Flat-Rolled Steel Products Market

The global market for flat-rolled products of iron or non-alloy steel is expected to see growth in both volume and value over the next eight years. China emerges as a key player, leading in both consumption and production of flat-rolled steel products. The article provides detailed insights into consumption trends, market forecasts, production volumes, imports, and exports of flat-rolled products worldwide.

Market Forecast

Driven by increasing demand for flat-rolled products of iron or non-alloy steel worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 31M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $39.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Flat-Rolled Products Of Iron Or Non-Alloy Steel

In 2022, the amount of flat-rolled products of iron or non-alloy steel consumed worldwide reduced to 26M tons, with a decrease of -5.3% compared with the previous year's figure. The total consumption volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the consumption volume increased by 5.5% against the previous year. Global consumption peaked at 27M tons in 2021, and then contracted in the following year.

The global flat-rolled steel products market size fell to $28.2B in 2022, with a decrease of -7.8% 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% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, consumption reached the peak level of $30.6B, and then shrank in the following year.

Consumption By Country

The country with the largest volume of flat-rolled steel products consumption was China (8M tons), comprising approx. 31% of total volume. Moreover, flat-rolled steel products consumption in China exceeded the figures recorded by the second-largest consumer, the United States (2.2M tons), fourfold. Brazil (1.3M tons) ranked third in terms of total consumption with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +1.4%. In the other countries, the average annual rates were as follows: the United States (-0.3% per year) and Brazil (+1.6% per year).

In value terms, China ($8B) led the market, alone. The second position in the ranking was taken by the United States ($1.9B). It was followed by Brazil.

From 2012 to 2022, the average annual growth rate of value in China totaled +1.3%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+0.2% per year) and Brazil (+1.1% per year).

The countries with the highest levels of flat-rolled steel products per capita consumption in 2022 were Germany (15 kg per person), South Korea (13 kg per person) and Italy (13 kg per person).

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

Production

World Production of Flat-Rolled Products Of Iron Or Non-Alloy Steel

In 2022, global production of flat-rolled products of iron or non-alloy steel contracted to 26M tons, reducing by -5.5% against 2021. The total output volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 6.8%. Over the period under review, global production reached the maximum volume at 27M tons in 2021, and then contracted in the following year.

In value terms, flat-rolled steel products production dropped to $25.2B in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 30%. As a result, production attained the peak level of $29.5B, and then dropped in the following year.

Production By Country

The country with the largest volume of flat-rolled steel products production was China (9.7M tons), comprising approx. 37% of total volume. Moreover, flat-rolled steel products production in China exceeded the figures recorded by the second-largest producer, Germany (1.7M tons), sixfold. The third position in this ranking was taken by the United States (1.3M tons), with a 5.1% share.

In China, flat-rolled steel products production increased at an average annual rate of +2.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+0.7% per year) and the United States (-4.0% per year).

Imports

World Imports of Flat-Rolled Products Of Iron Or Non-Alloy Steel

In 2022, the amount of flat-rolled products of iron or non-alloy steel imported worldwide stood at 5.8M tons, flattening at the year before. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 7.9%. As a result, imports attained the peak of 6.4M tons. From 2017 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, flat-rolled steel products imports skyrocketed to $9.6B in 2022. In general, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% 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 +72.1% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (985K tons) and Italy (729K tons) were the main importers of flat-rolled products of iron or non-alloy steelacross the globe, together mixing up 29% of total imports. The following importers - Mexico (254K tons), the Philippines (213K tons), France (172K tons), Germany (172K tons), Poland (164K tons), the Netherlands (163K tons), Belgium (162K tons), Spain (159K tons), Indonesia (134K tons), Thailand (130K tons) and the United Arab Emirates (128K tons) - together made up 32% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United States (with a CAGR of +8.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.8B), Italy ($1.2B) and Mexico ($459M) were the countries with the highest levels of imports in 2022, together accounting for 35% of global imports.

Among the main importing countries, the United States, with a CAGR of +12.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm prevails in imports structure, recording 5.6M tons, which was near 95% of total imports in 2022. Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (169K tons) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (145K tons) held a minor share of total imports.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm experienced a relatively flat trend pattern with regard to volume of imports. iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (-2.2%) and iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-4.3%) illustrated a downward trend over the same period. While the share of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm (+2.5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-1.7 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($9.1B) constitutes the largest type of flat-rolled products of iron or non-alloy steel imported worldwide, comprising 95% of global imports. The second position in the ranking was taken by iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin ($250M), with a 2.6% share of global imports.

For iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm, imports increased at an average annual rate of +4.1% over the period from 2012-2022. With regard to the other imported products, the following average annual rates of growth were recorded: iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (+1.4% per year) and iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (-1.1% per year).

Import Prices By Type

In 2022, the average flat-rolled steel products import price amounted to $1,642 per ton, growing by 41% against the previous year. Overall, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, flat-rolled steel products import price increased by +73.3% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major imported products. In 2022, the product with the highest price was iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin ($1,730 per ton), while the price for iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($1,360 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (+3.7%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average flat-rolled steel products import price amounted to $1,642 per ton, surging by 41% against the previous year. Over the period under review, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, flat-rolled steel products import price increased by +73.3% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Mexico ($1,806 per ton) and the United States ($1,806 per ton), while the United Arab Emirates ($1,341 per ton) and Belgium ($1,382 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+4.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Flat-Rolled Products Of Iron Or Non-Alloy Steel

In 2022, overseas shipments of flat-rolled products of iron or non-alloy steel increased by 0.2% to 5.8M tons, rising for the third consecutive year after two years of decline. Over the period under review, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 4.9%. Over the period under review, the global exports attained the peak figure at 6M tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, flat-rolled steel products exports skyrocketed to $9.3B in 2022. In general, total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +78.9% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

China represented the main exporter of flat-rolled products of iron or non-alloy steel in the world, with the volume of exports amounting to 1.7M tons, which was near 30% of total exports in 2022. Germany (694K tons) held the second position in the ranking, followed by the Netherlands (589K tons), Japan (377K tons), Slovakia (374K tons), South Korea (327K tons) and France (263K tons). All these countries together held approx. 45% share of total exports. Canada (185K tons), Spain (176K tons), Turkey (164K tons), Belgium (153K tons), Serbia (122K tons) and Taiwan (Chinese) (119K tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to flat-rolled steel products exports from China stood at +8.5%. At the same time, Turkey (+18.2%), Serbia (+9.2%) and the Netherlands (+2.7%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +18.2% from 2012-2022. Spain, Slovakia, France and Canada experienced a relatively flat trend pattern. By contrast, Germany (-1.3%), Taiwan (Chinese) (-1.4%), South Korea (-1.8%), Japan (-4.3%) and Belgium (-4.4%) illustrated a downward trend over the same period. China (+15 p.p.), Turkey (+2.2 p.p.) and the Netherlands (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while South Korea, Belgium, Germany and Japan saw its share reduced by -1.7%, -1.9%, -3% and -4.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.4B), Germany ($1.2B) and the Netherlands ($1B) were the countries with the highest levels of exports in 2022, together accounting for 51% of global exports. Slovakia, Japan, South Korea, France, Canada, Spain, Turkey, Belgium, Serbia and Taiwan (Chinese) lagged somewhat behind, together comprising a further 40%.

Turkey, with a CAGR of +21.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm prevails in exports structure, amounting to 5.7M tons, which was approx. 97% of total exports in 2022. Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (115K tons) followed a long way behind the leaders.

Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm was also the fastest-growing in terms of exports, with a CAGR of +1.1% from 2012 to 2022. Iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more experienced a relatively flat trend pattern. The shares of the largest types remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm ($8.9B) remains the largest type of flat-rolled products of iron or non-alloy steel supplied worldwide, comprising 97% of global exports. The second position in the ranking was held by iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($170M), with a 1.8% share of global exports.

From 2012 to 2022, the average annual rate of growth in terms of the value of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of less than 0.5mm exports totaled +4.6%. For the other products, the average annual rates were as follows: iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more (+2.3% per year) and iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (+1.1% per year).

Export Prices By Type

In 2022, the average flat-rolled steel products export price amounted to $1,592 per ton, surging by 35% against the previous year. Over the period under review, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, flat-rolled steel products export price increased by +76.3% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exported products. In 2022, the product with the highest price was iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin ($2,067 per ton), while the average price for exports of iron or non-alloy steel; flat-rolled, width 600mm or more, plated or coated with tin, thickness of 0.5mm or more ($1,480 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel; flat-rolled, width less than 600mm, plated or coated with tin (+5.5%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average flat-rolled steel products export price stood at $1,592 per ton in 2022, rising by 35% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, flat-rolled steel products export price increased by +76.3% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Germany ($1,779 per ton) and the Netherlands ($1,773 per ton), while China ($1,404 per ton) and Belgium ($1,484 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform