China's Flat-Rolled Iron or Steel Market to Witness Steady Growth with +2.1% CAGR from 2024 to 2035 - News and Statistics - IndexBox

Mar 02, 2025

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IndexBox has just published a new report: China - Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Cold-Rolled) - Market Analysis, Forecast, Size, Trends and Insights.

Driven by increasing demand, the market for flat-rolled iron or steel products in China is expected to experience accelerated growth, with a forecasted CAGR of +2.1% in volume and +2.5% in value from 2024 to 2035. This growth is anticipated to bring the market volume to 34M tons and the market value to $53.2B by the end of 2035.

Driven by increasing demand for flat-rolled products of iron or steel (not further worked than cold-rolled) in China, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.1% for the period from 2024 to 2035, which is projected to bring the market volume to 34M 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 $53.2B (in nominal wholesale prices) by the end of 2035.

Cold-rolled steel products consumption in China dropped to 27M tons in 2024, reducing by -7.2% on 2023. The total consumption volume increased at an average annual rate of +1.1% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Cold-rolled steel products consumption peaked at 32M tons in 2019; however, from 2020 to 2024, consumption stood at a somewhat lower figure.

The size of the cold-rolled steel products market in China dropped modestly to $40.5B in 2024, with a decrease of -2.7% 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, the total consumption indicated a noticeable increase from 2013 to 2024: its value 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 -14.6% against 2022 indices. As a result, consumption reached the peak level of $47.4B. From 2023 to 2024, the growth of the market failed to regain momentum.

In 2024, approx. 34M tons of flat-rolled products of iron or steel (not further worked than cold-rolled) were produced in China; approximately reflecting the previous year's figure. The total output volume increased at an average annual rate of +3.0% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 23%. Cold-rolled steel products production peaked at 34M tons in 2021; however, from 2022 to 2024, production stood at a somewhat lower figure.

In value terms, cold-rolled steel products production rose notably to $52.6B in 2024 estimated in export price. In general, production, however, saw a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 43% against the previous year. Cold-rolled steel products production peaked at $55.1B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

In 2024, approx. 1.7M tons of flat-rolled products of iron or steel (not further worked than cold-rolled) were imported into China; falling by -14.9% against the year before. Over the period under review, imports saw a deep setback. The pace of growth appeared the most rapid in 2020 with an increase of 32%. Imports peaked at 4M tons in 2013; however, from 2014 to 2024, imports stood at a somewhat lower figure.

In value terms, cold-rolled steel products imports fell markedly to $2.6B in 2024. Overall, imports continue to indicate a pronounced downturn. The pace of growth appeared the most rapid in 2021 with an increase of 32%. Imports peaked at $5B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

Indonesia (810K tons), South Korea (479K tons) and Japan (185K tons) were the main suppliers of cold-rolled steel products imports to China, together accounting for 86% of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +145.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($1.4B) constituted the largest supplier of flat-rolled products of iron or steel (not further worked than cold-rolled) to China, comprising 54% of total imports. The second position in the ranking was taken by South Korea ($373M), with a 14% share of total imports. It was followed by Japan, with a 13% share.

From 2013 to 2024, the average annual rate of growth in terms of value from Indonesia totaled +147.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-11.0% per year) and Japan (-11.5% per year).

Stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (476K tons), iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (301K tons) and alloy steel, flat-rolled, width 600mm or more, cold-rolled (259K tons) were the main products of cold-rolled steel products imports to China, together comprising 60% 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 stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (with a CAGR of +17.6%), while imports for the other products experienced more modest paces of growth.

In value terms, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($857M) constituted the largest type of flat-rolled products of iron or steel (not further worked than cold-rolled) supplied to China, comprising 33% of total imports. The second position in the ranking was held by stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($413M), with a 16% share of total imports. It was followed by alloy steel, flat-rolled, width 600mm or more, cold-rolled, with a 10% share.

From 2013 to 2024, the average annual growth rate of the value of stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm imports totaled +14.1%. With regard to the other supplied products, the following average annual rates of growth were recorded: stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (+2.1% per year) and alloy steel, flat-rolled, width 600mm or more, cold-rolled (+0.9% per year).

The average cold-rolled steel products import price stood at $1,523 per ton in 2024, falling by -8.2% against the previous year. Overall, the import price, however, enjoyed a temperate increase. The most prominent rate of growth was recorded in 2021 an increase of 52% against the previous year. Over the period under review, average import prices attained the peak figure at $1,728 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 stainless steel, flat-rolled, width less than 600mm, cold-rolled ($7,700 per ton), while the price for iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($439 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm (+26.7%), while the prices for the other products experienced more modest paces of growth.

In 2024, the average cold-rolled steel products import price amounted to $1,523 per ton, dropping by -8.2% against the previous year. In general, the import price, however, enjoyed noticeable growth. The most prominent rate of growth was recorded in 2021 an increase of 52%. The import price peaked at $1,728 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 supplying countries. In 2024, amid the top importers, the country with the highest price was Sweden ($3,109 per ton), while the price for South Korea ($780 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Germany (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Cold-rolled steel products exports from China soared to 8.1M tons in 2024, rising by 25% on the previous year's figure. Over the period under review, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2021 when exports increased by 95%. The exports peaked in 2024 and are expected to retain growth in the immediate term.

In value terms, cold-rolled steel products exports shrank to $7B in 2024. In general, exports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 188% against the previous year. Over the period under review, the exports hit record highs at $11.9B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

South Korea (612K tons), the United Arab Emirates (516K tons) and Taiwan (Chinese) (501K tons) were the main destinations of cold-rolled steel products exports from China, together comprising 20% of total exports.

From 2013 to 2024, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +37.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($560M), Turkey ($527M) and the United Arab Emirates ($422M) constituted the largest markets for cold-rolled steel products exported from China worldwide, together comprising 21% of total exports.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +33.1%, saw the highest rates of growth with regard to 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, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (2.2M tons), iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm (1.6M tons) and stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (977K tons) were the main products of cold-rolled steel products exports from China, together comprising 59% of total exports. Stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, alloy steel, flat-rolled, width 600mm or more, cold-rolled, stainless steel, flat-rolled, width less than 600mm, cold-rolled, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more but less than 4.75mm, iron or non-alloy steel, flat-rolled, cold-rolled, of a width less than 600mm, containing by weight less than 0.25% of carbon, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, iron or non-alloy steel, flat-rolled, hot-rolled, width less than 600mm, other than of item no. 7211.21 and 7211.22, stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more, alloy steel, flat-rolled, width less than 600mm, n.e.s. in heading no. 7226, cold-rolled, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more and iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm lagged somewhat behind, together accounting for a further 41%.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the major product types, was attained by alloy steel, flat-rolled, width less than 600mm, n.e.s. in heading no. 7226, cold-rolled (with a CAGR of +31.8%), while the other products experienced more modest paces of growth.

In value terms, flat-rolled products of iron or steel (not further worked than cold-rolled) with the largest exports in China were iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($1.4B), stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm ($1.2B) and stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($1.1B), with a combined 54% share of total exports. Iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, stainless steel, flat-rolled, width less than 600mm, cold-rolled, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm, alloy steel, flat-rolled, width 600mm or more, cold-rolled, stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more but less than 4.75mm, stainless steel, flat-rolled, width 600mm or more, cold-rolled or cold-reduced, of a thickness of 4.75mm or more, iron or non-alloy steel, flat-rolled, cold-rolled, of a width less than 600mm, containing by weight less than 0.25% of carbon, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm, iron or non-alloy steel, flat-rolled, hot-rolled, width less than 600mm, other than of item no. 7211.21 and 7211.22, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm, alloy steel, flat-rolled, width less than 600mm, n.e.s. in heading no. 7226, cold-rolled, iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more, iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more and iron or non-alloy steel, not in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of less than 0.5mm lagged somewhat behind, together comprising a further 46%.

Alloy steel, flat-rolled, width 600mm or more, cold-rolled, with a CAGR of +29.9%, saw the highest growth rate of the value of exports, in terms of the main product categories over the period under review, while shipments for the other products experienced more modest paces of growth.

In 2024, the average cold-rolled steel products export price amounted to $868 per ton, reducing by -24.9% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 48%. The export price peaked at $2,038 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 for the major types of exported product. In 2024, the product with the highest price was stainless steel, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 3mm or more but less than 4.75mm ($1,885 per ton), while the average price for exports of iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness exceeding 1mm but less than 3mm ($611 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: iron or non-alloy steel, in coils, flat-rolled, width 600mm or more, cold-rolled, of a thickness of 0.5mm or more but not exceeding 1mm (-0.1%), while the prices for the other products experienced a decline.

The average cold-rolled steel products export price stood at $868 per ton in 2024, waning by -24.9% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 48%. Over the period under review, the average export prices hit record highs at $2,038 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($1,566 per ton), while the average price for exports to Taiwan (Chinese) ($659 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 Philippines (+1.7%), 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 cold-rolled steel products market 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.

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The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

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