In H1’23, steel wire rod prices in Asia increased due to high demand from downstream sectors and steady production activities. However, the second quarter saw challenges with slow movement in cement and construction industries. In Europe, the market was stable in the first quarter, affected by weak buying potential and a lack of new orders. Strikes, rising inflation, and economic uncertainties influenced the mixed trend in the second quarter. In North America, the first quarter showed price incline supported by rising feedstock prices and strong domestic demand. But the second quarter saw a decline due to the sliding economy and low construction activities.

Definition

Steel wire rod is a semi-finished metal product made from hot-rolled steel billets or blooms. It has a round cross-section and is characterized by its small diameter, typically ranging from 5.5 to 14 millimeters. Steel wire rods are widely used in various industries, including construction, automotive, and manufacturing. They serve as the primary raw material for producing a wide range of steel wire products, such as nails, screws, fencing, springs, and reinforcement materials. The quality and properties of steel wire rod play a crucial role in determining the final product's performance and durability.

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Key Details About the Steel Wire Rod Price Trends:

Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on steel wire rod in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.

Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.

The steel wire rod price forecasts, including India steel wire rod price, USA steel wire rod price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.

Industrial Uses Impacting the Steel Wire Rod Price Trends:

Steel wire rods have a wide range of industrial applications due to their strength, flexibility, and adaptability. They serve as a crucial raw material in various industries, including construction, automotive, manufacturing, and telecommunications. In construction, steel wire rods are used for reinforcement in concrete structures, fencing, and mesh products. In the automotive industry, they find application in tire cord, springs, and wire ropes. Steel wire rods are utilized in the production of cables and electrical wires for power transmission and telecommunications. They are also essential in manufacturing fasteners, welding electrodes, and various components for machinery and equipment. The diverse applications of steel wire rods make them indispensable in modern industrial processes.

Key Players:

• ArcelorMittal S.A.
• Bridon-Bekaert Ropes Group
• Heico Companies Metal Processing Group
• Optimus Steel
• KOBE STEEL LTD
• WireCo World Group Inc
• JFE Steel Corporation
• Nippon Steel Corporation

News and recent development:

A license to produce a comprehensive range of IS 7904 grade steel wire rods, which are used in bridge cables and tire reinforcement materials, has been granted to the state-run Bhilai Steel Plant (BSP) an arm of state-run Steel Authority of India Limited (SAIL),in Chhattisgarh. (Dated: 20 March 2023)

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