Australia's hot-rolled steel bar and rod market to reach 2M tons and $2.6B by 2035 - News and Statistics - IndexBox

Mar 03, 2025

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

The demand for hot-rolled steel bar and rod in Australia is on the rise, leading to a forecasted increase in market volume to 2M tons and market value to $2.6B by the end of 2035. Projections suggest a slight growth in market performance, with a CAGR of +1.0% in volume and +2.5% in value from 2024 to 2035.

Driven by rising demand for hot-rolled steel bar and rod in Australia, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.0% for the period from 2024 to 2035, which is projected to bring the market volume to 2M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $2.6B (in nominal wholesale prices) by the end of 2035.

Hot-rolled steel bar and rod consumption in Australia totaled 1.8M tons in 2024, surging by 14% against 2023. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Hot-rolled steel bar and rod consumption peaked at 1.9M tons in 2013; however, from 2014 to 2024, consumption remained at a lower figure.

The value of the market for hot-rolled steel bars and rods in Australia skyrocketed to $2B in 2024, jumping by 20% 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). In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level in 2024 and is expected to retain growth in the near future.

In 2024, hot-rolled steel bar and rod production in Australia contracted to 1M tons, remaining constant against the previous year's figure. Over the period under review, production showed a noticeable setback. The most prominent rate of growth was recorded in 2023 when the production volume increased by 2.2%. Hot-rolled steel bar and rod production peaked at 1.5M tons in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod production expanded sharply to $1.2B in 2024 estimated in export price. In general, production continues to indicate a mild slump. The most prominent rate of growth was recorded in 2022 with an increase of 25%. Over the period under review, production attained the maximum level at $1.4B in 2013; however, from 2014 to 2024, production failed to regain momentum.

In 2024, imports of hot-rolled steel bars and rods into Australia surged to 807K tons, with an increase of 38% compared with the previous year. In general, imports posted a buoyant increase. The growth pace was the most rapid in 2021 when imports increased by 160% against the previous year. Over the period under review, imports reached the peak figure in 2024 and are likely to see steady growth in years to come.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $586M in 2024. Over the period under review, imports showed buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 224%. Imports peaked in 2024 and are expected to retain growth in the near future.

In 2024, Germany (295K tons) constituted the largest hot-rolled steel bar and rod supplier to Australia, with a 37% share of total imports. Moreover, hot-rolled steel bar and rod imports from Germany exceeded the figures recorded by the second-largest supplier, Singapore (19K tons), more than tenfold. China (11K tons) ranked third in terms of total imports with a 1.3% share.

From 2013 to 2024, the average annual rate of growth in terms of volume from Germany totaled +63.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-10.1% per year) and China (-13.4% per year).

In value terms, Germany ($222M) constituted the largest supplier of hot-rolled steel bars and rods to Australia, comprising 38% of total imports. The second position in the ranking was held by Singapore ($13M), with a 2.3% share of total imports. It was followed by China, with a 1.7% share.

From 2013 to 2024, the average annual rate of growth in terms of value from Germany totaled +49.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-8.2% per year) and China (-11.7% 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 (388K tons), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (286K tons) and hot-rolled bars in bearing steels (109K tons) were the main products of hot-rolled steel bar and rod imports to Australia, together comprising 99% of total imports.

From 2013 to 2024, the biggest increases were recorded for iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (with a CAGR of +10.4%), while purchases for the other products experienced more modest paces of growth.

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 ($268M), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($201M) and hot-rolled bars in bearing steels ($90M) were the most imported types of hot-rolled steel bars and rods in Australia, with a combined 95% share of total imports.

Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, with a CAGR of +10.0%, saw 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.

In 2024, the average import price for hot-rolled steel bars and rods amounted to $726 per ton, which is down by -7.8% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 27%. The import price peaked at $1,030 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was hot-rolled wire rod in coil of stainless steel ($12,405 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 ($691 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 wire stainless steel rod (+14.8%), while the prices for the other products experienced more modest paces of growth.

In 2024, the average import price for hot-rolled steel bars and rods amounted to $726 per ton, shrinking by -7.8% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 27%. The import price peaked at $1,030 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 supplying countries. In 2024, amid the top importers, the country with the highest price was India ($2,048 per ton), while the price for Singapore ($699 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, approx. 26K tons of hot-rolled steel bars and rods were exported from Australia; reducing by -18.5% on the year before. In general, exports showed a drastic downturn. The growth pace was the most rapid in 2018 with an increase of 36%. The exports peaked at 82K 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 dropped significantly to $26M in 2024. Overall, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2022 with an increase of 62% against the previous year. As a result, the exports attained the peak of $73M. From 2023 to 2024, the growth of the exports failed to regain momentum.

New Zealand (23K tons) was the main destination for hot-rolled steel bar and rod exports from Australia, with a 90% share of total exports. It was followed by Indonesia (596 tons), with a 2.3% share of total exports.

From 2013 to 2024, the average annual rate of growth in terms of volume to New Zealand amounted to -5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-3.9% per year) and the United States (+0.8% per year).

In value terms, New Zealand ($24M) remains the key foreign market for hot-rolled steel bars and rods exports from Australia, comprising 92% of total exports. The second position in the ranking was held by the United States ($1M), with a 4.1% share of total exports.

From 2013 to 2024, the average annual growth rate of value to New Zealand stood at -5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.7% per year) and Indonesia (-4.7% per year).

Hot-rolled bars in bearing steels (24K tons) was the largest type of hot-rolled steel bars and rods exported from Australia, accounting for a 94% share of total exports. It was followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (556 tons), with a 2.1% share of total exports. The third position in this ranking was taken by 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 (528 tons), with a 2% share.

From 2013 to 2024, the average annual rate of growth in terms of the volume of hot-rolled bars in bearing steels exports stood at -5.8%. With regard to the other exported products, the following average annual rates of growth were recorded: iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (-21.2% per year) and 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 (-9.3% per year).

In value terms, hot-rolled bars in bearing steels ($23M) remains the largest type of hot-rolled steel bars and rods exported from Australia, comprising 88% of total exports. The second position in the ranking was held by 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 ($1.2M), with a 4.5% share of total exports. It was followed by hot-rolled round bars of stainless steel, with a 3.2% share.

From 2013 to 2024, the average annual rate of growth in terms of the value of hot-rolled bars in bearing steels exports totaled -6.2%. With regard to the other exported products, the following average annual rates of growth were recorded: 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 (-5.7% per year) and hot-rolled round bars of stainless steel (-1.8% per year).

The average export price for hot-rolled steel bars and rods stood at $990 per ton in 2024, waning by -14.2% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of 42% against the previous year. As a result, the export price attained the peak level of $1,283 per ton. From 2023 to 2024, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major types of exported product. In 2024, the product with the highest price was steel, alloy; bars and rods, hot-rolled, in irregularly wound coils ($10,637 per ton), while the average price for exports of hot-rolled bars in bearing steels ($919 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: steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (+22.1%), while the prices 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 $990 per ton, shrinking by -14.2% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of 42%. As a result, the export price reached the peak level of $1,283 per ton. From 2023 to 2024, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2024, amid the top suppliers, the country with the highest price was the United States ($2,552 per ton), while the average price for exports to New Zealand ($1,012 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 the United States (+1.9%), while the prices for the other major destinations experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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