Stranded Wire Import in United States Increases Dramatically to $173M in March 2023
U.S. Stranded Wire Imports
Stranded wire imports into the United States soared to 56K tons in March 2023, with an increase of 18% on the month before. The total import volume increased at an average monthly rate of +1.0% from March 2022 to March 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in April 2022 when imports increased by 35% against the previous month.
In value terms, stranded wire imports surged to $173M (IndexBox estimates) in March 2023. The total import value increased at an average monthly rate of +1.3% over the period from March 2022 to March 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain months. The most prominent rate of growth was recorded in April 2022 with an increase of 27% against the previous month.
Imports by Country
India (11K tons), Vietnam (9.1K tons) and China (4.8K tons) were the main suppliers of stranded wire imports to the United States, with a combined 45% share of total imports.
From March 2022 to March 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +18.2%), while imports for the other leaders experienced more modest paces of growth.
In value terms, India ($37M) constituted the largest supplier of stranded wire to the United States, comprising 22% of total imports. The second position in the ranking was taken by Mexico ($18M), with a 10% share of total imports. It was followed by Vietnam, with a 9.4% share.
From March 2022 to March 2023, the average monthly growth rate of value from India amounted to +17.6%. The remaining supplying countries recorded the following average monthly rates of imports growth: Mexico (-1.8% per month) and Vietnam (+0.3% per month).
Imports by Type
Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated (37K tons), aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (19K tons) and copper stranded wire, cables and plaited bands (517 tons) were the main products of stranded wire imports to the United States.
From March 2022 to March 2023, the most notable rate of growth in terms of purchases, amongst the major product types, was attained by aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (with a CAGR of +8.6%), while imports for the other products experienced mixed trend patterns.
In value terms, stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated ($96M), aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) ($70M) and copper stranded wire, cables and plaited bands ($7.3M) were the most imported types of stranded wire, ropes and cables in the United States.
Import Prices by Country
In March 2023, the stranded wire price amounted to $3,089 per ton (CIF, US), surging by 3.2% against the previous month. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in November 2022 an increase of 9.5% month-to-month. As a result, import price attained the peak level of $3,218 per ton. From December 2022 to March 2023, the average import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Canada ($4,551 per ton), while the price for Malaysia ($1,276 per ton) was amongst the lowest.
From March 2022 to March 2023, the most notable rate of growth in terms of prices was attained by Turkey (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.
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