Hot-Rolled Non-Alloy Steel Wire Rod Market

The global market for hot-rolled non-alloy steel wire rods is expected to continue an upward consumption trend over the next eight years, with a forecasted increase in market volume and value. China leads in both consumption and production, while imports and exports show fluctuations in volume, value, and average prices. The analysis also highlights notable growth rates in certain countries and products within the hot-rolled non-alloy steel wire rod market.

Market Forecast

Driven by increasing demand for hot-rolled non-alloy steel wire rods worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 173M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $125.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hot-Rolled Non-Alloy Steel Wire Rods

In 2022, consumption of hot-rolled non-alloy steel wire rods decreased by -0.1% to 149M tons, falling for the second consecutive year after four years of growth. The total consumption volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs at 152M tons in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The size of the market for hot-rolled non-alloy steel wire rods worldwide totaled $89.9B in 2022, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $91.2B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

China (34M tons) constituted the country with the largest volume of hot-rolled non-alloy steel wire rod consumption, comprising approx. 23% of total volume. Moreover, hot-rolled non-alloy steel wire rod consumption in China exceeded the figures recorded by the second-largest consumer, India (13M tons), threefold. Japan (8.1M tons) ranked third in terms of total consumption with a 5.4% share.

In China, hot-rolled non-alloy steel wire rod consumption expanded at an average annual rate of +3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+4.5% per year) and Japan (+0.8% per year).

In value terms, China ($21.3B) led the market, alone. The second position in the ranking was taken by India ($7.1B). It was followed by Japan.

In China, the hot-rolled non-alloy steel wire rod market expanded at an average annual rate of +2.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+2.5% per year) and Japan (-0.8% per year).

The countries with the highest levels of hot-rolled non-alloy steel wire rod per capita consumption in 2022 were Canada (80 kg per person), the UK (78 kg per person) and South Korea (68 kg per person).

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +5.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Hot-Rolled Non-Alloy Steel Wire Rods

In 2022, production of hot-rolled non-alloy steel wire rods decreased by -0.3% to 149M tons, falling for the second consecutive year after four years of growth. In general, the total production indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.7% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 16%. Over the period under review, global production reached the peak volume at 153M tons in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod production expanded modestly to $85.4B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 34% against the previous year. Global production peaked at $88.2B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of hot-rolled non-alloy steel wire rod production was China (36M tons), accounting for 24% of total volume. Moreover, hot-rolled non-alloy steel wire rod production in China exceeded the figures recorded by the second-largest producer, India (14M tons), threefold. Japan (8.5M tons) ranked third in terms of total production with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +4.3%. In the other countries, the average annual rates were as follows: India (+4.9% per year) and Japan (+0.5% per year).

Imports

World Imports of Hot-Rolled Non-Alloy Steel Wire Rods

In 2022, approx. 22M tons of hot-rolled non-alloy steel wire rods were imported worldwide; which is down by -7.4% compared with the year before. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 20% against the previous year. As a result, imports reached the peak of 24M tons, and then fell in the following year.

In value terms, hot-rolled non-alloy steel wire rod imports amounted to $19B in 2022. Overall, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +83.7% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 75%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The purchases of the twelve major importers of hot-rolled non-alloy steel wire rods, namely the Netherlands, the United States, Germany, South Korea, Belgium, Israel, Romania, Italy, Poland, France, Spain and Thailand, represented more than third of total import. Slovakia (527K tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Poland (with a CAGR of +14.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.3B), Germany ($973M) and the Netherlands ($794M) constituted the countries with the highest levels of imports in 2022, together comprising 16% of global imports. Italy, Belgium, South Korea, Israel, France, Romania, Poland, Spain, Thailand and Slovakia lagged somewhat behind, together comprising a further 33%.

Among the main importing countries, Poland, with a CAGR of +17.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter represented the largest imported product with an import of about 15M tons, which accounted for 70% of total imports. It was distantly followed by ribbed or other deformed wire rod of non-alloy steel (4.3M tons), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (1.2M tons) and wire rod of free-cutting steel (1M tons), together making up a 30% share of total imports.

Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter experienced a relatively flat trend pattern with regard to volume of imports. At the same time, ribbed or other deformed wire rod of non-alloy steel (+3.8%) displayed positive paces of growth. Moreover, ribbed or other deformed wire rod of non-alloy steel emerged as the fastest-growing type imported in the world, with a CAGR of +3.8% from 2012-2022. By contrast, wire rod of free-cutting steel (-1.0%) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (-3.4%) illustrated a downward trend over the same period. While the share of ribbed or other deformed wire rod of non-alloy steel (+4.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (-3 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter ($13B) constitutes the largest type of hot-rolled non-alloy steel wire rods imported worldwide, comprising 69% of global imports. The second position in the ranking was taken by ribbed or other deformed wire rod of non-alloy steel ($3.6B), with a 19% share of global imports. It was followed by wire rod of free-cutting steel, with a 6.2% share.

For iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter, imports expanded at an average annual rate of +2.6% over the period from 2012-2022. For the other products, the average annual rates were as follows: ribbed or other deformed wire rod of non-alloy steel (+5.7% per year) and wire rod of free-cutting steel (+1.8% per year).

Import Prices By Type

In 2022, the average import price for hot-rolled non-alloy steel wire rods amounted to $871 per ton, growing by 13% against the previous year. In general, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled non-alloy steel wire rod import price increased by +64.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 45% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat amongst the major imported products. In 2022, major imported products recorded the following prices: in wire rod of free-cutting steel ($1,145 per ton) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter ($979 per ton), while the price for iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter ($850 per ton) and ribbed or other deformed wire rod of non-alloy steel ($851 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by free-cutting steel wire rod (+2.8%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average import price for hot-rolled non-alloy steel wire rods stood at $871 per ton in 2022, with an increase of 13% against the previous year. Overall, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled non-alloy steel wire rod import price increased by +64.8% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 45% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($1,064 per ton), while the Netherlands ($604 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hot-Rolled Non-Alloy Steel Wire Rods

In 2022, after six years of growth, there was significant decline in overseas shipments of hot-rolled non-alloy steel wire rods, when their volume decreased by -8.8% to 21M tons. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 17% against the previous year. As a result, the exports reached the peak of 24M tons, and then declined in the following year.

In value terms, hot-rolled non-alloy steel wire rod exports amounted to $18.6B in 2022. Overall, exports, however, showed a moderate expansion. The most prominent rate of growth was recorded in 2021 with an increase of 78% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, Malaysia (2.3M tons) and China (2.3M tons) were the major exporters of hot-rolled non-alloy steel wire rodsacross the globe, together creating 21% of total exports. Germany (1.5M tons) took the next position in the ranking, followed by Italy (1.2M tons) and Turkey (1.1M tons). All these countries together took approx. 18% share of total exports. Russia (938K tons), Spain (754K tons), Japan (701K tons), Indonesia (696K tons), the United Arab Emirates (667K tons), Vietnam (639K tons), the Czech Republic (638K tons) and Belgium (602K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +49.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod supplying countries worldwide were China ($1.8B), Germany ($1.6B) and Italy ($1.1B), with a combined 25% share of global exports.

In terms of the main exporting countries, China, with a CAGR of +49.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter represented the main type of hot-rolled non-alloy steel wire rods in the world, with the volume of exports accounting for 15M tons, which was approx. 71% of total exports in 2022. Ribbed or other deformed wire rod of non-alloy steel (4.1M tons) took the second position in the ranking, distantly followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (1.2M tons). All these products together held approx. 25% share of total exports. Wire rod of free-cutting steel (800K tons) held a relatively small share of total exports.

Exports of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter increased at an average annual rate of +2.8% from 2012 to 2022. At the same time, ribbed or other deformed wire rod of non-alloy steel (+5.5%) displayed positive paces of growth. Moreover, ribbed or other deformed wire rod of non-alloy steel emerged as the fastest-growing type exported in the world, with a CAGR of +5.5% from 2012-2022. Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter experienced a relatively flat trend pattern. By contrast, wire rod of free-cutting steel (-2.0%) illustrated a downward trend over the same period. Ribbed or other deformed wire rod of non-alloy steel (+4.4 p.p.) significantly strengthened its position in terms of the global exports, while wire rod of free-cutting steel and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter saw its share reduced by -2.3% and -2.3% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter ($12.7B) remains the largest type of hot-rolled non-alloy steel wire rods supplied worldwide, comprising 69% of global exports. The second position in the ranking was held by ribbed or other deformed wire rod of non-alloy steel ($3.6B), with a 19% share of global exports. It was followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of the value of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter exports totaled +4.5%. With regard to the other exported products, the following average annual rates of growth were recorded: ribbed or other deformed wire rod of non-alloy steel (+8.1% per year) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter (+1.3% per year).

Export Prices By Type

The average export price for hot-rolled non-alloy steel wire rods stood at $864 per ton in 2022, rising by 11% against the previous year. Over the period under review, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled non-alloy steel wire rod export price increased by +68.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 52%. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major exported products. In 2022, major exported products recorded the following prices: in wire rod of free-cutting steel ($1,219 per ton) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring 14mm or more in diameter ($998 per ton), while the average price for exports of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils, n.e.s. in heading no. 7213, of circular cross-section measuring less than 14mm in diameter ($830 per ton) and ribbed or other deformed wire rod of non-alloy steel ($884 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by free-cutting steel wire rod (+3.4%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average export price for hot-rolled non-alloy steel wire rods amounted to $864 per ton, increasing by 11% against the previous year. In general, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled non-alloy steel wire rod export price increased by +68.1% against 2020 indices. The growth pace was the most rapid in 2021 when the average export price increased by 52% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($1,090 per ton), while Malaysia ($458 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform