United Kingdom: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in the UK

The UK hot-rolled steel products market expanded significantly to $X in 2023, growing by X% against the previous year. Over the period under review, consumption, however, continues to indicate a perceptible downturn. Hot-rolled steel products consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Hot-Rolled Steel Products Production in the UK

In value terms, hot-rolled steel products production expanded markedly to $X in 2023 estimated in export price. Over the period under review, production, however, recorded a pronounced reduction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Hot-rolled steel products production peaked at $X in 2013; however, from 2014 to 2023, production remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports from the UK

In 2023, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were exported from the UK; dropping by X% compared with 2022 figures. In general, exports saw a deep slump. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, the exports reached the peak of X tons. From 2014 to 2023, the growth of the exports remained at a lower figure.

In value terms, hot-rolled steel products exports declined remarkably to $X in 2023. Over the period under review, exports showed a noticeable decline. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Spain (X tons), Turkey (X tons) and the Netherlands (X tons) were the main destinations of hot-rolled steel products exports from the UK, with a combined X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Turkey (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled steel products exported from the UK were Spain ($X), Ireland ($X) and the Netherlands ($X), together accounting for X% of total exports. France, Turkey, Sweden, Germany, Belgium, Poland, Portugal and the United States lagged somewhat behind, together accounting for a further X%.

Turkey, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among 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 2023, the average hot-rolled steel products export price amounted to $X per ton, dropping by X% against the previous year. In general, export price indicated a mild expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The export price peaked at $X per ton in 2022, and then shrank in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into the UK

In 2023, hot-rolled steel products imports into the UK soared to X tons, jumping by X% against the previous year. Over the period under review, imports, however, recorded a mild setback. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2023, imports remained at a lower figure.

In value terms, hot-rolled steel products imports declined to $X in 2023. Overall, imports, however, continue to indicate a mild decrease. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), Belgium (X tons) and Sweden (X tons) were the main suppliers of hot-rolled steel products imports to the UK, together accounting for X% of total imports. The Netherlands, India, South Korea, Finland, Taiwan (Chinese), Turkey, France, Vietnam, Spain and Denmark lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel products suppliers to the UK were Sweden ($X), Germany ($X) and Belgium ($X), together accounting for X% of total imports. The Netherlands, Finland, South Korea, India, France, Spain, Taiwan (Chinese), Turkey, Denmark and Vietnam lagged somewhat behind, together comprising a further X%.

Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to 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 2023, the average hot-rolled steel products import price amounted to $X per ton, shrinking by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2022, and then dropped markedly in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform