Steel Wire Rod Price In USA
United States: 1458 USD/MT
The price of steel wire rods in the United States for Q4 2023 reached 1458 USD/MT in December. The market in the United States remained moderate, due to transportation restraints.
The latest report by IMARC Group, titled "Steel Wire Rod Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data," provides a thorough examination of Steel Wire Rod Price Trend. This report delves into the price of Steel Wire Rod globally, presenting a detailed analysis, along with informative Steel Wire Rod Price Chart. Through comprehensive Steel Wire Rod Price Analysis, the report sheds light on the key factors influencing these trends. Additionally, it includes historical data to offer context and depth to the current pricing landscape. The report also explores the Steel Wire Rod demand, analyzing how it impacts market dynamics. To aid in strategic planning, the price forecast section provides insights into price forecast, making this report an invaluable resource for industry stakeholders.
Steel Wire Rod Prices December 2023:
- United States: 1458 USD/MT
- Taiwan: 1067 USD/MT
- Germany: 711 USD/MT
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The study delves into the factors affecting steel wire rod price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Steel Wire Rod Price Trend- Q4 2023
The steel wire rod market is influenced by several key factors that shape its trajectory. One significant driver is the construction industry, which accounts for a substantial portion of steel wire rod consumption. As construction projects expand globally, particularly in developing economies, the demand for steel wire rods for reinforcing concrete structures escalates. Moreover, the automotive sector plays a pivotal role, as steel wire rods are essential for manufacturing various components, including springs, cables, and tires. The growth of the automotive industry, driven by rising consumer demand and technological advancements, fuels the demand for steel wire rods. Additionally, infrastructure development initiatives, such as the construction of bridges, railways, and highways, further stimulate market growth. Furthermore, the renewable energy sector is emerging as a significant driver, with steel wire rods being essential for wind turbines and solar panel structures.
Steel Wire Rod Market Analysis
The global steel wire rod market size reached US$ 109 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 156.3 Billion, at a projected CAGR of 4.10% during 2023-2032. In the North American region, the pricing of steel wire rod experienced a notable decrease in Q4 2023, influenced by a range of factors. Initially, despite a global uptick in dollar prices, US steel wire rod prices remained depressed in October, largely due to transportation limitations stemming from reduced water levels in the Mississippi and Ohio rivers. Additionally, cautiousness in Hot Rolled Coil purchases was evident, prompted by potential strikes by the United Auto Workers. While the USITC's decision to rescind countervailing duty orders brought some stabilization to prices, concerns regarding inflation and a seasonal downturn in demand persisted. Despite escalating international dollar prices and ongoing challenges, November witnessed a degree of price stability. Whereas, in Q4 2023, the steel wire rod market in the APAC region demonstrated a consistent trajectory. Initially, Taiwanese steel mills, including Chung Hung Steel Corporation and China Steel Corporation, responded to escalating raw material prices by raising prices in tandem with the increased costs of iron ore and steel scrap. Despite sluggish demand from Europe and the US, market confidence remained intact, bolstered by substantial orders. In October, adjustments in prices were implemented to counter the upward pressure on production costs, a trend anticipated to persist through the remainder of the quarter. November witnessed a significant uptick in steel wire rod prices in Taiwan's spot market, attributed to supply constraints, heightened demand from the automotive and construction sectors, and disruptions in the Panama Canal impacting iron ore imports.
During Q4 2023, the European steel wire rod market witnessed a significant upward trend in prices, driven by adequate demand and decreased supply. Initially, in the German steel market, steel wire rod prices stabilized in October as mills and distributors scaled back operations during the holiday period. Rebar prices experienced an uptick in the first half of October due to restocking activities, yet demand subsided, resulting in price stability. October instilled a sense of pessimism amid concerns about dwindling demand and potential price declines in the following month. Nonetheless, steel wire rod prices registered a slight increase in October, attributed to tight supply conditions and a rebound in demand from the Polish construction sector.
Key Points Covered in the Steel Wire Rod Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
- Steel Wire Rod Prices
- Steel Wire Rod Price Trend
- Steel Wire Rod Demand & Supply
- Steel Wire Rod Market Analysis
- Demand Supply Analysis by Type
- Demand Supply Analysis by Application
- Demand Supply Analysis of Raw Materials
- Steel Wire Rod Price Analysis
- Steel Wire Rod Industry Drivers, Restraints, and Opportunities
- Steel Wire Rod News and Recent developments
- Global Event Analysis
- List of Key Players
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, 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
- Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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