China's Iron and Steel Wire Market to Reach 16M Tons in Volume and $21.6B in Value by 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: China - Iron and Steel Wire - Market Analysis, Forecast, Size, Trends and Insights.

The iron and steel wire market in China is set to experience significant growth over the next decade, with consumption trends on the rise. Forecasted to reach 16M tons in volume and $21.6B in value by 2035, this market shows promising opportunities for growth and expansion.

Driven by increasing demand for iron and steel wire in China, 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 +1.6% for the period from 2024 to 2035, which is projected to bring the market volume to 16M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2024 to 2035, which is projected to bring the market value to $21.6B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of iron and steel wire was finally on the rise to reach 14M tons after two years of decline. The total consumption volume increased at an average annual rate of +1.6% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, consumption reached the maximum volume at 14M tons in 2019; however, from 2020 to 2024, consumption failed to regain momentum.

The value of the iron and steel wire market in China contracted to $15.9B in 2024, waning by -8.5% against 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 a mild expansion from 2013 to 2024: its value increased at an average annual rate of +1.1% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -36.2% against 2022 indices. Over the period under review, the market hit record highs at $25B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

In 2024, iron and steel wire production in China contracted slightly to 16M tons, remaining relatively unchanged against the year before. The total output volume increased at an average annual rate of +1.5% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 12%. Iron and steel wire production peaked at 16M tons in 2019; however, from 2020 to 2024, production remained at a lower figure.

In value terms, iron and steel wire production fell dramatically to $17.2B in 2024 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by 35%. Iron and steel wire production peaked at $32.9B in 2022; however, from 2023 to 2024, production remained at a lower figure.

After two years of decline, purchases abroad of iron and steel wire increased by 8.7% to 97K tons in 2024. In general, imports, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 95%. As a result, imports attained the peak of 274K tons. From 2017 to 2024, the growth of imports failed to regain momentum.

In value terms, iron and steel wire imports fell modestly to $371M in 2024. Over the period under review, imports, however, continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 18%. Imports peaked at $475M in 2018; however, from 2019 to 2024, imports remained at a lower figure.

South Korea (32K tons), Japan (23K tons) and Malaysia (12K tons) were the main suppliers of iron and steel wire imports to China, together comprising 69% of total imports. Taiwan (Chinese), Germany, Indonesia, Austria and Vietnam lagged somewhat behind, together comprising a further 23%.

From 2013 to 2024, the biggest increases were recorded for Vietnam (with a CAGR of +32.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel wire suppliers to China were Japan ($103M), South Korea ($99M) and Germany ($45M), with a combined 67% share of total imports. Taiwan (Chinese), Malaysia, Indonesia, Austria and Vietnam lagged somewhat behind, together comprising a further 16%.

Vietnam, with a CAGR of +25.9%, 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.

Steel alloy wire of materials other than silico-manganese steel (38K tons), iron or non-alloy steel wire, not plated or coated (26K tons) and stainless steel wire (14K tons) were the main products of iron and steel wire imports to China, together comprising 80% of total imports.

From 2013 to 2024, the biggest increases were recorded for steel alloy wire of materials other than silico-manganese steel (with a CAGR of -1.8%), while purchases for the other products experienced a decline.

In value terms, stainless steel wire ($168M), steel alloy wire of materials other than silico-manganese steel ($92M) and iron or non-alloy steel wire, not plated or coated ($57M) appeared to be the most imported types of iron and steel wire in China, together accounting for 85% of total imports.

Stainless steel wire, with a CAGR of +2.2%, recorded the highest rates of growth with regard to the value of imports, among the main product categories over the period under review, while purchases for the other products experienced a decline.

The average iron and steel wire import price stood at $3,816 per ton in 2024, falling by -11.8% against the previous year. Over the period under review, import price indicated a measured increase from 2013 to 2024: its price increased at an average annual rate of +2.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the average import price increased by 95% against the previous year. The import price peaked at $4,325 per ton in 2023, and then declined in the following year.

There were significant differences in the average prices amongst the major supplied products. In 2024, the product with the highest price was stainless steel wire ($12,210 per ton), while the price for iron or non-alloy steel wire, plated or coated with zinc ($2,162 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by stainless steel wire (+4.0%), while the prices for the other products experienced more modest paces of growth.

The average iron and steel wire import price stood at $3,816 per ton in 2024, waning by -11.8% against the previous year. Overall, import price indicated a tangible expansion from 2013 to 2024: its price increased at an average annual rate of +2.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the average import price increased by 95%. The import price peaked at $4,325 per ton in 2023, and then shrank in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Germany ($7,909 per ton), while the price for Vietnam ($1,359 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, the amount of iron and steel wire exported from China fell rapidly to 2M tons, dropping by -19.3% against 2023. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 21% against the previous year. Over the period under review, the exports hit record highs at 2.4M tons in 2023, and then reduced remarkably in the following year.

In value terms, iron and steel wire exports reduced dramatically to $1.8B in 2024. Over the period under review, exports recorded a mild contraction. The pace of growth appeared the most rapid in 2021 with an increase of 67% against the previous year. Over the period under review, the exports hit record highs at $6.1B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

South Korea (133K tons), Poland (121K tons) and Brazil (113K tons) were the main destinations of iron and steel wire exports from China, with a combined 19% share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +11.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron and steel wire exported from China were South Korea ($138M), Brazil ($107M) and Vietnam ($101M), together accounting for 19% of total exports. The United States, Thailand, Poland, India, Canada, Russia, the Philippines, Malaysia, Indonesia and Saudi Arabia lagged somewhat behind, together accounting for a further 37%.

Canada, with a CAGR of +10.1%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Iron or non-alloy steel wire, plated or coated with zinc (816K tons) was the largest type of iron and steel wire exported from China, with a 42% share of total exports. Moreover, iron or non-alloy steel wire, plated or coated with zinc exceeded the volume of the second product type, iron or non-alloy steel wire, not plated or coated (371K tons), twofold. Iron or non-alloy steel wire, plated or coated with non-zinc base metals (303K tons) ranked third in terms of total exports with a 15% share.

From 2013 to 2024, the average annual growth rate of the volume of iron or non-alloy steel wire, plated or coated with zinc exports was relatively modest. With regard to the other exported products, the following average annual rates of growth were recorded: iron or non-alloy steel wire, not plated or coated (+2.1% per year) and iron or non-alloy steel wire, plated or coated with non-zinc base metals (+4.7% per year).

In value terms, iron or non-alloy steel wire, plated or coated with zinc ($627M), iron or non-alloy steel wire, plated or coated with non-zinc base metals ($329M) and iron or non-alloy steel wire, not plated or coated ($270M) appeared to be the most exported types of iron and steel wire from China worldwide, with a combined 67% share of total exports.

Iron or non-alloy steel wire, plated or coated with non-zinc base metals, with a CAGR of +3.0%, recorded the highest growth rate of the value of exports, in terms of the main product categories over the period under review, while shipments for the other products experienced mixed trend patterns.

In 2024, the average iron and steel wire export price amounted to $933 per ton, declining by -33.4% against the previous year. Over the period under review, the export price continues to indicate a mild setback. The pace of growth was the most pronounced in 2021 an increase of 66% against the previous year. Over the period under review, the average export prices hit record highs at $2,989 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was stainless steel wire ($2,934 per ton), while the average price for exports of iron or non-alloy steel wire, not plated or coated ($730 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: steel alloy wire of materials other than silico-manganese steel (+1.3%), while the prices for the other products experienced a decline.

In 2024, the average iron and steel wire export price amounted to $933 per ton, reducing by -33.4% against the previous year. Over the period under review, the export price recorded a mild downturn. The most prominent rate of growth was recorded in 2021 when the average export price increased by 66%. The export price peaked at $2,989 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2024, amid the top suppliers, the country with the highest price was India ($1,212 per ton), while the average price for exports to the Philippines ($652 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+0.1%), while the prices for the other major destinations experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for iron and steel wire in China. 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.

In this report, you can find information that helps you to make informed decisions on the following issues:

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.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles