Steel Wire Market - U.S. Steel Wire Imports Ceased Growing After a Rebound, Slightly Short Of Pre-Recession Level

Basic Iron And Steel July 05, 2016
Author: Irina Andreeva
Market Analyst

steel wire market

Photo: © unkas_photo / Bigstockphoto

The U.S. dominates in global imports on the steel wire market, accounting for a 15% share (based on USD). It was followed by Germany (9%), France (4%), and Japan (4%). In 2015, U.S. steel wire imports totaled 2,503 million USD, which was 1% more than the year before. Imports experienced a drastic fall in 2009, when they dropped by nearly 41%. This was followed by rapid growth over the three years that followed, which lost its momentum in 2013, with imports growing at a weak pace through to 2015.

In 2015, U.S. steel wire imports almost reached the pre-recession imports level of 2008, only 2% short from a full recovery.

Despite the weak pace of post-crisis recovery, the U.S. continues to be one of the biggest markets for global exporters.

China, Canada, and, distantly, Mexico were the main suppliers of steel wire into the U.S., with a combined share of 69% of total U.S. imports in 2015. Mexico was the fastest growing supplier (+3.3% per year) from 2007 to 2015, while imports from China declined by -3.2% per year from over the same period, and imports from Canada remained relatively stable. Mexico slightly improved its position in the U.S. import structure, growing its share from 12% in 2007 to 15% in 2015. By contrast, China saw its share reduced by -11 percentage points, down to 34%.

From 2007 to 2015, the U.S. was a net importer of steel wire. However, exports grew a bit faster than imports on average over the period under review.

In 2015, U.S. steel wire industry ran a trade deficit of 1,875 million USD, a figure that remained relatively stable in recent years.

U.S. Steel Wire Imports

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Source: U.S. Steel Wire Market. Analysis And Forecast to 2020