U.S.: Steel Wire Market 2024

Steel Wire Market Size in the U.S.

The U.S. steel wire market reduced to $X in 2023, waning by X% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2023, consumption remained at a lower figure.

Steel Wire Production in the U.S.

In value terms, steel wire production stood at $X in 2023. In general, production, however, saw a mild contraction. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Steel wire production peaked at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

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Steel Wire Exports

Exports from the U.S.

After two years of growth, shipments abroad of steel wire decreased by X% to X tons in 2023. Overall, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at X tons in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

In value terms, steel wire exports declined slightly to $X in 2023. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Canada (X tons), Mexico (X tons) and the UK (X tons) were the main destinations of steel wire exports from the United States, together accounting for X% of total exports. Brazil and El Salvador lagged somewhat behind, together comprising a further X%.

From 2013 to 2023, the biggest increases were recorded for El Salvador (with a CAGR of X%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for steel wire exported from the United States were Mexico ($X), Canada ($X) and Brazil ($X), with a combined X% share of total exports. The UK and El Salvador lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, El Salvador, with a CAGR of X%, saw 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

In 2023, the average steel wire export price amounted to $X per ton, leveling off at the previous year. Over the period under review, export price indicated a buoyant expansion from 2013 to 2023: its price 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 2023 figures, steel wire export price increased by X% against 2013 indices. The most prominent rate of growth was recorded in 2022 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to El Salvador ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Wire Imports

Imports into the U.S.

After three years of growth, overseas purchases of steel wire decreased by X% to X tons in 2023. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2022, and then reduced rapidly in the following year.

In value terms, steel wire imports reduced notably to $X in 2023. Over the period under review, total imports indicated mild growth from 2013 to 2023: its value 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. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2022, and then dropped remarkably in the following year.

Imports by Country

China (X tons), Mexico (X tons) and Canada (X tons) were the main suppliers of steel wire imports to the United States, together accounting for X% of total imports. India, South Korea, Thailand, Vietnam, Taiwan (Chinese), Lithuania, Oman, Malaysia, Sri Lanka and Turkey lagged somewhat behind, together accounting for a further X%.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lithuania (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Canada ($X) and Mexico ($X) were the largest steel wire suppliers to the United States, together comprising X% of total imports. South Korea, India, Taiwan (Chinese), Thailand, Vietnam, Lithuania, Oman, Sri Lanka, Malaysia and Turkey lagged somewhat behind, together accounting for a further X%.

Sri Lanka, 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 more modest paces of growth.

Import Prices by Country

The average steel wire import price stood at $X per ton in 2023, declining by X% against the previous year. In general, import price indicated modest growth from 2013 to 2023: its price 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 2023 figures, steel wire import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2022 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Sri Lanka (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform