United Kingdom: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in the UK

In 2022, the UK steel plaited band market increased by 15% to $X, rising for the fourth year in a row after five years of decline. In general, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +58.7% against 2018 indices. Steel plaited band consumption peaked in 2022 and is likely to continue growth in the near future.

Steel Plaited Band Production in the UK

In value terms, steel plaited band production shrank modestly to $X in 2022 estimated in export price. In general, production, however, showed a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 60%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Steel Plaited Band Exports

Exports from the UK

In 2022, after two years of decline, there was growth in overseas shipments of iron or steel plaited bands and slings, when their volume increased by 3.2% to X tons. Over the period under review, exports, however, continue to indicate a slight reduction. The pace of growth appeared the most rapid in 2018 when exports increased by 101% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, steel plaited band exports reduced to $X in 2022. In general, exports, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 94% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for steel plaited band exports from the UK, with a 41% share of total exports. Moreover, steel plaited band exports to India exceeded the volume sent to the second major destination, Norway (X tons), threefold. The third position in this ranking was held by Ireland (X tons), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India totaled +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (+2.3% per year) and Ireland (+22.1% per year).

In value terms, the largest markets for steel plaited band exported from the UK were India ($X), the United States ($X) and Norway ($X), together accounting for 35% of total exports. The Netherlands, Ireland, China, France, Bangladesh and Azerbaijan lagged somewhat behind, together accounting for a further 23%.

Bangladesh, with a CAGR of +50.8%, saw the highest growth rate of 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

In 2022, the average steel plaited band export price amounted to $X per ton, reducing by -11.5% against the previous year. Over the period under review, the export price showed a slight curtailment. The most prominent rate of growth was recorded in 2021 an increase of 63%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to India ($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 China (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Plaited Band Imports

Imports into the UK

In 2022, overseas purchases of iron or steel plaited bands and slings increased by 35% to X tons, rising for the second year in a row after two years of decline. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its volume 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, imports increased by +48.7% against 2020 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 50%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, steel plaited band imports surged to $X in 2022. Overall, total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +74.2% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 55%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Indonesia (X tons), India (X tons) and Thailand (X tons) were the main suppliers of steel plaited band imports to the UK, with a combined 60% 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 Indonesia (with a CAGR of +146.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), India ($X) and China ($X) were the largest steel plaited band suppliers to the UK, with a combined 54% share of total imports.

In terms of the main suppliers, Indonesia, with a CAGR of +128.1%, saw the highest rates of growth with regard to 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

The average steel plaited band import price stood at $X per ton in 2022, rising by 11% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 53%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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