United Kingdom: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in the UK

In 2021, the UK market for hot-rolled non-alloy steel wire rods increased by 1.5% to $X, rising for the sixth year in a row after three years of decline. In general, consumption, however, recorded a relatively flat trend pattern. Hot-rolled non-alloy steel wire rod consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in the UK

In value terms, hot-rolled non-alloy steel wire rod production rose sharply to $X in 2021 estimated in export price. In general, production continues to indicate a significant decline. Hot-rolled non-alloy steel wire rod production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from the UK

Hot-rolled non-alloy steel wire rod exports from the UK declined sharply to X tons in 2021, with a decrease of -36.3% on 2020 figures. Over the period under review, exports showed a deep slump. The pace of growth was the most pronounced in 2018 with an increase of 8.9% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. In general, exports recorded a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 35% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X tons), Italy (X tons) and Taiwan (Chinese) (X tons) were the main destinations of hot-rolled non-alloy steel wire rod exports from the UK, with a combined 45% share of total exports. These countries were followed by Ireland, Sweden, Turkey, Belgium, Spain, the Czech Republic, the Netherlands, the United States, Poland and France, which together accounted for a further 47%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +10.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Italy ($X) and Taiwan (Chinese) ($X) constituted the largest markets for hot-rolled non-alloy steel wire rod exported from the UK worldwide, with a combined 44% share of total exports. These countries were followed by Sweden, Turkey, Belgium, Ireland, the Czech Republic, Spain, the United States, the Netherlands, Poland and France, which together accounted for a further 47%.

Among the main countries of destination, Poland, with a CAGR of +14.2%, saw the highest rates of growth with regard to 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 export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, picking up by 84% against the previous year. Over the period under review, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 the United States ($X per ton), while the average price for exports to Ireland ($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 Belgium (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into the UK

Hot-rolled non-alloy steel wire rod imports into the UK rose remarkably to X tons in 2021, surging by 8.6% compared with 2020 figures. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 25% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. Overall, total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X tons), Portugal (X tons) and Ukraine (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to the UK, with a combined 73% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +39.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Portugal ($X) and Ukraine ($X) constituted the largest hot-rolled non-alloy steel wire rod suppliers to the UK, together accounting for 72% of total imports.

Ukraine, with a CAGR of +45.1%, 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

In 2021, the average import price for hot-rolled non-alloy steel wire rods amounted to $X per ton, rising by 54% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. 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 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform