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Apr 08, 2025

United States's hot-rolled steel bar and rod market to see slight growth with a CAGR of +0.3% over the next decade - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform. IndexBox has just published a new report: U.S. - Hot-Rolled Steel Bars and Rods - Market Analysis,

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

Driven by increasing demand, the hot-rolled steel bar and rod market in the United States is set to experience steady growth over the next decade. With a forecasted CAGR of +0.3% in volume and +0.8% in value from 2024 to 2035, the market is expected to reach 12M tons and $18.2B respectively by the end of 2035.

Driven by rising demand for hot-rolled steel bar and rod in the United States, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.3% for the period from 2024 to 2035, which is projected to bring the market volume to 12M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.8% for the period from 2024 to 2035, which is projected to bring the market value to $18.2B (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of hot-rolled steel bars and rods decreased by -1.3% to 12M tons, falling for the second consecutive year after two years of growth. Overall, consumption saw a noticeable setback. As a result, consumption reached the peak volume of 17M tons. From 2015 to 2024, the growth of the consumption failed to regain momentum.

The revenue of the market for hot-rolled steel bars and rods in the United States reached $16.6B in 2024, increasing by 2.9% 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). In general, consumption continues to indicate a relatively flat trend pattern. Hot-rolled steel bar and rod consumption peaked at $18.6B in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

Hot-rolled steel bar and rod production in the United States contracted modestly to 9.9M tons in 2024, remaining constant against the previous year. Overall, production saw a perceptible reduction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 6.5%. As a result, production attained the peak volume of 14M tons. From 2015 to 2024, production growth remained at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod production rose slightly to $14B in 2024. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 when the production volume increased by 17% against the previous year. Over the period under review, production hit record highs at $15.3B in 2014; however, from 2015 to 2024, production stood at a somewhat lower figure.

In 2024, purchases abroad of hot-rolled steel bars and rods decreased by -4.5% to 2.9M tons, falling for the second consecutive year after two years of growth. In general, imports saw a slight decrease. The pace of growth appeared the most rapid in 2021 with an increase of 38% against the previous year. Over the period under review, imports reached the maximum at 4.6M tons in 2015; however, from 2016 to 2024, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports declined to $2.9B in 2024. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 82%. Over the period under review, imports attained the maximum at $4.1B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

In 2024, Canada (882K tons) constituted the largest supplier of hot-rolled steel bar and rod to the United States, with a 31% share of total imports. Moreover, hot-rolled steel bar and rod imports from Canada exceeded the figures recorded by the second-largest supplier, Japan (380K tons), twofold. The third position in this ranking was taken by Egypt (284K tons), with a 9.9% share.

From 2013 to 2024, the average annual rate of growth in terms of volume from Canada was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.4% per year) and Egypt (+27.1% per year).

In value terms, the largest hot-rolled steel bar and rod suppliers to the United States were Canada ($943M), Japan ($487M) and Egypt ($162M), together comprising 55% of total imports.

Among the main suppliers, Egypt, with a CAGR of +25.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

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 (1.2M tons), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (953K tons) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (427K tons) were the main products of hot-rolled steel bar and rod imports to the United States, with a combined 90% share of total imports. Hot-rolled bars in bearing steels, hot-rolled wire rod in coil of stainless steel, steel, stainless and hot-rolled round bars of stainless steel lagged somewhat behind, together comprising a further 10%.

From 2013 to 2024, the biggest increases were recorded for hot-rolled wire rod in coil of stainless steel (with a CAGR of +2.7%), while purchases for the other products experienced mixed trend patterns.

In value terms, hot-rolled steel bars and rods with the largest imports in the United States were 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 ($854M), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($832M) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils ($560M), together accounting for 79% of total imports. Hot-rolled bars in bearing steels, hot-rolled wire rod in coil of stainless steel, steel, stainless and hot-rolled round bars of stainless steel lagged somewhat behind, together accounting for a further 21%.

Among the main product categories, hot-rolled wire rod in coil of stainless steel, with a CAGR of +3.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases 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 $1,002 per ton, shrinking by -1.6% against the previous year. In general, import price indicated a mild increase from 2013 to 2024: its price increased at an average annual rate of +1.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled steel bar and rod import price decreased by -12.3% against 2022 indices. The pace of growth appeared the most rapid in 2021 an increase of 32% against the previous year. The import price peaked at $1,143 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 hot-rolled round bars of stainless steel ($5,387 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 ($733 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (+4.3%), 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 $1,002 per ton, falling by -1.6% against the previous year. Overall, import price indicated a mild expansion from 2013 to 2024: its price increased at an average annual rate of +1.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled steel bar and rod import price decreased by -12.3% against 2022 indices. The pace of growth appeared the most rapid in 2021 an increase of 32%. Over the period under review, average import prices hit record highs at $1,143 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 ($1,835 per ton), while the price for Oman ($524 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by China (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, hot-rolled steel bar and rod exports from the United States reduced to 709K tons, declining by -7.8% on the year before. In general, exports recorded a abrupt descent. The pace of growth appeared the most rapid in 2021 when exports increased by 76%. The exports peaked at 1.3M tons in 2014; however, from 2015 to 2024, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports contracted to $1B in 2024. Overall, exports continue to indicate a noticeable slump. The pace of growth appeared the most rapid in 2021 with an increase of 70% against the previous year. Over the period under review, the exports attained the maximum at $1.4B in 2014; however, from 2015 to 2024, the exports stood at a somewhat lower figure.

Canada (365K tons), Mexico (282K tons) and the Dominican Republic (28K tons) were the main destinations of hot-rolled steel bar and rod exports from the United States, together comprising 95% of total exports.

From 2013 to 2024, the biggest increases were recorded for the Dominican Republic (with a CAGR of +2.7%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for hot-rolled steel bar and rod exported from the United States were Canada ($449M), Mexico ($414M) and the Dominican Republic ($23M), together comprising 86% of total exports.

In terms of the main countries of destination, the Dominican Republic, with a CAGR of +2.7%, 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 mixed trend patterns.

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 (328K tons), hot-rolled bars in bearing steels (216K tons) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (108K tons) were the main products of hot-rolled steel bar and rod exports from the United States, with a combined 95% share of total exports. Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils, hot-rolled round bars of stainless steel, steel, stainless and hot-rolled wire rod in coil of stainless steel lagged somewhat behind, together comprising a further 4.7%.

From 2013 to 2024, the biggest increases were recorded for steel, stainless (with a CAGR of -0.8%), while shipments for the other products experienced a decline.

In value terms, hot-rolled steel bars and rods with the largest exports in the United States were 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 ($357M), hot-rolled bars in bearing steels ($344M) and hot-rolled round bars of stainless steel ($111M), together accounting for 81% of total exports.

Among the main product categories, hot-rolled round bars of stainless steel, with a CAGR of +3.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced mixed trend patterns.

In 2024, the average export price for hot-rolled steel bars and rods amounted to $1,454 per ton, dropping by -3% against the previous year. Overall, export price indicated a temperate increase from 2013 to 2024: its price increased at an average annual rate of +2.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled steel bar and rod export price decreased by -6.4% against 2022 indices. The most prominent rate of growth was recorded in 2022 an increase of 24% against the previous year. As a result, the export price reached the peak level of $1,553 per ton. From 2023 to 2024, the average export prices remained at a lower figure.

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 ($15,243 per ton), while the average price for exports of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($979 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 wire stainless steel rod (+8.1%), while the prices for the other products experienced more modest paces of growth.

The average export price for hot-rolled steel bars and rods stood at $1,454 per ton in 2024, declining by -3% against the previous year. Over the period under review, export price indicated measured growth from 2013 to 2024: its price increased at an average annual rate of +2.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled steel bar and rod export price decreased by -6.4% against 2022 indices. The pace of growth appeared the most rapid in 2022 when the average export price increased by 24%. As a result, the export price reached the peak level of $1,553 per ton. From 2023 to 2024, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($1,466 per ton), while the average price for exports to the Dominican Republic ($831 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 Mexico (+2.9%), 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 U.S.. 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