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Mar 14, 2025

UK's Hot-Rolled Steel Bars and Rods Market to Experience Slow Growth at +0.3% CAGR by 2035 - 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 see continued growth in demand, with a forecasted CAGR of +0.3% in volume and +1.8% in value from 2024 to 2035. This expansion is expected to result in a market volume of 7.5M tons and a value of $11.6B by the end of 2035.

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, the amount of hot-rolled steel bars and rods consumed in the UK expanded sharply to 7.2M tons, surging by 8% on 2023 figures. In general, consumption continues to indicate a resilient expansion. Over the period under review, consumption hit record highs 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 rose notably to $9.5B in 2024, increasing 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 showed resilient growth. Hot-rolled steel bar and rod consumption peaked at $10.1B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

In 2024, the amount of hot-rolled steel bars and rods produced in the UK totaled 6.7M tons, rising by 4.9% against the previous year's figure. In general, the total production indicated a noticeable expansion from 2013 to 2024: its volume increased at an average annual rate of +4.9% over the last eleven-year period. 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 pace of growth appeared the most rapid in 2014 with an increase of 31% against the previous year. Hot-rolled steel bar and rod production peaked at 7M tons in 2022; however, from 2023 to 2024, production remained at a lower figure.

In value terms, hot-rolled steel bar and rod production expanded markedly to $9.4B in 2024 estimated in export price. Overall, production recorded strong growth. The growth pace was the most rapid in 2021 with an increase of 61%. Over the period under review, production attained the maximum level at $10.2B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

Hot-rolled steel bar and rod imports into the UK skyrocketed to 904K tons in 2024, jumping by 33% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.0% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Imports peaked at 1.1M tons in 2014; however, from 2015 to 2024, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports expanded slightly to $812M in 2024. Overall, total imports indicated a mild 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%. 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 supplier of hot-rolled steel bar and rod to the UK, accounting for 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. The third position in this ranking was held by France (92K tons), with a 10% share.

From 2013 to 2024, the average annual rate of growth in terms of volume from Portugal totaled +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 rates of growth with regard to the value of imports, among 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. The third position in this ranking was held by hot-rolled bars in bearing steels (40K tons), 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 totaled +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 rate of growth in terms 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, falling by -21.7% against the previous year. In general, 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% against the previous year. The import price peaked at $1,177 per ton in 2022; however, from 2023 to 2024, import prices remained at a 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.

In 2024, the average import price for hot-rolled steel bars and rods amounted to $898 per ton, dropping by -21.7% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 30% against the previous year. The import price peaked at $1,177 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

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. Overall, exports, however, saw a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 8.1%. Over the period under review, the exports hit record highs at 1.2M tons in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

In value terms, hot-rolled steel bar and rod exports dropped sharply to $488M in 2024. In general, exports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by 27%. Over the period under review, the exports hit record highs 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 growth rate of volume to Germany amounted to -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) appeared to be 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 accounting for a further 43%.

In terms of the main countries of destination, Poland, with a CAGR of -0.8%, recorded the highest rates of growth with regard to 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 growth rate 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 rate of growth in terms of the value of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils exports amounted to -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).

In 2024, the average export price for hot-rolled steel bars and rods amounted to $1,293 per ton, shrinking by -21.4% against the previous year. Overall, the export price, however, showed a measured expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 91%. Over the period under review, the average export prices reached the peak figure 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 the product type; 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, reducing by -21.4% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 91%. Over the period under review, the average export prices hit record highs at $1,817 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

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.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

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