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Steel Wire Rod Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
Report Format: PDF+Excel | Report ID: SR112024A22656
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Steel Wire Rod Prices December 2023
|
Product
|
Category | Region | Price |
|---|---|---|---|
| Steel Wire Rod | Metal and Metalloids | USA | 1458 USD/MT (A36-8 mm) |
| Steel Wire Rod | Metal and Metalloids | Taiwan | 1067 USD/MT (1008AK-8 mm) |
| Steel Wire Rod | Metal and Metalloids | Germany | 711 USD/MT (5.5mm) |
The steel wire rod prices in the USA for Q4 2023 reached 1458 USD/MT (A36-8 mm) in December. The market faced a price drop due to transportation issues caused by low river levels and potential strike fears. The USITC’s removal of certain duties provided some stability, but inflation concerns and reduced seasonal demand tempered market activity.
Throughout Q4 2023, Taiwan’s steel wire rod market witnessed price hikes, driven by rising raw material costs and strong demand from key sectors. Logistical disruptions and seasonal slowdowns influenced the market towards the end of the year, leading to a cautious outlook with prices for steel wire rods reaching 1067 USD/MT (1008AK-8 mm) in December.
The price trend for steel wire rods in Germany for Q4 2023, reached 711 USD/MT (5.5mm) in December. The market experienced stable pricing due to a mix of strong demand, limited supply, and production slowdowns. While early gains were seen, market caution grew due to high energy costs and global geopolitical tensions.
Steel Wire Rod Price Trend, Market Analysis, and News
IMARC’s newly published report, titled “Steel Wire Rod Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of steel wire rod pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.
It encompasses an in-depth review of spot price of steel wire rod at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of steel wire rod price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing steel wire rod price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.
Steel Wire Rod Market Analysis
The global steel wire rod market size reached US$ 109 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 156.3 Billion, at a projected CAGR of 4.10% during 2023-2032.
- The demand for steel wire rods is growing due to the growing material demand in various regions and sectors. Several primary industries consume steel wire rods, such as construction, automotive, infrastructure, and manufacturing. For instance, as per the American Iron and Steel Institute (AISI), the US imported a total of 2,467,000 net tons of steel, as reported by the Census Bureau in February 2024, with 1,741,000 net tons comprising of finished steel, marking decreases of 3.2% and 9.2% compared to January 2024.
- Steel wire rod is also used in the construction industry for reinforcing concrete structures such as buildings, bridges, highways, and dams. As per the International Trade Administration, the United Kingdom construction market was anticipated to be at $386 billion in 2023, with almost 2.8 million individuals employed. The UK government affirmed its commitment to spend $127.4 billion to support economic growth from 2022-2023 to 2024-2025. It is also expected to increase the demand for steel wire rod that provides strength, durability, and resilience to concrete, enhancing structural integrity and load-bearing capacity.
- In the automotive industry, the increasing use of steel wire rods for manufacturing various components, including springs, suspension systems, tire reinforcements, seat frames, and safety belts. Its high tensile strength, flexibility, and resilience make it ideal for applications requiring reliable performance and safety. Compliance with environmental standards and emissions regulations may necessitate investments in cleaner production technologies and sustainable practices, affecting production costs and market competitiveness. For instance, in December 2023, Tata Steel Nederland signed a long-term contract to deliver low-carbon emission steel with the automotive supplier Snop, the Dutch steelmaker. The steel will be employed for high-strength structural car components and outer panels for light commercial vehicles and high-end sports cars for numerous major car manufacturers. The automotive sector is looking to minimize the carbon footprint of its entire value chain and Snop aims to reach net zero by 2050 while Tata Steel is aiming to minimize carbon dioxide (CO2) emissions by 40% by 2030.
Steel Wire Rod News
The report covers the latest developments, updates, and trends impacting the global steel wire rod market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the steel wire rod price trend.
Latest developments in the steel wire rod industry:
- March 2023: Bhilai Steel Plant (BSP) located in Chhattisgarh, a subsidiary of the state-owned Steel Authority of India Limited (SAIL), has been authorized to manufacture a comprehensive range of IS 7904 Grade steel wire rods. IS 7904 constitutes the Bureau of Indian Standards (BIS) requirement for High Carbon Steel Wire Rods, and BSP is allowed to manufacture high-carbon wire rods using its Wire Rod Mill (WRM) with the grant of this license.
- April 2024, U. S. Steel stockholders sanction transaction with Nippon Steel Corporation (NSC), which will move together as the best steelmaker with world-leading capabilities.
Product Description
A steel wire rod is an intermediate steel product supplied in the form of coils. It is a long and cylindrical metal produced from hot-rolled steel. Hot-rolled wire rod is manufactured through a multi-stage process that begins with melting scrap into steel in an electric arc furnace or a basic oxygen furnace. The molten steel is then cast continuously into billets or blooms, which are hot-rolled into wire rod coils. Coils are then cooled and either directly shipped or processed through drawing, annealing, or coating if required. Wire rod is an integral product in the construction, automotive, infrastructure, and manufacturing sectors. It is deployed as a raw material to produce various wire items, including nails, screws, springs, cables, fencing materials, and concrete reinforcing. It is valued for its multi-purpose utility, high strength, and ductility, making it ideal for applications with high tensile strength and pliability.
Regional Coverage
The report provides a detailed analysis of the steel wire rod market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the steel wire rod price trend.
Global Steel Wire Rod Price
The report offers a holistic view of the global steel wire rod pricing trends in the form of steel wire rod price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into steel wire rod historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.
The report also delves into steel wire rod price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed steel wire rod demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.
Europe Steel Wire Rod Price
Europe saw a prominent price increase in the last quarter of 2023, driven by stable consumption and limited supply. German mills and distributors-maintained prices in October, with rebar costs seeing a brief surge because of restocking efforts. However, demand slowed down, stabilizing the market. November continued with stable pricing despite reduced consumer activity due to cautious buying and public holidays. Smaller fabricators faced difficulties, while larger manufacturers benefited from the market conditions. December's market remained stable, with expectations for increased orders in the upcoming months. Adverse weather and rising energy prices contributed to a cautious market outlook, while international uncertainties added further hesitation among buyers.
This analysis can be extended to include detailed steel wire rod price information for a comprehensive list of countries.
| Region | Countries Covered |
|---|---|
| Europe | Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America Steel Wire Rod Price
The North American market faced a downward trend, influenced by low prices in October despite a surge caused by shipping challenges from increasing water scarcity in major rivers. Concerns over a possible United Auto Workers strike led to cautious buying behavior, particularly for Hot Rolled Coil. The decision by USITC to annul countervailing taxes brought some stability, but inflation worries, and seasonal demand dips continued. By December, the market remained stable because of the anticipated hike in orders and diminished supply in the coming months. Key manufacturers' announcements of price surges and reduced spot supply drove optimism for future pricing.
Specific steel wire rod historical data within the United States and Canada can also be provided.
| Region | Countries Covered |
|---|---|
| North America | United States and Canada |
Middle East and Africa Steel Wire Rod Price
The report explores the steel wire rod pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.
In addition to region-wise data, information on steel wire rod prices for countries can also be provided.
| Region | Countries Covered |
|---|---|
| Middle East & Africa | Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Asia Pacific Steel Wire Rod Price
The Asia-Pacific region displayed stability throughout the last quarter of 2023. Taiwanese steel mills, responding to rising raw material costs, adjusted prices upward in October. Notwithstanding sluggish requirements from Western markets, confidence remained high as considerable orders were issued. November saw a price spike in Taiwan’s spot market because of limited supply and increased requirements from the construction and automotive industries. Disturbances in key trade routes further affected market sentiment. The market slowed down in December due to decreased activity during the winters, coupled with poor weather impacting construction demand. The overall trend remained steady despite these challenges.
This steel wire rod price analysis can be expanded to include a comprehensive list of countries within the region.
| Region | Countries Covered |
|---|---|
| Asia Pacific | China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America Steel Wire Rod Price
The analysis of steel wire rod prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
This comprehensive review can be extended to include specific countries within the region.
| Region | Countries Covered |
|---|---|
| Latin America | Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Report Coverage
| Key Attributes | Details |
|---|---|
| Product Name | Steel Wire Rod |
| Report Features | Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Steel Wire Rod Price Analysis, and Segment-Wise Assessment. |
| Currency/Units | US$ (Data can also be provided in local currency) or Metric Tons |
| Region/Countries Covered | The current coverage includes analysis at the global and regional levels only. Based on your requirements, we can also customize the report and provide specific information for the following countries: Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand* Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru* Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco* *The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
| Information Covered for Key Suppliers |
|
| Customization Scope | The report can be customized as per the requirements of the customer |
| Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
Plan B: Quarterly Updates - Annual Subscription
Plan C: Biannually Updates - Annual Subscription
|
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
| Delivery Format | PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of steel wire rod pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
- The study examines factors affecting steel wire rod price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
- The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
- IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The steel wire rod price charts ensure our clients remain at the forefront of the industry.
Need more help?
- Speak to our experienced analysts for insights on the current market scenarios.
- Include additional segments and countries to customize the report as per your requirement.
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- For further assistance, please connect with our analysts.
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