Azerbaijan: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in Azerbaijan

The Azerbaijani market for raw steel and steel semi-finished products dropped to $X in 2021, waning by -14% against the previous year. Overall, consumption, however, continues to indicate a measured increase. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Raw Steel And Steel Semi-Finished Products in Azerbaijan

In value terms, production of raw steel and steel semi-finished products dropped slightly to $X in 2021 estimated in export price. In general, the total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -12.8% against 2018 indices. The pace of growth appeared the most rapid in 2017 with an increase of 54%. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Azerbaijan

In 2021, shipments abroad of raw steel and steel semi-finished products increased by 225% to X tons for the first time since 2016, thus ending a four-year declining trend. Overall, exports, however, continue to indicate a abrupt descent. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, exports of raw steel and steel semi-finished products surged to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt curtailment. Over the period under review, the exports of reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X tons) was the main destination for exports of raw steel and steel semi-finished products from Azerbaijan, with a 95% share of total exports. It was followed by Estonia (X tons), with a 1.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey stood at +79.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+48.2% per year) and Iran (-45.0% per year).

In value terms, Turkey ($X) remains the key foreign market for raw steel and steel semi-finished products exports from Azerbaijan, comprising 88% of total exports. The second position in the ranking was taken by Estonia ($X), with a 2.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkey amounted to +77.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+60.3% per year) and Iran (-45.9% per year).

Export Prices by Country

The average export price for raw steel and steel semi-finished products stood at $X per ton in 2021, increasing by 36% against the previous year. Over the period under review, the export price saw a slight increase. The most prominent rate of growth was recorded in 2018 an increase of 41%. The export price peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Estonia ($X per ton), while the average price for exports to Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+8.2%), while the prices for the other major destinations experienced a decline.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Azerbaijan

In 2021, overseas purchases of raw steel and steel semi-finished products decreased by -1.1% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports continue to indicate a dramatic descent. The most prominent rate of growth was recorded in 2017 when imports increased by 892% against the previous year. Over the period under review, imports of reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of raw steel and steel semi-finished products shrank remarkably to $X in 2021. Overall, imports recorded a sharp slump. The most prominent rate of growth was recorded in 2017 when imports increased by 294% against the previous year. Over the period under review, imports of reached the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Russia (X tons) constituted the largest supplier of raw steel and steel semi-finished products to Azerbaijan, accounting for a 78% share of total imports. Moreover, imports of raw steel and steel semi-finished products from Russia exceeded the figures recorded by the second-largest supplier, Iran (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia amounted to -43.9%.

In value terms, Russia ($X) constituted the largest supplier of raw steel and steel semi-finished products to Azerbaijan, comprising 53% of total imports. The second position in the ranking was held by Iran ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Russia totaled -45.7%.

Import Prices by Country

The average import price for raw steel and steel semi-finished products stood at $X per ton in 2021, waning by -37.6% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 228% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was Iran ($X per ton), while the price for Russia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (-3.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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