding those of item no. 7211.13, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, (not in coils), of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, with patterns in relief, iron or non-alloy steel, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness exceeding 10mm, steel, stainless; flat-rolled, width less than 600mm, hot-rolled, of a thickness of less than 4.75mm, steel, stainless; flat-rolled, width less than 600mm, hot-rolled, of a thickness of 4.75mm or more and steel, stainless; flat-rolled, width 600mm or more, hot-rolled, (not in coils), of a thickness of less than 3mm lagged somewhat behind, together accounting for a further 59%.

Steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of 3mm or more but less than 4.75mm, with a CAGR of +5.6%, saw the highest rates of growth with regard to the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average hot-rolled steel products import price stood at $1,145 per ton in 2022, with an increase of 12% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel products import price increased by +76.5% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 57%. Global import price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was steel, stainless ($4,672 per ton), while the price for iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness exceeding 10mm ($883 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by steel, alloy; flat-rolled, width 600mm or more, hot-rolled, not in coils (+4.0%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average hot-rolled steel products import price amounted to $1,145 per ton, with an increase of 12% against the previous year. In general, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel products import price increased by +76.5% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 57% against the previous year. Over the period under review, average 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 France ($1,545 per ton), while South Korea ($977 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Hot-Rolled)

In 2022, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported worldwide declined to 108M tons, dropping by -7.9% compared with 2021. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 14%. Over the period under review, the global exports attained the peak figure at 123M tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, hot-rolled steel products exports stood at $116.5B in 2022. Over the period under review, total exports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +78.5% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 76% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China (17M tons) and Japan (16M tons) represented the major exporters of flat-rolled products of iron or steel (not further worked than hot-rolled) in 2022, resulting at approx. 16% and 15% of total exports, respectively. It was distantly followed by South Korea (8.2M tons), Belgium (5.5M tons) and Germany (5M tons), together achieving a 17% share of total exports. Taiwan (Chinese) (4.8M tons), India (4.7M tons), France (4.2M tons), Russia (4.1M tons), the Netherlands (2.8M tons), Indonesia (2.7M tons), Italy (2.5M tons) and the United States (2.3M tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Indonesia (with a CAGR of +32.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel products supplying countries worldwide were China ($16.4B), Japan ($13.7B) and South Korea ($8.1B), with a combined 33% share of global exports. Belgium, Germany, Taiwan (Chinese), Indonesia, France, India, Italy, Russia, the United States and the Netherlands lagged somewhat behind, together accounting for a further 40%.

In terms of the main exporting countries, Indonesia, with a CAGR of +44.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of less than 3mm (24M tons), distantly followed by iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness exceeding 10mm (16M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of 3mm or more but less than 4.75mm (11M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of 4.75mm or more but not exceeding 10mm (8.4M tons), steel, alloy (8.3M tons), iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness of 4.75mm or more but not exceeding 10mm (5.7M tons) and iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of less than 3mm (4.9M tons) represented the major types of flat-rolled products of iron or steel (not further worked than hot-rolled), together mixing up 75% of total exports. The following types - steel, alloy (4.1M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of 3mm or more but less than 4.75mm (3.6M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness exceeding 10mm (3.2M tons), steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of 3mm or more but less than 4.75mm (2.5M tons), iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of 4.75mm or more (2.4M tons) and iron or non-alloy steel; flat-rolled, hot-rolled, width less than 600mm, excluding those of item no. 7211.11 and 7211.12 (1.7M tons) - together made up 17% of total exports.

From 2012 to 2022, the biggest increases were recorded for steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness exceeding 10mm (with a CAGR of +4.1%), while shipments for the other products experienced more modest paces of growth.

In value terms, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of less than 3mm ($19.8B), iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness exceeding 10mm ($17.5B) and iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of 3mm or more but less than 4.75mm ($9.5B) were the products with the highest levels of exports in 2022, together comprising 41% of global exports. Iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of 4.75mm or more but not exceeding 10mm, steel, alloy, steel, alloy, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness of 4.75mm or more but not exceeding 10mm, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of less than 3mm, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of 4.75mm or more but not exceeding 10mm, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness exceeding 10mm, steel, stainless, iron or non-alloy steel; flat-rolled, hot-rolled, width less than 600mm, excluding those of item no. 7211.11 and 7211.12, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, (not in coils), of a thickness of 4.75mm or more but not exceeding 10mm, iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, pickled, of a thickness of 4.75mm or more, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of less than 3mm, iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness of 3mm or more but less than 4.75mm, steel, alloy, iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, without patterns in relief, of a thickness of less than 3mm, iron or non-alloy steel; flat-rolled, hot-rolled, of a width less than 600mm, 4.75mm thick or more, excluding those of item no. 7211.13, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, (not in coils), of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel; in coils, flat-rolled, of a width 600mm or more, hot-rolled, with patterns in relief, iron or non-alloy steel; (not in coils), flat-rolled, of a width 600mm or more, hot-rolled, with patterns in relief, steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness exceeding 10mm, iron or non-alloy steel, steel, stainless; flat-rolled, width less than 600mm, hot-rolled, of a thickness of 4.75mm or more, steel, stainless; flat-rolled, width less than 600mm, hot-rolled, of a thickness of less than 4.75mm and steel, stainless; flat-rolled, width 600mm or more, hot-rolled, (not in coils), of a thickness of less than 3mm lagged somewhat behind, together accounting for a further 59%.

Steel, stainless; flat-rolled, width 600mm or more, hot-rolled, in coils, of a thickness of less than 3mm, with a CAGR of +6.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average hot-rolled steel products export price amounted to $1,081 per ton, surging by 10% against the previous year. In general, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel products export price increased by +77.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 61%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was steel, stainless ($4,869 per ton), while the average price for exports of iron or non-alloy steel; in coils, without patterns in relief, flat-rolled, of a width 600mm or more, hot-rolled, of a thickness of less than 3mm ($808 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by steel, alloy; flat-rolled, width 600mm or more, hot-rolled, not in coils (+5.2%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average hot-rolled steel products export price amounted to $1,081 per ton, increasing by 10% against the previous year. In general, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel products export price increased by +77.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 61%. The global export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($1,824 per ton), while India ($804 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+9.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform