China: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in China

In 2022, the Chinese iron and steel wire market decreased by X% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, the total consumption indicated a perceptible increase from 2012 to 2022: 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. Iron and steel wire consumption peaked at $X in 2021, and then dropped sharply in the following year.

Production of Iron and Steel Wire in China

In value terms, iron and steel wire production shrank to $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate expansion from 2012 to 2022: 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. Based on 2022 figures, production increased by X% against 2015 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2021, and then fell in the following year.

Exports of Iron and Steel Wire

Exports from China

In 2022, after two years of decline, there was significant growth in overseas shipments of iron and steel wire, when their volume increased by X% to X tons. Over the period under review, total exports indicated a prominent 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. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron and steel wire exports surged to $X in 2022. Overall, exports posted a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Saudi Arabia (X tons), the Philippines (X tons) and Thailand (X tons) were the main destinations of iron and steel wire exports from China, together comprising X% of total exports. Malaysia, the United States, Brazil, Vietnam, South Korea, Myanmar, Australia, Poland, Japan and Indonesia lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for iron and steel wire exported from China were the Philippines ($X), Saudi Arabia ($X) and the United States ($X), with a combined X% share of total exports.

In terms of the main countries of destination, the Philippines, 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

The average iron and steel wire export price stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, export price indicated a notable increase from 2012 to 2022: 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 2022 figures, iron and steel wire export price increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Myanmar ($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 the Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into China

In 2022, the amount of iron and steel wire imported into China fell rapidly to X tons, reducing by X% on 2021 figures. Overall, imports continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, iron and steel wire imports dropped to $X in 2022. In general, imports 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. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of iron and steel wire imports to China, together accounting for X% of total imports. Malaysia, Germany, Vietnam and Austria lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest iron and steel wire suppliers to China were Japan ($X), South Korea ($X) and Germany ($X), with a combined X% share of total imports. Taiwan (Chinese), Malaysia, Austria and Vietnam lagged somewhat behind, together accounting for a further X%.

Vietnam, with a CAGR of X%, saw 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 iron and steel wire import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

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 ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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