Azerbaijan: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Azerbaijan

The Azerbaijani market for hot-rolled non-alloy steel wire rods contracted to $X in 2021, which is down by -11.3% 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 saw a perceptible decrease. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Azerbaijan

After three years of decline, shipments abroad of hot-rolled non-alloy steel wire rods increased by 29% to X tons in 2021. Overall, exports recorded a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 771% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 722%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Georgia (X tons) was the main destination for hot-rolled non-alloy steel wire rod exports from Azerbaijan, accounting for a approx. 100% share of total exports.

From 2014 to 2021, the average annual growth rate of volume to Georgia amounted to +56.1%.

In value terms, Georgia ($X) also remains the key foreign market for hot-rolled non-alloy steel wire rods exports from Azerbaijan.

From 2014 to 2021, the average annual growth rate of value to Georgia totaled +60.1%.

Export Prices by Country

The average export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, jumping by 57% against the previous year. Over the period under review, export price indicated a tangible expansion from 2014 to 2021: its price increased at an average annual rate of +2.6% over the last seven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Georgia.

From 2014 to 2021, the rate of growth in terms of prices for Georgia amounted to +2.6% per year.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into Azerbaijan

In 2021, purchases abroad of hot-rolled non-alloy steel wire rods decreased by -34% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 123% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod imports expanded sharply to $X in 2021. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 178%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Russia (X tons) constituted the largest supplier of hot-rolled non-alloy steel wire rod to Azerbaijan, with a 73% share of total imports. Moreover, hot-rolled non-alloy steel wire rod imports from Russia exceeded the figures recorded by the second-largest supplier, Iran (X tons), fivefold. Turkey (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia amounted to +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+61.4% per year) and Turkey (+26.8% per year).

In value terms, Russia ($X) constituted the largest supplier of hot-rolled non-alloy steel wire rods to Azerbaijan, comprising 67% of total imports. The second position in the ranking was held by Turkey ($X), with a 16% share of total imports. It was followed by Iran, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from Russia stood at +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+40.5% per year) and Iran (+65.6% per year).

Import Prices by Country

In 2021, the average import price for hot-rolled non-alloy steel wire rods amounted to $X per ton, with an increase of 60% against the previous year. In general, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform