In 2023, the UK imported 5.78 million kilograms of bars and rods of silico-manganese steel. Forecasts from 2024 to 2028 show a declining trend, starting at 5.34 million kilograms in 2024 and reducing steadily to 3.68 million kilograms by 2028. Year-on-year percentage declines are projected as follows: 2025 (-8.0%), 2026 (-8.6%), 2027 (-9.2%), and 2028 (-9.9%). The compound annual growth rate (CAGR) over these five years is anticipated to be -8.45%.
Future trends to watch for include technological advancements in steel manufacturing, potential policy changes post-Brexit affecting trade, and shifts in demand from other sectors that might influence steel imports. Monitoring global raw material prices can also provide insights into cost and supply chain implications for these imports.
