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Mar 28, 2025

Global Hot-Rolled Steel Bars and Rods Market to Grow at a CAGR of +2.3% from 2024 to 2035 - News and Statistics - IndexBox

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

The global hot-rolled steel bars and rods market is expected to see continued growth in demand over the next decade. Projections suggest a CAGR of +2.3% in volume and +3.6% in value from 2024 to 2035, leading to significant market expansion by the end of the forecast period.

Driven by increasing demand for hot-rolled steel bars and rods worldwide, 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 +2.3% for the period from 2024 to 2035, which is projected to bring the market volume to 1,231M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2024 to 2035, which is projected to bring the market value to $1,158.5B (in nominal wholesale prices) by the end of 2035.

In 2024, global hot-rolled steel bar and rod consumption totaled 962M tons, increasing by 1.9% against the previous year's figure. Overall, the total consumption indicated a measured increase from 2013 to 2024: its volume increased at an average annual rate of +3.7% over the last eleven years. 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. Global consumption peaked at 989M 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 worldwide totaled $785.1B in 2024, approximately mirroring 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). In general, consumption showed strong growth. Global consumption peaked at $800.8B in 2021; however, from 2022 to 2024, consumption failed to regain momentum.

China (699M tons) constituted the country with the largest volume of hot-rolled steel bar and rod consumption, accounting for 73% of total volume. Moreover, hot-rolled steel bar and rod consumption in China exceeded the figures recorded by the second-largest consumer, South Korea (26M tons), more than tenfold. India (22M tons) ranked third in terms of total consumption with a 2.3% share.

From 2013 to 2024, the average annual growth rate of volume in China totaled +4.6%. The remaining consuming countries recorded the following average annual rates of consumption growth: South Korea (+4.2% per year) and India (+5.1% per year).

In value terms, China ($525.5B) led the market, alone. The second position in the ranking was held by Turkey ($34.8B). It was followed by South Korea.

From 2013 to 2024, the average annual rate of growth in terms of value in China totaled +6.2%. In the other countries, the average annual rates were as follows: Turkey (+16.1% per year) and South Korea (+5.4% per year).

The countries with the highest levels of hot-rolled steel bar and rod per capita consumption in 2024 were South Korea (503 kg per person), China (490 kg per person) and Turkey (175 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of +4.2%), while consumption for the other global leaders experienced more modest paces of growth.

Global hot-rolled steel bar and rod production totaled 967M tons in 2024, surging by 2.1% against the year before. Over the period under review, the total production indicated temperate growth from 2013 to 2024: its volume increased at an average annual rate of +3.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -2.0% against 2022 indices. The pace of growth appeared the most rapid in 2020 with an increase of 7.8%. Global production peaked at 987M tons in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod production reached $811.3B in 2024 estimated in export price. In general, production continues to indicate resilient growth. The growth pace was the most rapid in 2021 when the production volume increased by 33% against the previous year. Global production peaked at $820.4B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

China (711M tons) constituted the country with the largest volume of hot-rolled steel bar and rod production, comprising approx. 74% of total volume. Moreover, hot-rolled steel bar and rod production in China exceeded the figures recorded by the second-largest producer, South Korea (25M tons), more than tenfold. India (23M tons) ranked third in terms of total production with a 2.4% share.

In China, hot-rolled steel bar and rod production expanded at an average annual rate of +4.4% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: South Korea (+4.6% per year) and India (+5.5% per year).

For the third year in a row, the global market recorded decline in purchases abroad of hot-rolled steel bars and rods, which decreased by -9.7% to 54M tons in 2024. Over the period under review, imports showed a pronounced downturn. The most prominent rate of growth was recorded in 2021 with an increase of 20%. Global imports peaked at 75M tons in 2015; however, from 2016 to 2024, imports failed to regain momentum.

In value terms, hot-rolled steel bar and rod imports shrank to $44.8B in 2024. In general, imports saw a slight setback. The most prominent rate of growth was recorded in 2021 with an increase of 67%. Global imports peaked at $63.8B in 2022; however, from 2023 to 2024, imports remained at a lower figure.

The United States (2.9M tons), Thailand (2.7M tons), South Korea (2M tons), Hong Kong SAR (1.9M tons), Germany (1.6M tons), Singapore (1.6M tons), Israel (1.3M tons), Canada (1.2M tons) and Romania (1.2M tons) represented roughly 31% of total imports in 2024. The Netherlands (1.1M tons) followed a long way behind the leaders.

From 2013 to 2024, the biggest increases were recorded for Romania (with a CAGR of +5.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets worldwide were the United States ($2.9B), Thailand ($2.3B) and Germany ($1.9B), together comprising 16% of global imports. South Korea, Canada, Hong Kong SAR, Singapore, Israel, Romania and the Netherlands lagged somewhat behind, together accounting for a further 16%.

Romania, with a CAGR of +5.2%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

In 2024, 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 (26M tons) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (18M tons) were the main types of hot-rolled steel bars and rodsin the world, together reaching near 80% of total imports. Hot-rolled bars in bearing steels (5.5M tons) ranks next in terms of the total imports with a 10% share, followed by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (8.3%).

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (with a CAGR of -0.7%), while imports for the other products experienced a decline in the imports figures.

In value terms, 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 ($18.1B), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($12.6B) and hot-rolled bars in bearing steels ($6.2B) appeared to be the products with the highest levels of imports in 2024, with a combined 83% share of global imports. Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils, hot-rolled wire rod in coil of stainless steel, hot-rolled round bars of stainless steel and steel, stainless lagged somewhat behind, together accounting for a further 17%.

Hot-rolled round bars of stainless steel, with a CAGR of +0.6%, saw the highest growth rate of the value of imports, among the main imported products over the period under review, while purchases for the other products experienced a decline in the imports figures.

In 2024, the average import price for hot-rolled steel bars and rods amounted to $837 per ton, remaining relatively unchanged against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 40%. Over the period under review, average import prices reached the maximum at $1,010 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was hot-rolled round bars of stainless steel ($4,952 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 ($693 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 (+2.1%), while the other products experienced more modest paces of growth.

In 2024, the average import price for hot-rolled steel bars and rods amounted to $837 per ton, leveling off at the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 40% against the previous year. Over the period under review, average import prices reached the peak figure at $1,010 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($1,154 per ton), while Hong Kong SAR ($566 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Israel (+1.9%), while the other global leaders experienced more modest paces of growth.

In 2024, approx. 58M tons of hot-rolled steel bars and rods were exported worldwide; waning by -5.9% against 2023 figures. Overall, exports saw a noticeable shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 18%. The global exports peaked at 95M tons in 2015; however, from 2016 to 2024, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports contracted to $44.2B in 2024. In general, exports continue to indicate a mild decrease. The growth pace was the most rapid in 2021 with an increase of 69% against the previous year. Over the period under review, the global exports attained the maximum at $61.5B in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

In 2024, China (12M tons), distantly followed by Malaysia (4.9M tons), Turkey (4.5M tons) and Russia (3.9M tons) were the main exporters of hot-rolled steel bars and rods, together creating 44% of total exports. Germany (2.2M tons), Italy (2.2M tons), Japan (2M tons), Spain (1.3M tons), Egypt (1.2M tons) and Portugal (1.2M tons) followed a long way behind the leaders.

Exports from China decreased at an average annual rate of -2.8% from 2013 to 2024. At the same time, Malaysia (+39.2%), Egypt (+9.6%) and Russia (+9.4%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in the world, with a CAGR of +39.2% from 2013-2024. By contrast, Portugal (-1.9%), Italy (-3.6%), Japan (-4.0%), Germany (-5.3%), Turkey (-6.4%) and Spain (-8.4%) illustrated a downward trend over the same period. While the share of Malaysia (+8.3 p.p.) and Russia (+4.7 p.p.) increased significantly in terms of the global exports from 2013-2024, the share of Germany (-1.7 p.p.), China (-2 p.p.), Spain (-2.4 p.p.) and Turkey (-5.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($7.4B) remains the largest hot-rolled steel bar and rod supplier worldwide, comprising 17% of global exports. The second position in the ranking was held by Turkey ($2.8B), with a 6.4% share of global exports. It was followed by Malaysia, with a 6% share.

From 2013 to 2024, the average annual growth rate of value in China totaled -2.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (-5.9% per year) and Malaysia (+35.6% per year).

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 was the largest exported product with an export of about 29M tons, which amounted to 48% of total exports. Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (19M tons) took the second position in the ranking, distantly followed by hot-rolled bars in bearing steels (6M tons) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (5.1M tons). All these products together held near 50% share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the leading exported products, was attained by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (with a CAGR of +1.4%), while the other products experienced a decline in the exports figures.

In value terms, 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 ($19.1B), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($12.6B) and hot-rolled bars in bearing steels ($5.8B) appeared to be the products with the highest levels of exports in 2024, with a combined 85% share of global exports. Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils, hot-rolled wire rod in coil of stainless steel, hot-rolled round bars of stainless steel and steel, stainless lagged somewhat behind, together comprising a further 15%.

In terms of the main exported products, steel, stainless, with a CAGR of +1.4%, recorded 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.

The average export price for hot-rolled steel bars and rods stood at $762 per ton in 2024, reducing by -4.4% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 43%. Over the period under review, the average export prices attained the maximum at $999 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was hot-rolled round bars of stainless steel ($4,848 per ton), while the average price for exports of 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 ($659 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by steel, stainless; bars and rods, hot-rolled, hot-drawn or extruded, other than of circular cross-section (+2.3%), while the other products experienced more modest paces of growth.

The average export price for hot-rolled steel bars and rods stood at $762 per ton in 2024, with a decrease of -4.4% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 43% against the previous year. The global export price peaked at $999 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Japan ($1,181 per ton), while Russia ($471 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+2.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global market for hot-rolled steel bar and rod. 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.

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

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 Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles