United Kingdom: Cold-Rolled Steel Products Market 2024

Cold-Rolled Steel Products Market Size in the UK

The UK cold-rolled steel products market was finally on the rise to reach $X in 2022, after three years of decline. In general, consumption continues to indicate a sharp reduction. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Cold-Rolled Steel Products Production in the UK

In value terms, cold-rolled steel products production amounted to less than $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern.

Cold-Rolled Steel Products Exports

Exports from the UK

In 2022, cold-rolled steel products exports from the UK shrank to X tons, waning by -1.6% on the year before. Overall, exports, however, enjoyed a pronounced increase. The pace of growth was the most pronounced in 2021 when exports increased by 290% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, cold-rolled steel products exports rose notably to $X in 2022. In general, exports, however, recorded a notable increase. The pace of growth appeared the most rapid in 2021 when exports increased by 300% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), Spain (X tons) and France (X tons) were the main destinations of cold-rolled steel products exports from the UK, with a combined 53% share of total exports. Germany, Turkey, Italy, Belgium, the Czech Republic, Sweden, Austria, Ireland, Poland and the United States lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +43.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cold-rolled steel products exported from the UK were the Netherlands ($X), Spain ($X) and France ($X), with a combined 50% share of total exports. Germany, Ireland, Sweden, Italy, Turkey, Austria, the Czech Republic, Poland, Belgium and the United States lagged somewhat behind, together comprising a further 35%.

Among the main countries of destination, Austria, with a CAGR of +40.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cold-rolled steel products export price stood at $X per ton in 2022, with an increase of 11% against the previous year. In general, the export price, however, continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2017 an increase of 38% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Cold-Rolled Steel Products Imports

Imports into the UK

In 2022, approx. X tons of flat-rolled products of iron or steel (not further worked than cold-rolled) were imported into the UK; which is down by -18.6% compared with the year before. In general, imports continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 22% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, cold-rolled steel products imports surged to $X in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 51% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Finland (X tons), South Korea (X tons) and Belgium (X tons) were the main suppliers of cold-rolled steel products imports to the UK, with a combined 35% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +64.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cold-rolled steel products suppliers to the UK were Finland ($X), Germany ($X) and Spain ($X), with a combined 39% share of total imports. China, Belgium, South Korea, Sweden, India, Japan, France, Italy and Brazil lagged somewhat behind, together accounting for a further 42%.

Among the main suppliers, South Korea, with a CAGR of +43.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average cold-rolled steel products import price amounted to $X per ton, picking up by 42% against the previous year. Over the period under review, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cold-rolled steel products import price increased by +86.8% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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