Steel Wire Market Overview in the USA

In 2019, the U.S. steel wire market decreased by -% to $, falling for the fourth year in a row after three years of growth. In general, consumption continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the market value increased by % y-o-y. Over the period under review, the market hit record highs at $ in 2015; however, from 2016 to 2019, consumption stood at a somewhat lower figure.

In value terms, steel wire production fell to $ in 2019. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by % y-o-y. As a result, production reached the peak level of $. From 2015 to 2019, production growth remained at a somewhat lower figure.

For the fourth consecutive year, the U.S. recorded decline in consumption of steel wire, which decreased by -% to tonnes in 2019. In general, consumption continues to indicate a mild slump. The pace of growth appeared the most rapid in 2015 with an increase of % y-o-y. Over the period under review, consumption reached the peak volume at tonnes in 2013; however, from 2014 to 2019, consumption failed to regain the momentum.

The revenue of the steel wire market in the U.S. contracted to $ in 2019, waning by -% 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, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the market value increased by % year-to-year. Steel wire consumption peaked at $ in 2015; however, from 2016 to 2019, consumption stood at a somewhat lower figure.

Depressed by shrinking demand for steel wire in the U.S., the market is expected to continue its downward consumption trend over the next decade. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from 2019 to , which is projected to depress the market volume to tonnes by the end of .

In 2019, the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports increased moderately ( percentage point) over the period under review.

The U.S. remains a net importer of steel wire; in physical and value terms, imports consistently exceeded exports from 2013 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.