Asia’s forged stainless steel bar market is showing signs of a slow recovery after years of decline. As per a report by IndexBox, the market stood at US $8.1 billion in 2024, with total consumption at 2.4 million tonnes. Analysts expect a mild rebound, projecting volumes to reach 2.5 million tonnes by 2035, growing at a CAGR of 0.3 per cent. In value terms, the market is forecast to rise to US $8.9 billion, marking a CAGR of 0.8 per cent.

China continues to dominate the regional landscape, accounting for 48 per cent of total consumption and 47 per cent of production. India follows as the second-largest player, showing steady growth in both output and exports. The overall market had been on a downward path for six years, but experts believe it is now turning a corner.

Consumption in Asia dropped slightly by 0.2 per cent in 2024, continuing its downward streak. The total volume stood at 2.4 million tonnes, down from the peak of 2.6 million tonnes recorded in 2018. China consumed around 1.1 million tonnes, nearly twice as much as India’s 478,000 tonnes. Turkey came third with 103,000 tonnes.

In value terms, China led with US $3.5 billion, followed by India with US $1.3 billion and Japan in third place. Although China’s consumption dipped slightly over the past decade, it remains the largest and most stable market in the region.

Asia’s production matched consumption at 2.4 million tonnes in 2024, falling by 0.2 per cent from the previous year. Production peaked at 2.6 million tonnes in 2019 but has since struggled to regain momentum.

China produced around 1.2 million tonnes, representing 47 per cent of Asia’s total output. India followed with 540,000 tonnes, while Turkey produced 102,000 tonnes. In value terms, regional production was valued at US $8 billion.

Imports in Asia increased by 4.3 per cent to 74,000 tonnes in 2024 after three years of decline. South Korea, China, Singapore, Thailand, and Indonesia accounted for 57 per cent of total imports. Israel saw the fastest import growth, with a CAGR of 14.9 per cent since 2013.

The average import price surged to US $4,568 per tonne, marking a 4.3 per cent rise from 2023 and a 44 per cent jump since 2020. India paid the highest import price at US $7,497 per tonne, while Indonesia had the lowest at US $1,840 per tonne.

India has emerged as Asia’s leading exporter of forged stainless steel bars, holding a 67 per cent share of total export volume. The country shipped around 65,000 tonnes in 2024, well ahead of China’s 14,000 tonnes and Taiwan’s 7,100 tonnes.

India’s exports have grown consistently at 18 per cent annually since 2013. In value terms, exports reached US $172 million, representing 60 per cent of Asia’s total. China followed with US $40 million, while Taiwan held a 10 per cent share.

However, the average export price dropped by 14.4 per cent to US $2,974 per tonne in 2024. Export prices have dropped 23% since the 2022 peak of US $3,881/t. Singapore recorded the highest price at US $6,274/t, while the UAE had the lowest at US $1,177/t.

Analysts expect the Asian forged stainless steel bar market to stabilise over the next decade. Rising infrastructure projects, particularly in India and China, are likely to drive moderate growth. While the pace may remain slow, the overall direction points to gradual recovery and stronger trade activity across the region.