Bangladesh: Steel Stranded Wire Market 2025

Steel Stranded Wire Market Size in Bangladesh

The Bangladeshi steel stranded wire market dropped dramatically to $X in 2022, waning by -18.6% 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). Overall, consumption, however, showed a buoyant expansion. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Steel Stranded Wire Exports

Exports from Bangladesh

In 2022, shipments abroad of iron or steel stranded wire, ropes and cables was finally on the rise to reach X tons after two years of decline. Overall, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 561%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, steel stranded wire exports skyrocketed to $X in 2022. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 549%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for steel stranded wire exports from Bangladesh, with a 71% share of total exports. Moreover, steel stranded wire exports to Singapore exceeded the volume sent to the second major destination, Latvia (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to Singapore amounted to +167.8%.

In value terms, Singapore ($X) remains the key foreign market for iron or steel stranded wire, ropes and cables exports from Bangladesh, comprising 84% of total exports. The second position in the ranking was held by Latvia ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore totaled +197.1%.

Export Prices by Country

The average steel stranded wire export price stood at $X per ton in 2022, which is down by -7.3% against the previous year. In general, the export price, however, showed buoyant growth. The most prominent rate of growth was recorded in 2016 when the average export price increased by 157% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Latvia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Stranded Wire Imports

Imports into Bangladesh

In 2022, imports of iron or steel stranded wire, ropes and cables into Bangladesh contracted to X tons, which is down by -14% compared with the previous year's figure. Over the period under review, imports, however, saw a strong increase. The growth pace was the most rapid in 2016 when imports increased by 79% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then reduced in the following year.

In value terms, steel stranded wire imports shrank remarkably to $X in 2022. In general, imports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2021 when imports increased by 66% against the previous year. As a result, imports reached the peak of $X, and then fell significantly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steel stranded wire to Bangladesh, with a 76% share of total imports. Moreover, steel stranded wire imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), tenfold. India (X tons) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +16.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+23.1% per year) and India (-4.7% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel stranded wire, ropes and cables to Bangladesh, comprising 73% of total imports. The second position in the ranking was taken by India ($X), with an 8.1% share of total imports. It was followed by Portugal, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-4.9% per year) and Portugal (+269.4% per year).

Import Prices by Country

The average steel stranded wire import price stood at $X per ton in 2022, shrinking by -6.9% against the previous year. In general, the import price recorded a slight slump. The most prominent rate of growth was recorded in 2015 an increase of 16% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Portugal ($X per ton) and India ($X per ton), while the price for Thailand ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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