India: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in India

The Indian iron and steel wire market dropped modestly to $X in 2021, which is down by -4.7% against the previous year. The market value increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2020, and then dropped slightly in the following year.

Production of Iron and Steel Wire in India

In value terms, iron and steel wire production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 with an increase of 33% against the previous year. Over the period under review, production reached the peak level in 2021 and is expected to retain growth in the immediate term.

Exports of Iron and Steel Wire

Exports from India

In 2021, the amount of iron and steel wire exported from India surged to X tons, increasing by 56% against the previous year. Over the period under review, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +9.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +56.6% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, iron and steel wire exports soared to $X in 2021. In general, exports showed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), the Netherlands (X tons) and Nepal (X tons) were the main destinations of iron and steel wire exports from India, together comprising 31% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +33.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron and steel wire exported from India were the United States ($X), the Netherlands ($X) and Germany ($X), together comprising 35% of total exports.

Among the main countries of destination, the Netherlands, with a CAGR of +31.5%, 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

In 2021, the average iron and steel wire export price amounted to $X per ton, jumping by 20% against the previous year. Over the period under review, the export price, however, recorded a slight contraction. The pace of growth was the most pronounced in 2018 an increase of 27%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Nepal ($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 Italy (+0.6%), while the prices for the other major destinations experienced a decline.

Imports of Iron and Steel Wire

Imports into India

In 2021, overseas purchases of iron and steel wire were finally on the rise to reach X tons after two years of decline. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 20%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, iron and steel wire imports skyrocketed to $X in 2021. Overall, total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), South Korea (X tons) and Malaysia (X tons) were the main suppliers of iron and steel wire imports to India, with a combined 73% share of total imports. Vietnam, Japan, Thailand, France and Nepal lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +61.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of iron and steel wire to India, comprising 37% of total imports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+8.2% per year) and Japan (+3.2% per year).

Import Prices by Country

In 2021, the average iron and steel wire import price amounted to $X per ton, with an increase of 32% against the previous year. Over the last nine years, it increased at an average annual rate of +1.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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