Product
Steel Wire Rod Price Trend and Forecast
Steel Wire Rod Price Trend and Forecast
Regional Price Overview
Get the latest insights on price movement and trend analysis of Steel Wire rods in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Steel Wire Rod Price Trend for the H1 of 2023
Asia
The prices of steel wire rods increased in the first and second quarters of 2023. The Asia Pacific market was supported by feedstock prices and a high number of inquiries from the downstream sectors. The production activities also maintained their usual pace, and the recovery of electric arc furnaces boosted the production rates. But the second quarter was not as favorable in terms of the price surge as the first quarter was. This quarter was negatively impacted by the slow movement of cement and construction industries and the shutting down of several manufacturing units amid sluggish demand and weak market conditions.
Europe
In the first quarter of 2023, the price trend of steel wire rods was stable due to the stagnancy in the consumption rates of the construction industry. The low costs of energy production, the weak buying potential of consumers, and the lack of new orders affected the steel wire rod market not only in the first quarter but also in the initial months of the second quarter. The mixed trend observed in the second quarter was due to the strikes in the labor sector, rising inflation rates, and uncertainties in the economy of the European market.
North America
The first quarter of 2023 witnessed an inclining trajectory in terms of steel wire rod prices as the rising feedstock prices supported the market. The domestic demand in this quarter from the construction industries and investment in the infrastructure segment helped in increasing the prices of steel wire rods. However, in the second quarter, the price trend declined with the sliding economy and low construction activities. The closing of several US banks added to financial pressure on the market, and with the non-availability of labor with the sinking economy, steel wire rod prices declined.
Analyst Insight
According to Procurement Resource, the price trend of steel wire rods is estimated to showcase a declining trajectory as the demand from the construction sector seems weak in the upcoming quarter.
Procurement Resource provides latest prices of Steel Wire Rod. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
About
Steel billets or blooms that have been hot rolled are used to make steel wire rods, a semi-finished metal product. It is characterized by its small diameter, which normally ranges from 5.5 to 14 millimeters, and by having a round cross-section. Steel wire rods are extensively employed in a variety of sectors, including manufacturing, automotive, and construction.
They act as the main raw material for creating a variety of steel wire goods, including reinforcement materials, nails, screws, fencing, and springs. The performance and durability of the finished product are greatly influenced by the characteristics and quality of steel wire rods.
Product Details
| Report Features | Details |
| Product Name | Steel Wire Rod |
| Industrial Uses | Automotive components, Welding electrodes, Cables and wires, Mesh and netting |
| HS Code | 7213 |
| Supplier Database | ArcelorMittal S.A., Bridon-Bekaert Ropes Group, Heico Companies Metal Processing Group, HBIS Group, KOBE STEEL LTD, WireCo World Group Inc, JFE Steel Corporation, Nippon Steel Corporation |
| Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Production Processes
The first step in the process is to process the raw metal material known as billets, which are created using the casting method. After being rolled using powerful machinery, the billets are then cooled down and coiled into various shapes and sizes in accordance with the needs or requirements of the various markets.
Methodology
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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