Steel Wire Rod Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Steel Wire rods in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Steel Wire Rod Price Trend for the Q1 of 2024

Asia

Steel Wire Rods are directly drawn from stainless steel, so the prices are usually in close alliance with each other. Steel wire rods are primarily consumed in the electronic and manufacturing industries, so the demands and order patterns from these sectors also influence the concerned market. The Asian steel wire rod markets exhibited a largely stable performance during the given period of Q1’24.

Steel Wire Rod Price Chart

Please Login or Subscribe to Access the Steel Wire Rod Price Chart Data
 

These trends were primarily being driven by the cheap and ample availability of the feedstock material stainless steel as the real estate and other consuming sectors were taking a major backseat during this time. Particularly in China, the real estate markets were in a slump after being one of the biggest consumers of it for a very long time. Despite this degradation in the consumption scale, the average prices were close to the previous prices as the other trade related challenges kept the processing and upstream charges inclined. Overall, a very average market performance was witnessed.

Europe

Influenced by the sluggishness of its Asian counterpart, the European steel wire rod market also exhibited a consolidated price structure during the said period. Because of the economic struggles that the region has been seeing since the onset of the Russian war, the expenditure patterns of the region’s population have altered immensely.

The construction and manufacturing sectors are among the most struggling sectors of the economy as people are spending more on experience-based indulgences. Owing to this, the supply remained dominant for the majority of the said period. Overall, muted market sentiments were witnessed in Q1’24.

North America

The American steel wire rod market could not vary much from its other key counterparts. The prices here were also affected by the tepidness of the global markets. International trade was already suffering because of various geopolitical, geoeconomic, and other freight and commute related challenges. A trampled nature of the domestic trade further complicated the market behavior. Given sufficient supplies and feeble demands the price trends were largely observed to be fluctuating at the lower end of the curve. Overall, a weak market performance was experienced.

Analyst Insight

According to Procurement Resource, the Steel Wire Rod price are likely to waver within the current trends going forward as well. The current supply and demand dynamics do not suggest any improvement moving forward.

Steel Wire Rod Price Trend for the October - December of 2023

Asia

The steel wire rod market was in accordance with the stainless steel prices in the region during the last three months of the year 2023. Prices wavered at the lower end of the curve during the majority of the said quarter. In China, the stocks associated with steel wire rod (type of steel) showed a dip of about 2.4%, as observed by CISA (China Iron and Steel Association) from the end of November to the first week of December.

The situation was not much different in India as well. Here, the suppliers waited for manufacturers' response to the market situation, as a reduction in production could revive the prices by restricting supplies. However, the steel wire rod prices mostly remained consolidated throughout the said period in the Indian market as well. Dwindling numbers were registered at the steel wire rod price index during Q4'23.

Europe

The European steel wire rod market constricted during the final quarter of 2023. Since the steel wire rod market rallied over the demands from the automotive and electronics industries, the fall in market offtakes from these sectors put the steel wire rod suppliers in a tough spot. The impending holiday season resulted in the depreciation of industrial activities, which further translated into the stumbling of price trend.

North American

The North American market outlook for steel wire rod was not much different from the Asian and European market trend. Prices here, too, dangled because of the wide gap between the supply and demand dynamics of the commodity. The general market sentiments were observed to be dull in Q4'23.

Analyst Insight

According to Procurement Resource, the Steel Wire Rod price trend are likely to improve with the improvements in the industrial demands and steel market dynamics in the coming months.

Steel Wire Rod Price Trend for the July - September of 2023

Asia

The Asian steel wire rod market experienced depreciating trend during the period of the third quarter of the year 2023. The steel market, in general, was facing a downturn because of the fall in iron ore prices; however, the biggest degrading factor was the lackluster demands from the construction industry, particularly in China.

The slump in the Chinese construction industry not only affected the domestic steel wire rod prices but also hampered the global price trend. The unused stocks in the domestic market flooded the inventories of the international market, thus steel wire rod prices came down on a global level.

The manufacturing sector was also not performing well enough to accommodate the steel wire rod supplies. A slow pace of economic recovery in post-COVID China has been the main reason behind such industrial performances. In Asia, the Indian steel wire rod market was still a little stable; otherwise, the major markets exhibited recession-like conditions.

Europe

Following in the Asian steel wire rod market, the European industry also experienced a bearish outlook for the majority of Q3’23. A global recession in the construction sector, especially in Europe after the severe economic turmoil of 2022, kept the steel wire rod demands at bay. The steel wire rod price index has been on a downward trajectory throughout the said time period.

North America

The North American market trend for steel wire rods were no different from the Asian and European market trend, as the price graph showed consistent retardation here as well. The gloomy economic outlook in the region with heightened interest rates curtailed the construction sector, and the price trend for steel wire rods remained downhill throughout.

Analyst Insight

According to Procurement Resource, the price trend for Steel Wire Rod are expected to start normalizing in the coming months given the changing economic scenario worldwide.

Steel Wire Rod Price Trend for the First Half of 2023

Asia

The prices of steel wire rods increased in the first and second quarters of 2023. The Asia Pacific market was supported by feedstock prices and a high number of inquiries from the downstream sectors. The production activities also maintained their usual pace, and the recovery of electric arc furnaces boosted the production rates. But the second quarter was not as favorable in terms of the price surge as the first quarter was. This quarter was negatively impacted by the slow movement of cement and construction industries and the shutting down of several manufacturing units amid sluggish demand and weak market conditions.

Europe

In the first quarter of 2023, the price trend of steel wire rods was stable due to the stagnancy in the consumption rates of the construction industry. The low costs of energy production, the weak buying potential of consumers, and the lack of new orders affected the steel wire rod market not only in the first quarter but also in the initial months of the second quarter. The mixed trend observed in the second quarter was due to the strikes in the labor sector, rising inflation rates, and uncertainties in the economy of the European market.

North America

The first quarter of 2023 witnessed an inclining trajectory in terms of steel wire rod prices as the rising feedstock prices supported the market. The domestic demand in this quarter from the construction industries and investment in the infrastructure segment helped in increasing the prices of steel wire rods. However, in the second quarter, the price trend declined with the sliding economy and low construction activities. The closing of several US banks added to financial pressure on the market, and with the non-availability of labor with the sinking economy, steel wire rod prices declined.

Analyst Insight

According to Procurement Resource, the price trend of steel wire rods is estimated to showcase a declining trajectory as the demand from the construction sector seems weak in the upcoming quarter.

Procurement Resource provides latest prices of Steel Wire Rod. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.