IndexBox has recently released a comprehensive report titled: “China – Iron and Steel Wire – Market Analysis, Forecast, Size, Trends and Insights.” This report provides an in-depth analysis of China’s iron and steel wire market for the year 2024, with projections extending to 2035. The report reveals that consumption in 2024 reached 14 million tons, with a market value of $20.1 billion. It is projected to grow at a compound annual growth rate (CAGR) of +1.6% in volume and +3.1% in value through 2035.
In 2024, production stood at 16 million tons, while imports rose to 96,000 tons, primarily from South Korea, Japan, and Malaysia. Exports, on the other hand, fell to 2 million tons, valued at $1.8 billion, with key destinations including South Korea, Vietnam, and Poland. The report provides a detailed breakdown of trade by product type, price trends, and country-specific dynamics.
Key Findings:
– The iron and steel wire market in China is projected to grow to 16 million tons by 2035, expanding at a CAGR of +1.6% in volume and +3.1% in value.
– Domestic consumption in 2024 was 14 million tons valued at $20.1 billion, yet remains below the 2019 peak of 14 million tons.
– Production in 2024 was stable at 16 million tons, but its value fell sharply to $14.5 billion from a 2022 peak of $46.5 billion.
– Imports increased to 96,000 tons ($369 million), led by South Korea, Japan, and Germany, with stainless steel wire being the highest-value import category.
– Exports declined by -19.3% to 2 million tons ($1.8 billion), with zinc-coated wire being the largest export type by volume.
Market Forecast:
The increasing demand for iron and steel wire in China is expected to drive the market’s upward consumption trend over the next decade. The market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.6% from 2024 to 2035, which is projected to bring the market volume to 16 million tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% from 2024 to 2035, which is projected to bring the market value to $28.1 billion (in nominal wholesale prices) by the end of 2035.
Consumption:
China’s Consumption of Iron and Steel Wire:
After two years of decline, consumption of iron and steel wire increased by 3.5% to 14 million tons in 2024. The total consumption volume increased at an average annual rate of +1.6% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Iron and steel wire consumption peaked at 14 million tons in 2019; however, from 2020 to 2024, consumption failed to regain momentum.
The size of the iron and steel wire market in China reduced to $20.1 billion in 2024, shrinking by -6.7% 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). Over the period under review, the total consumption indicated noticeable growth from 2013 to 2024: its value increased at an average annual rate of +2.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period.
