UK's Hot-Rolled Steel Bars and Rods Market to Reach 7.5M tons by 2035, Valued at $11.6B - News and Statistics - IndexBox

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IndexBox has just published a new report: United Kingdom - Hot-Rolled Steel Bars and Rods - Market Analysis, Forecast, Size, Trends and Insights.

The UK hot-rolled steel bars and rods market is set to experience continuous growth in demand, with market performance expected to expand at a CAGR of +0.3% in volume and +1.8% in value from 2024 to 2035. By the end of 2035, the market is projected to reach 7.5M tons in volume and $11.6B in value (in nominal wholesale prices).

Driven by increasing demand for hot-rolled steel bars and rods in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.3% for the period from 2024 to 2035, which is projected to bring the market volume to 7.5M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market value to $11.6B (in nominal wholesale prices) by the end of 2035.

In 2024, approx. 7.2M tons of hot-rolled steel bars and rods were consumed in the UK; surging by 8% on the year before. Overall, consumption showed a buoyant expansion. Hot-rolled steel bar and rod consumption peaked at 7.5M tons in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The size of the market for hot-rolled steel bars and rods in the UK reached $9.5B in 2024, growing by 11% 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, consumption continues to indicate a buoyant expansion. Hot-rolled steel bar and rod consumption peaked at $10.1B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

In 2024, production of hot-rolled steel bars and rods in the UK rose modestly to 6.7M tons, picking up by 4.9% compared with 2023. Overall, the total production indicated a pronounced increase from 2013 to 2024: its volume increased at an average annual rate of +4.9% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -4.5% against 2022 indices. The most prominent rate of growth was recorded in 2014 with an increase of 31% against the previous year. Over the period under review, production hit record highs at 7M tons in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod production expanded rapidly to $9.4B in 2024 estimated in export price. Over the period under review, production saw resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 61%. Hot-rolled steel bar and rod production peaked at $10.2B in 2022; however, from 2023 to 2024, production failed to regain momentum.

In 2024, approx. 904K tons of hot-rolled steel bars and rods were imported into the UK; jumping by 33% on 2023 figures. The total import volume increased at an average annual rate of +1.0% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at 1.1M tons in 2014; however, from 2015 to 2024, imports failed to regain momentum.

In value terms, hot-rolled steel bar and rod imports rose slightly to $812M in 2024. Over the period under review, total imports indicated a slight increase from 2013 to 2024: its value increased at an average annual rate of +1.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -24.0% against 2022 indices. The most prominent rate of growth was recorded in 2021 with an increase of 68% against the previous year. Imports peaked at $1.1B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

In 2024, Portugal (244K tons) constituted the largest hot-rolled steel bar and rod supplier to the UK, with a 27% share of total imports. Moreover, hot-rolled steel bar and rod imports from Portugal exceeded the figures recorded by the second-largest supplier, Germany (101K tons), twofold. France (92K tons) ranked third in terms of total imports with a 10% share.

From 2013 to 2024, the average annual growth rate of volume from Portugal amounted to +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-1.7% per year) and France (+2.9% per year).

In value terms, Portugal ($176M), France ($102M) and Germany ($91M) were the largest hot-rolled steel bar and rod suppliers to the UK, with a combined 45% share of total imports. Spain, Turkey, the Czech Republic, Algeria, Italy, Belarus, Russia and China lagged somewhat behind, together comprising a further 37%.

Algeria, with a CAGR of +54.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

In 2024, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (605K tons) constituted the largest type of hot-rolled steel bars and rods supplied to the UK, accounting for a 67% share of total imports. Moreover, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling exceeded the figures recorded for the second-largest type, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (230K tons), threefold. Hot-rolled bars in bearing steels (40K tons) ranked third in terms of total imports with a 4.4% share.

From 2013 to 2024, the average annual rate of growth in terms of the volume of iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling imports amounted to +2.6%. With regard to the other supplied products, the following average annual rates of growth were recorded: iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (-0.2% per year) and hot-rolled bars in bearing steels (-3.8% per year).

In value terms, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($470M) constituted the largest type of hot-rolled steel bars and rods supplied to the UK, comprising 58% of total imports. The second position in the ranking was taken by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($185M), with a 23% share of total imports. It was followed by hot-rolled bars in bearing steels, with an 8.7% share.

From 2013 to 2024, the average annual growth rate of the value of iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling imports totaled +3.4%. With regard to the other supplied products, the following average annual rates of growth were recorded: iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (+1.0% per year) and hot-rolled bars in bearing steels (-2.2% per year).

In 2024, the average import price for hot-rolled steel bars and rods amounted to $898 per ton, shrinking by -21.7% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 30%. Over the period under review, average import prices attained the maximum at $1,177 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplied products. In 2024, the product with the highest price was steel, stainless ($8,764 per ton), while the price for iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($776 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by steel, stainless; bars and rods, hot-rolled, hot-drawn or extruded, other than of circular cross-section (+7.0%), while the prices for the other products experienced more modest paces of growth.

The average import price for hot-rolled steel bars and rods stood at $898 per ton in 2024, shrinking by -21.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 30% against the previous year. Over the period under review, average import prices reached the maximum at $1,177 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($1,748 per ton), while the price for Belarus ($503 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by China (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, shipments abroad of hot-rolled steel bars and rods was finally on the rise to reach 377K tons after three years of decline. Over the period under review, exports, however, showed a abrupt curtailment. The growth pace was the most rapid in 2018 when exports increased by 8.1%. Over the period under review, the exports reached the maximum at 1.2M tons in 2013; however, from 2014 to 2024, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports fell remarkably to $488M in 2024. In general, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 27%. Over the period under review, the exports reached the peak figure at $1.2B in 2014; however, from 2015 to 2024, the exports failed to regain momentum.

Germany (90K tons) was the main destination for hot-rolled steel bar and rod exports from the UK, with a 24% share of total exports. Moreover, hot-rolled steel bar and rod exports to Germany exceeded the volume sent to the second major destination, Italy (39K tons), twofold. The third position in this ranking was held by Ireland (38K tons), with a 10% share.

From 2013 to 2024, the average annual rate of growth in terms of volume to Germany stood at -7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-4.3% per year) and Ireland (-4.7% per year).

In value terms, Germany ($81M), Italy ($64M) and the United States ($44M) were the largest markets for hot-rolled steel bar and rod exported from the UK worldwide, with a combined 39% share of total exports. Ireland, France, Poland, Belgium, Turkey, Spain, Sweden, the Netherlands and the Czech Republic lagged somewhat behind, together comprising a further 43%.

In terms of the main countries of destination, Poland, with a CAGR of -0.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (231K tons) was the largest type of hot-rolled steel bars and rods exported from the UK, with a 61% share of total exports. Moreover, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils exceeded the volume of the second product type, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (79K tons), threefold. The third position in this ranking was held by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (41K tons), with an 11% share.

From 2013 to 2024, the average annual rate of growth in terms of the volume of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils exports stood at -9.8%. With regard to the other exported products, the following average annual rates of growth were recorded: iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (-12.5% per year) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (+4.7% per year).

In value terms, iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($186M) remains the largest type of hot-rolled steel bars and rods exported from the UK, comprising 38% of total exports. The second position in the ranking was taken by hot-rolled bars in bearing steels ($79M), with a 16% share of total exports. It was followed by iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling, with a 14% share.

From 2013 to 2024, the average annual growth rate of the value of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils exports stood at -8.9%. With regard to the other exported products, the following average annual rates of growth were recorded: hot-rolled bars in bearing steels (-7.2% per year) and iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (-11.7% per year).

The average export price for hot-rolled steel bars and rods stood at $1,293 per ton in 2024, waning by -21.4% against the previous year. Overall, the export price, however, saw a pronounced expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 91% against the previous year. The export price peaked at $1,817 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices for the major types of exported product. In 2024, the product with the highest price was hot-rolled round bars of stainless steel ($9,657 per ton), while the average price for exports of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($807 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: hot-rolled bearing steel bar (+14.0%), while the prices for the other products experienced more modest paces of growth.

In 2024, the average export price for hot-rolled steel bars and rods amounted to $1,293 per ton, falling by -21.4% against the previous year. In general, the export price, however, recorded moderate growth. The growth pace was the most rapid in 2021 when the average export price increased by 91% against the previous year. The export price peaked at $1,817 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($3,209 per ton), while the average price for exports to Turkey ($861 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to France (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in the UK. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

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Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles