U.S. Steel Wire Market Reached 6,4B USD in 2015
Basic Iron And Steel May 02, 2017
Photo: © AndreyPopov / Bigstockphoto
According to market research conducted by IndexBox, from 2008 to 2015, the U.S. steel wire market showed a declining trend. For two years, following an outstanding drop by 37% in 2009, the market recovered at rapid paces. However, it still did not reach its pre-crisis level. In 2012, the market fell once again, stagnating until 2015. Finally, the market decreased to 6,458 million USD in 2015, which was 581 million USD (or 8%) less than the year before.
Despite the recovery of downstream industries, U.S. growth in steel wire consumption is expected to continue decreasing by -1.1% (currently -5.2%) in the medium term, as consumption of steel wire declines in favor of more suitable substitutes.
U.S. steel wire manufacturing markedly decreased after three years of being stable, amounting to about 4,832 million USD in 2015. An abrupt fall in 2009 was followed by steady growth over the next two years. However, the value of shipments failed to recover to its pre-recession level. Another sharp drop occurred in 2012, followed by stabilization through to 2015, when the value of shipments declined again. As the market outlook is likely to be weak, the U.S. steel wire manufacturing is can hardly be expected to recover to its peak level in the near foreseen future.
In 2015, U.S. steel wire imports totaled 2,092 million USD in value. Imports grew steadily from 2010 to 2012 and then leveled off through to 2015. In physical terms, however, steel wire imports posted solid gains, accelerating by 2015. Intense competition from low-cost imports, particularly from China and Mexico, had increasingly constrained industry performance during this period. As a result, the share of imports in consumption had reached 32% by 2015.
The U.S. exported 466 million USD of steel wire in 2015, which accounted for about 10% of total U.S. steel wire output. The export value seesawed from 2011 to 2015. Meanwhile, a steeper decline in exports was recorded in physical terms. Canada (48%) and Mexico (31%) were the main destinations of U.S. steel wire exports in 2015. The share exported to Mexico increased (+14 percentage points), while the share sent to Canada remained relatively stable throughout the analyzed period.
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- steel wire price forecast
- key steel wire producers
Source: U.S. Steel Wire Market. Analysis And Forecast to 2025
