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Trade specialisation patterns in major steelmaking economies: the role of advanced economies and the implications for rapid growth in emerging market and developing economies in the global steel market

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  • Naoki Sekiguchi

    (Tohoku University)

Abstract

This study examines the steel-related export structure of the 15 largest steelmaking economies in 2015. The study provides a broad view of linkages between steel-related export structure, steelmaking technologies, and the level of economic development of each economy. To shed light on exporters’ patterns of specialisation, indices of revealed symmetric comparative advantage are used, indicating that patterns of steel exports differ widely across economies. In addition, this study focuses on the difference between steel exports in volume and value terms amid growing debate over the issue of value creation caused by excess capacity in the steel industry. This study concludes that the choice of steelmaking technologies and the level of economic development are significant determinants of trade specialisation patterns in major steelmaking economies. Although emerging market and developing economies have played a significant role in volume terms in the global steel market, advanced economies still have a crucial role as key suppliers, especially for high value-added products.

Suggested Citation

  • Naoki Sekiguchi, 2017. "Trade specialisation patterns in major steelmaking economies: the role of advanced economies and the implications for rapid growth in emerging market and developing economies in the global steel marke," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 30(3), pages 207-227, October.
    • Handle: RePEc:spr:minecn:v:30:y:2017:i:3:d:10.1007_s13563-017-0110-2
    DOI: 10.1007/s13563-017-0110-2
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    Cited by:

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    More about this item

    Keywords

    Steelmaking technologies; Steel trade; Revealed comparative advantage; Trade specialisation;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • L6 - Industrial Organization - - Industry Studies: Manufacturing
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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