China: Steel Stranded Wire Market 2024

Steel Stranded Wire Market Size in China

In 2022, the Chinese steel stranded wire market decreased by X% to $X, falling for the fourth consecutive year after three years of growth. Overall, consumption recorded a noticeable contraction. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Steel Stranded Wire Production in China

In value terms, steel stranded wire production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2016 with an increase of X%. Steel stranded wire production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

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Steel Stranded Wire Exports

Exports from China

In 2022, approx. X tons of iron or steel stranded wire, ropes and cables were exported from China; growing by X% compared with the previous year. Over the period under review, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, steel stranded wire exports soared to $X in 2022. Overall, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

South Korea (X tons), Vietnam (X tons) and Thailand (X tons) were the main destinations of steel stranded wire exports from China, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Thailand ($X) and the United States ($X) were the largest markets for steel stranded wire exported from China worldwide, together comprising X% of total exports. Vietnam, India, Japan, Brazil, Israel, Canada, Australia, Indonesia, the United Arab Emirates and the Philippines lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Israel, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel stranded wire export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Israel (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Stranded Wire Imports

Imports into China

In 2022, imports of iron or steel stranded wire, ropes and cables into China declined to X tons, with a decrease of X% against the year before. In general, imports recorded a noticeable reduction. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, steel stranded wire imports declined to $X in 2022. Overall, imports continue to indicate a slight setback. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

South Korea (X tons), Germany (X tons) and Japan (X tons) were the main suppliers of steel stranded wire imports to China, with a combined X% share of total imports. Vietnam, Malaysia, the UK and Thailand lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Germany ($X), South Korea ($X) and Japan ($X) appeared to be the largest steel stranded wire suppliers to China, with a combined X% share of total imports. The UK, Vietnam, Thailand and Malaysia lagged somewhat behind, together comprising a further X%.

Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average steel stranded wire import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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