Indonesia’s flat-rolled steel market shrinks as exports defy declining prices in 2024
Indonesia’s flat-rolled steel market faced a downturn in 2024. Both production and imports shrank, while export volumes rose despite lower prices. The country’s trade patterns also shifted, with key suppliers and buyers changing their shares in the stock market. The Indonesian market for flat-rolled steel products contracted in 2024. Production fell to $X, and imports dropped by X% to X tons. The total market value also declined by X%, settling at $X for the year. Prices varied widely depending on the source. Imports from Germany were the most expensive at $X per ton, while Malaysia offered the lowest rates at $X per ton. On average, import prices reached $X per ton, down by X% from the previous year. Exports, however, told a different story. Shipments grew by X% to X tons in 2024, with Singapore becoming the top destination, taking a X% share of total exports. The average export price stood at $X per ton, a decrease of X% compared to 2023. Major Indonesian producers like PT Krakatau Posco, Tsingshan Group, and PT Jindal Stainless Indonesia led the export push. Their main buyers since 2012 have included Vietnam, South Korea, and India. Despite the export growth, domestic consumption remained relatively stable throughout the year. The Indonesian flat-rolled steel sector saw mixed results in 2024. Production and imports fell, but exports increased, with Singapore emerging as the leading market. Price declines affected both imports and exports, reflecting broader shifts in the regional steel stock market.
