UK's hot-rolled non-alloy steel wire rods market to grow at a CAGR of +0.1% from 2024 to 2035, reaching 5.1M tons - News and Statistics - IndexBox

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IndexBox has just published a new report: United Kingdom - Hot-Rolled Non-Alloy Steel Wire Rods - Market Analysis, Forecast, Size, Trends And Insights.

The UK market for hot-rolled non-alloy steel wire rods is set to see continued growth, with a forecasted CAGR of +0.1% in volume and +1.6% in value from 2024 to 2035. By the end of 2035, it is estimated that market volume will reach 5.1M tons and market value will reach $5.4B in nominal prices.

Driven by increasing demand for hot-rolled non-alloy steel wire rods in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.1% for the period from 2024 to 2035, which is projected to bring the market volume to 5.1M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market value to $5.4B (in nominal wholesale prices) by the end of 2035.

Hot-rolled non-alloy steel wire rod consumption in the UK totaled 5M tons in 2024, remaining stable against 2023 figures. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, consumption attained the maximum volume at 5.9M tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure.

The size of the market for hot-rolled non-alloy steel wire rods in the UK totaled $4.5B in 2024, approximately equating 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). Overall, the total consumption indicated tangible growth from 2013 to 2024: its value increased at an average annual rate of +2.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by +0.4% against 2021 indices. Hot-rolled non-alloy steel wire rod consumption peaked in 2024 and is expected to retain growth in the near future.

Hot-rolled non-alloy steel wire rod production in the UK reduced to 5M tons in 2024, remaining relatively unchanged against the year before. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 20% against the previous year. Hot-rolled non-alloy steel wire rod production peaked at 6.1M tons in 2019; however, from 2020 to 2024, production remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod production contracted slightly to $4.7B in 2024 estimated in export price. Overall, the total production indicated a slight increase from 2013 to 2024: its value increased at an average annual rate of +1.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -1.1% against 2021 indices. The pace of growth was the most pronounced in 2021 when the production volume increased by 43%. As a result, production reached the peak level of $4.8B. From 2022 to 2024, production growth remained at a lower figure.

In 2024, hot-rolled non-alloy steel wire rod imports into the UK skyrocketed to 241K tons, growing by 17% against the previous year. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 25%. Imports peaked at 256K tons in 2017; however, from 2018 to 2024, imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports expanded markedly to $196M in 2024. In general, imports enjoyed a slight expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 67% against the previous year. Imports peaked at $259M in 2022; however, from 2023 to 2024, imports remained at a lower figure.

Portugal (103K tons), Germany (74K tons) and the Czech Republic (18K tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to the UK, together comprising 81% of total imports.

From 2013 to 2024, the biggest increases were recorded for Portugal (with a CAGR of +16.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod suppliers to the UK were Portugal ($72M), Germany ($63M) and the Czech Republic ($15M), together accounting for 76% of total imports.

Portugal, with a CAGR of +17.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Ribbed or other deformed wire rod of non-alloy steel (121K 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 less than 14mm in diameter (96K tons) 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 (16K tons) were the main products of hot-rolled non-alloy steel wire rod imports to the UK, with a combined 97% share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the major product types, was attained by ribbed or other deformed wire rod of non-alloy steel (with a CAGR of +17.9%), while imports for the other products experienced a decline.

In value terms, ribbed or other deformed wire rod of non-alloy steel ($92M), 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 ($71M) 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 ($26M) appeared to be the most imported types of hot-rolled non-alloy steel wire rods in the UK, with a combined 96% share of total imports.

In terms of the main product categories, ribbed or other deformed wire rod of non-alloy steel, with a CAGR of +19.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced mixed trend patterns.

In 2024, the average import price for hot-rolled non-alloy steel wire rods amounted to $814 per ton, dropping by -4.9% against the previous year. In general, the import price, however, enjoyed a slight increase. The pace of growth appeared the most rapid in 2022 an increase of 67%. As a result, import price reached the peak level of $1,415 per ton. From 2023 to 2024, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplied products. In 2024, the product with the highest price was 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 ($1,640 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 ($741 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained 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 (+5.4%), while the prices for the other products experienced more modest paces of growth.

In 2024, the average import price for hot-rolled non-alloy steel wire rods amounted to $814 per ton, which is down by -4.9% against the previous year. In general, the import price, however, posted slight growth. The most prominent rate of growth was recorded in 2022 when the average import price increased by 67% against the previous year. As a result, import price reached the peak level of $1,415 per ton. From 2023 to 2024, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($1,445 per ton), while the price for Portugal ($700 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, the amount of hot-rolled non-alloy steel wire rods exported from the UK dropped sharply to 236K tons, shrinking by -16.9% against 2023 figures. Overall, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 8.9% against the previous year. The exports peaked at 720K tons in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports dropped sharply to $187M in 2024. Over the period under review, exports saw a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 35%. The exports peaked at $518M in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

Germany (43K tons), Turkey (26K tons) and Italy (24K tons) were the main destinations of hot-rolled non-alloy steel wire rod exports from the UK, with a combined 40% share of total exports. Sweden, Ireland, Belgium, Poland, the Czech Republic, Taiwan (Chinese), the United States and France lagged somewhat behind, together accounting for a further 45%.

From 2013 to 2024, the biggest increases were recorded for the Czech Republic (with a CAGR of +3.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($30M), Italy ($20M) and Turkey ($20M) were the largest markets for hot-rolled non-alloy steel wire rod exported from the UK worldwide, together comprising 38% of total exports. Sweden, Ireland, Belgium, the Czech Republic, Poland, Taiwan (Chinese), the United States and France lagged somewhat behind, together accounting for a further 45%.

Among the main countries of destination, the Czech Republic, with a CAGR of +3.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

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 (199K tons) was the largest type of hot-rolled non-alloy steel wire rods exported from the UK, with a 85% share of total exports. Moreover, 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 exceeded the volume of the second product type, wire rod of free-cutting steel (21K tons), tenfold. Ribbed or other deformed wire rod of non-alloy steel (11K tons) ranked third in terms of total exports with a 4.5% share.

From 2013 to 2024, the average annual growth rate of the volume 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 -9.4%. With regard to the other exported products, the following average annual rates of growth were recorded: wire rod of free-cutting steel (-15.0% per year) and ribbed or other deformed wire rod of non-alloy steel (+6.9% per year).

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 ($154M) remains the largest type of hot-rolled non-alloy steel wire rods exported from the UK, comprising 82% of total exports. The second position in the ranking was taken by wire rod of free-cutting steel ($19M), with a 9.9% share of total exports. It was followed by ribbed or other deformed wire rod of non-alloy steel, with a 5.6% share.

From 2013 to 2024, the average annual rate of growth in terms 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 stood at -8.5%. With regard to the other exported products, the following average annual rates of growth were recorded: wire rod of free-cutting steel (-14.2% per year) and ribbed or other deformed wire rod of non-alloy steel (+7.4% per year).

In 2024, the average export price for hot-rolled non-alloy steel wire rods amounted to $795 per ton, waning by -4.4% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 101%. The export price peaked at $1,153 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major types of exported product. In 2024, the products with the highest prices were ribbed or other deformed wire rod of non-alloy steel ($999 per ton) and wire rod of free-cutting steel ($902 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 ($774 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 ($774 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: 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 (+1.0%), while the prices for the other products experienced more modest paces of growth.

In 2024, the average export price for hot-rolled non-alloy steel wire rods amounted to $795 per ton, falling by -4.4% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 101% against the previous year. Over the period under review, the average export prices attained the peak figure at $1,153 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2024, amid the top suppliers, the countries with the highest prices were the United States ($984 per ton) and the Czech Republic ($885 per ton), while the average price for exports to Taiwan (Chinese) ($690 per ton) and Germany ($709 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to France (+2.3%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for hot-rolled non-alloy steel wire rod in the UK. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

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While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

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The Largest Producers on The Market and Their Profiles