China: Market for Iron and Steel Wire 2025

Market Size for Iron and Steel Wire in China

The Chinese iron and steel wire market reached $X in 2021, with an increase of 11% against the previous year. Overall, the total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +62.0% against 2015 indices. Iron and steel wire consumption peaked in 2021 and is expected to retain growth in the immediate term.

Production of Iron and Steel Wire in China

In value terms, iron and steel wire production rose remarkably to $X in 2021 estimated in export price. In general, the total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +66.7% against 2015 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 28%. Over the period under review, production reached the maximum level in 2021 and is likely to see steady growth in the near future.

Exports of Iron and Steel Wire

Exports from China

In 2021, after two years of decline, there was growth in overseas shipments of iron and steel wire, when their volume increased by 1.2% to X tons. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by 21%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron and steel wire exports surged to $X in 2021. Overall, total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +71.3% against 2016 indices. The growth pace was the most rapid in 2018 with an increase of 20% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

South Korea (X tons), Thailand (X tons) and Vietnam (X tons) were the main destinations of iron and steel wire exports from China, together accounting for 20% of total exports. Brazil, the Philippines, the United States, Japan, Malaysia, India, Saudi Arabia, Australia, Indonesia and Canada lagged somewhat behind, together comprising a further 38%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +9.5%), while the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), South Korea ($X) and Vietnam ($X) constituted the largest markets for iron and steel wire exported from China worldwide, together accounting for 22% of total exports.

The Philippines, with a CAGR of +19.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average iron and steel wire export price stood at $X per ton in 2021, with an increase of 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. The pace of growth was the most pronounced in 2018 when the average export price increased by 19%. The export price peaked in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into China

After four years of decline, supplies from abroad of iron and steel wire increased by 3.4% to X tons in 2021. Over the period under review, imports, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 95% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, iron and steel wire imports skyrocketed to $X in 2021. Overall, imports showed a relatively flat trend pattern. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of iron and steel wire imports to China, with a combined 71% share of total imports. These countries were followed by Germany, Malaysia, Austria, Vietnam and France, which together accounted for a further 17%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +78.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel wire suppliers to China were Japan ($X), South Korea ($X) and Germany ($X), with a combined 69% share of total imports. Taiwan (Chinese), France, Austria, Malaysia and Vietnam lagged somewhat behind, together comprising a further 15%.

Vietnam, with a CAGR of +67.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron and steel wire import price stood at $X per ton in 2021, surging by 14% against the previous year. In general, import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron and steel wire import price increased by +146.1% against 2016 indices. The growth pace was the most rapid in 2017 when the average import price increased by 95%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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