Global Hot-Rolled Steel Bars and Rods Market to Reach $1,158.5B by 2035 with a CAGR of +3.6% - News and Statistics - IndexBox

Mar 05, 2025

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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 demand for hot-rolled steel bars and rods is on the rise, with a projected CAGR of +2.3% in volume and +3.6% in value from 2024 to 2035. By the end of 2035, the market volume is expected to reach 1,231M tons, with a market value of $1,158.5B in nominal prices.

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.

Global hot-rolled steel bar and rod consumption expanded to 962M tons in 2024, increasing by 1.9% on the previous year's figure. In general, the total consumption indicated a noticeable 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. Over the period under review, global consumption hit record highs 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 amounted to $785.1B in 2024, stabilizing at 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). Overall, consumption enjoyed a resilient increase. Over the period under review, the global market attained the peak level at $800.8B in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.

China (699M tons) remains the largest hot-rolled steel bar and rod consuming country worldwide, comprising approx. 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. The third position in this ranking was held by India (22M tons), with a 2.3% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China amounted to +4.6%. In the other countries, the average annual rates were as follows: 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 taken 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 amounted to +6.2%. The remaining consuming countries recorded the following average annual rates of market growth: 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 leading 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.

In 2024, approx. 967M tons of hot-rolled steel bars and rods were produced worldwide; growing by 2.1% on 2023. In general, the total production indicated measured 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 most prominent rate of growth was recorded in 2020 with an increase of 7.8% against the previous year. Global production peaked at 987M tons in 2022; however, from 2023 to 2024, production failed to regain momentum.

In value terms, hot-rolled steel bar and rod production totaled $811.3B in 2024 estimated in export price. Overall, production enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 33%. Global production peaked at $820.4B in 2022; however, from 2023 to 2024, production failed to regain momentum.

The country with the largest volume of hot-rolled steel bar and rod production was China (711M tons), accounting for 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 supplies from abroad of hot-rolled steel bars and rods, which decreased by -9.7% to 54M tons in 2024. In general, imports showed a pronounced contraction. The most prominent rate of growth was recorded in 2021 with an increase of 20% against the previous year. Over the period under review, global imports reached the peak figure 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 declined to $44.8B in 2024. Over the period under review, imports saw a slight decrease. The most prominent rate of growth was recorded in 2021 with an increase of 67% against the previous year. Over the period under review, global imports hit record highs at $63.8B in 2022; however, from 2023 to 2024, imports remained at a lower figure.

The purchases of the nine major importers of hot-rolled steel bars and rods, namely the United States, Thailand, South Korea, Hong Kong SAR, Germany, Singapore, Israel, Canada and Romania, represented more than fourth of total import. The Netherlands (1.1M tons) took a little share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Romania (with a CAGR of +5.5%), while imports 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 comprising a further 16%.

In terms of the main importing countries, Romania, with a CAGR of +5.2%, 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.

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) represented roughly 80% of total imports in 2024. Hot-rolled bars in bearing steels (5.5M tons) held the next position in the ranking, followed by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (4.5M tons). All these products together took near 18% share 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 -0.7%), while purchases 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) constituted 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 comprising a further 17%.

In terms of the main imported products, hot-rolled round bars of stainless steel, with a CAGR of +0.6%, recorded the highest rates of growth with regard to the value of imports, 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, therefore, remained relatively stable against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 40%. Global import price peaked at $1,010 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 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, remaining stable against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 40% against the previous year. Over the period under review, average import prices hit record highs at $1,010 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2024, 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, global exports of hot-rolled steel bars and rods fell to 58M tons, which is down by -5.9% against the year before. Over the period under review, exports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 18% against the previous year. The global exports peaked at 95M 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 declined to $44.2B in 2024. In general, exports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2021 with an increase of 69% against the previous year. The global exports peaked at $61.5B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

In 2024, China (12M tons), distantly followed by Malaysia (4.9M tons), Turkey (4.5M tons) and Russia (3.9M tons) represented the largest exporters of hot-rolled steel bars and rods, together generating 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. From 2013 to 2024, the share of Malaysia and Russia increased by +8.3 and +4.7 percentage points, respectively. 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%. In the other countries, the average annual rates were as follows: 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 represented the major exported product with an export of around 29M tons, which resulted at 48% of total exports. It was distantly followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (19M tons), hot-rolled bars in bearing steels (6M tons) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (5.1M tons), together constituting a 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, the largest types of exported hot-rolled steel bars and rods were 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), 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%.

Among 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 most prominent rate of growth was recorded in 2021 when the average export price increased by 43% against the previous year. Over the period under review, the average export prices reached the peak figure 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.

In 2024, the average export price for hot-rolled steel bars and rods amounted to $762 per ton, declining by -4.4% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 43% against the previous year. The global export price peaked at $999 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: 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.

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The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

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The Largest Producers on The Market and Their Profiles

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