India
China
United States
United KingdomIn Q1 2025, steel wire rod prices in China remained stable at $517/MT FOB Shanghai, as the market balanced persistent oversupply with cautious demand from manufacturing and construction sectors. Despite production discipline and some voluntary output cuts by mills, weak export orders and sluggish domestic consumption kept prices from rising. Meanwhile, both the USA and UK experienced price increases, driven by a rebound in infrastructure spending, improved construction activity, and tighter supply chains after a period of destocking and import competition. In the US, renewed buying from downstream sectors and expectations of further demand growth supported firmer offers, while the UK benefited from restocking by distributors and steady demand from automotive and engineering industries. India’s market also saw a moderate uptick, buoyed by government infrastructure initiatives and stable raw material costs.
Q4 2024
In Q4 2024, Wire rod prices increased in both China and India. In China, the rise was driven by a slight rebound in demand from the construction and manufacturing sectors, which are key drivers of steel demand in the country. Additionally, the Chinese government’s increased focus on infrastructure development and stimulus measures provided some support to the market. In the USA, domestic wire rod prices had little downside, as mills faced intense competition from aggressive spot import offers, which pressured prices downward. However, demand from the construction and automotive sectors remained stable, and producers tried to maintain price levels through limited price hikes, despite the import competition.
Q3 2024, Wire rod, Indian domestic prices dropped in the month as producers lowered offers on lukewarm downstream demand in view of the upcoming monsoon season. Prices in the region fell by 4% followed by 11% drop in Chinese market. Steel sector in Chinese market continue to show dull market and buying interest on subdued imports and lower inventory levels. However, on the other hand UK showed minor increase in price for the quarter.
In Q2 2024 Wire rod market depicting a falling trend, with largely stable market dynamics in India. The market sentiment remained largely steady, reflecting a cautious approach among producers and buyers alike. Prices in China showed significant change of 11% in the quarter with falling demand and influence of seasonal pattern across different sectors.
In Q1 2024 Wire rod prices price rise in markets like China, the USA, and the European Union. India saw steady demand in wire rod prices as secondary producers raised their offer levels. This increase occurred despite the absence of major changes in the country’s macroeconomic fundamentals, underscoring the impact of domestic supply-demand dynamics on the price trend. US domestic wire rod prices were more or less steady as market participants have started to see a bottom forming in prices as they expected demand to pick up over the next couple of months.
Q1 2025, wire rod prices in India climbed to $638/MT Ex-Mumbai, marking a robust 3.05% increase over the previous quarter. This upward movement was driven by strong demand from construction, infrastructure, and manufacturing sectors, fueled by government spending and new project launches. Mills operated at high-capacity utilization, and buyers were more active in the market, restocking inventories amid expectations of further price increases. Export opportunities remained favourable, and overall sentiment was upbeat, with the market anticipating sustained growth in the near term.
In Q4 2024, prices rebounded to $619/MT, a 1.95% increase quarter-on-quarter. The post-monsoon period brought renewed momentum to construction and infrastructure projects, leading to improved domestic demand. The wire drawing and fastener industries also increased their procurement, anticipating higher activity in the coming months. Export demand showed slight improvement, and mills were able to implement moderate price hikes as inventories normalized. The market mood turned positive, with expectations of continued recovery.
Q3 2024 saw a notable dip in prices to $607/MT, a 3.74% decline from the previous quarter. The monsoon season led to a slowdown in construction and infrastructure projects, which are major consumers of wire rod. Additionally, some stockists reduced their purchases in anticipation of further price corrections, leading to softer demand. Export activity was also subdued as global buyers remained cautious amid fluctuating international prices. Mills responded by offering discounts to move inventory, but overall, the market remained under pressure with limited buying interest.
During Q2 2024, prices edged slightly higher to $631/MT, up by 0.32% quarter-on-quarter. The onset of the dry season saw a modest pickup in construction activity, which supported wire rod consumption. Demand from the automotive and engineering sectors remained stable, while export opportunities improved marginally due to competitive Indian pricing. Mills benefited from stable input costs, particularly for iron ore and energy, allowing them to hold offers firm. Market sentiment was cautiously optimistic, with participants expecting a steady, if unspectacular, growth trajectory.
In Q1 2024, India’s steel wire rod prices averaged $629/MT Ex-Mumbai, showing a marginal 0.32% increase from the previous quarter. The market was characterized by steady demand from the construction and wire drawing industries, though overall sentiment was somewhat cautious due to subdued export orders and stable raw material costs. Mills maintained production levels, and inventory positions remained balanced. Buyers continued to make purchases on a need-basis, anticipating only minor price movements, while government infrastructure projects provided a floor to domestic demand.
Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
A wire rod is a type of steel product produced through a process where steel is heated and then passed through rollers to reduce its diameter and shape it into long, slender coils. This process enhances the steel’s tensile strength, making it suitable for further processing into wires, cables, and other products.
Packaging Type
Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification |
| Material Standard | ASTM A510, JIS G3503, EN 10016, etc. |
| Carbon Content (%) | Low Carbon: 0.05 – 0.25% |
| Diameter (mm) | 5.5 – 16 mm (Common Sizes) |
| Tensile Strength (MPa) | 400 – 1200 MPa (Depending on Grade) |
| Yield Strength (MPa) | 250 – 1000 MPa |
Applications
These events underscore the STEEL WIRE ROD market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.
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PriceWatch is your trusted resource for tracking global steel wire rod price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the steel wire rod market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.
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Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
A wire rod is a type of steel product produced through a process where steel is heated and then passed through rollers to reduce its diameter and shape it into long, slender coils. This process enhances the steel’s tensile strength, making it suitable for further processing into wires, cables, and other products.
Packaging Type
Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification |
| Material Standard | ASTM A510, JIS G3503, EN 10016, etc. |
| Carbon Content (%) | Low Carbon: 0.05 – 0.25% |
| Diameter (mm) | 5.5 – 16 mm (Common Sizes) |
| Tensile Strength (MPa) | 400 – 1200 MPa (Depending on Grade) |
| Yield Strength (MPa) | 250 – 1000 MPa |
Applications
The pricing of Steel Wire rod is influenced by several key factors, including:
1. Raw Material Costs
• Iron Ore & Scrap Prices – The cost of raw materials like iron ore and steel scrap directly affects Steel Wire rod prices.
• Alloying Elements – Prices of elements like carbon, manganese, and chromium impact cost.
2. Supply & Demand
• Construction & Infrastructure Projects – High demand from the construction sector raises prices.
• Automobile & Manufacturing Industry – Increased use in fasteners, springs, and cables affects demand.
3. Production Costs
• Energy Costs – Electricity and fuel costs in steel mills influence final pricing.
• Labor & Operational Costs – Wages and overheads impact production expenses.
4. Market Conditions & Trade Policies
• Import/Export Tariffs & Duties – Trade restrictions and tariffs can raise or lower prices.
• Government Regulations & Policies – Environmental policies and steel industry regulations impact costs.
5. Currency Exchange Rates
• Since steel is traded globally, fluctuations in currency values affect import/export pricing.
6. Logistics & Transportation
• Shipping Costs – Freight rates and fuel prices impact delivery expenses.
• Geographical Proximity to Mills – Distance from production sites affects final cost.
7. Economic Conditions
• Inflation & Interest Rates – Economic downturns or growth affect steel consumption.
• Global Market Trends – Prices are influenced by steel production trends in China, India, and other major producers.
Steel Wire rod prices and inflation are closely linked, as fluctuations in steel prices can influence overall inflation through cost-push effects in industries like construction, automotive, and manufacturing. Rising raw material costs, energy prices, and transportation expenses contribute to higher Steel Wire rod prices, which, in turn, increase production costs for end-use sectors, leading to broader inflationary pressures. Conversely, high inflation can drive up input costs, including labor and logistics, further escalating steel Steel Wire rod prices. Central bank policies, interest rates, and currency fluctuations also play a role in shaping this relationship by affecting both production costs and demand dynamics.
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