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Apr 07, 2025

China's Hot-Rolled Steel Bars and Rods Market to See Continued Growth with a 2.7% CAGR Through 2035 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform. IndexBox has just published a new report: China - Hot-Rolled Steel Bars and Rods - Market

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IndexBox has just published a new report: China - Hot-Rolled Steel Bars and Rods - Market Analysis, Forecast, Size, Trends and Insights.

Driven by increasing demand in China, the hot-rolled steel bars and rods market is set to experience continued growth over the next decade. Market performance is expected to expand with a CAGR of +2.7% in volume and +4.2% in value from 2024 to 2035, reaching a market volume of 938M tons and a value of $830.4B by the end of 2035.

Driven by increasing demand for hot-rolled steel bars and rods in China, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.7% for the period from 2024 to 2035, which is projected to bring the market volume to 938M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2024 to 2035, which is projected to bring the market value to $830.4B (in nominal wholesale prices) by the end of 2035.

In 2024, the amount of hot-rolled steel bars and rods consumed in China amounted to 699M tons, picking up by 1.6% on 2023. In general, the total consumption indicated a temperate expansion from 2013 to 2024: its volume increased at an average annual rate of +4.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -2.7% against 2022 indices. Over the period under review, consumption attained the peak volume at 719M tons in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The size of the market for hot-rolled steel bars and rods in China reached $525.5B in 2024, growing by 3% 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). Over the period under review, consumption saw a remarkable increase. Hot-rolled steel bar and rod consumption peaked at $546.8B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

Hot-rolled steel bar and rod production in China rose to 711M tons in 2024, picking up by 1.9% on 2023 figures. Overall, the total production indicated tangible growth from 2013 to 2024: its volume increased at an average annual rate of +4.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -1.9% against 2022 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by 8%. Over the period under review, production reached the maximum volume at 724M tons in 2022; however, from 2023 to 2024, production failed to regain momentum.

In value terms, hot-rolled steel bar and rod production expanded modestly to $554.3B in 2024 estimated in export price. In general, production recorded resilient growth. The pace of growth was the most pronounced in 2016 when the production volume increased by 53% against the previous year. Hot-rolled steel bar and rod production peaked at $573.9B in 2022; however, from 2023 to 2024, production failed to regain momentum.

In 2024, overseas purchases of hot-rolled steel bars and rods decreased by -12% to 491K tons, falling for the third consecutive year after three years of growth. Overall, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 201% against the previous year. Imports peaked at 3.2M tons in 2021; however, from 2022 to 2024, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports fell to $843M in 2024. Over the period under review, imports recorded a pronounced setback. The pace of growth was the most pronounced in 2020 with an increase of 64% against the previous year. Imports peaked at $2.8B in 2021; however, from 2022 to 2024, imports failed to regain momentum.

In 2024, Japan (235K tons) constituted the largest hot-rolled steel bar and rod supplier to China, with a 48% share of total imports. Moreover, hot-rolled steel bar and rod imports from Japan exceeded the figures recorded by the second-largest supplier, South Korea (90K tons), threefold. The third position in this ranking was taken by Taiwan (Chinese) (52K tons), with an 11% share.

From 2013 to 2024, the average annual rate of growth in terms of volume from Japan totaled -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-3.4% per year) and Taiwan (Chinese) (-5.2% per year).

In value terms, Japan ($361M) constituted the largest supplier of hot-rolled steel bars and rods to China, comprising 43% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($142M), with a 17% share of total imports. It was followed by South Korea, with a 13% share.

From 2013 to 2024, the average annual growth rate of value from Japan amounted to -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+2.1% per year) and South Korea (-2.5% per year).

Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (155K tons), hot-rolled bars in bearing steels (101K tons) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (95K tons) were the main products of hot-rolled steel bar and rod imports to China, together accounting for 71% of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the major product types, was attained by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (with a CAGR of +0.0%), while imports for the other products experienced a decline.

In value terms, hot-rolled steel bars and rods with the largest imports in China were steel, alloy; bars and rods, hot-rolled, in irregularly wound coils ($204M), hot-rolled wire rod in coil of stainless steel ($190M) and hot-rolled bars in bearing steels ($178M), with a combined 67% share of total imports. Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, hot-rolled round bars of stainless steel, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling and steel, stainless lagged somewhat behind, together accounting for a further 33%.

Hot-rolled round bars of stainless steel, with a CAGR of +2.1%, recorded the highest rates of growth with regard to the value of imports, among the main product categories over the period under review, while purchases for the other products experienced more modest paces of growth.

The average import price for hot-rolled steel bars and rods stood at $1,718 per ton in 2024, shrinking by -1.7% against the previous year. In general, the import price, however, enjoyed a measured expansion. The growth pace was the most rapid in 2022 when the average import price increased by 59%. Over the period under review, average import prices reached the maximum at $1,747 per ton in 2023, and then fell slightly in the following year.

Prices varied noticeably by the product type; the product with the highest price was hot-rolled round bars of stainless steel ($8,136 per ton), while the price for iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($802 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by hot-rolled round stainless steel (+4.1%), while the prices for the other products experienced more modest paces of growth.

The average import price for hot-rolled steel bars and rods stood at $1,718 per ton in 2024, falling by -1.7% against the previous year. In general, the import price, however, posted a measured expansion. The most prominent rate of growth was recorded in 2022 when the average import price increased by 59%. The import price peaked at $1,747 per ton in 2023, and then shrank slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Sweden ($4,527 per ton), while the price for Malaysia ($657 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, hot-rolled steel bar and rod exports from China soared to 12M tons, surging by 20% compared with the previous year's figure. Overall, exports, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2014 with an increase of 81%. Over the period under review, the exports hit record highs at 43M tons in 2015; however, from 2016 to 2024, the exports remained at a lower figure.

In value terms, hot-rolled steel bar and rod exports expanded modestly to $7.4B in 2024. In general, exports, however, continue to indicate a perceptible slump. The growth pace was the most rapid in 2021 with an increase of 65%. Over the period under review, the exports reached the peak figure at $15.6B in 2015; however, from 2016 to 2024, the exports stood at a somewhat lower figure.

South Korea (1.4M tons), Thailand (882K tons) and Vietnam (741K tons) were the main destinations of hot-rolled steel bar and rod exports from China, with a combined 25% share of total exports. Hong Kong SAR, Indonesia, the Philippines, Peru, Mongolia, Singapore, Chile, Malaysia, India and Myanmar lagged somewhat behind, together accounting for a further 29%.

From 2013 to 2024, the biggest increases were recorded for Mongolia (with a CAGR of +5.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled steel bar and rod exported from China were South Korea ($889M), Thailand ($542M) and Vietnam ($492M), with a combined 26% share of total exports. Indonesia, Hong Kong SAR, the Philippines, Peru, Chile, Malaysia, Mongolia, Singapore, India and Myanmar lagged somewhat behind, together comprising a further 28%.

Among the main countries of destination, Chile, with a CAGR of +5.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (4.9M tons), iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (4.1M tons) and hot-rolled bars in bearing steels (2.3M tons) were the main products of hot-rolled steel bar and rod exports from China, together accounting for 87% of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the major product types, was attained by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (with a CAGR of +51.2%), while the other products experienced more modest paces of growth.

In value terms, hot-rolled steel bars and rods with the largest exports in China were iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($2.6B), iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($2.3B) and hot-rolled bars in bearing steels ($1.7B), together accounting for 85% of total exports.

Among the main product categories, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, with a CAGR of +47.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

In 2024, the average export price for hot-rolled steel bars and rods amounted to $607 per ton, waning by -12.9% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average export price increased by 135% against the previous year. The export price peaked at $959 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices for the major types of exported product. In 2024, the product with the highest price was hot-rolled round bars of stainless steel ($2,593 per ton), while the average price for exports of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($527 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: hot-rolled bearing steel bar (+2.3%), while the prices for the other products experienced mixed trend patterns.

The average export price for hot-rolled steel bars and rods stood at $607 per ton in 2024, dropping by -12.9% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 135% against the previous year. The export price peaked at $959 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2024, amid the top suppliers, the country with the highest price was India ($775 per ton), while the average price for exports to Mongolia ($493 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to India (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles