Bulgaria: Iron And Steel Market 2024

Iron And Steel Market Size in Bulgaria

The Bulgarian iron and steel market totaled $X in 2021, increasing by 8.2% against the previous year. In general, consumption, however, continues to indicate a mild curtailment. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Iron And Steel Production in Bulgaria

In value terms, iron and steel production rose notably to $X in 2021 estimated in export price. Overall, production recorded a mild reduction. The pace of growth was the most pronounced in 2014 with an increase of 12%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Iron And Steel Exports

Exports from Bulgaria

In 2021, overseas shipments of iron and steel increased by 126% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 200% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, iron and steel exports soared to $X in 2021. Overall, exports, however, continue to indicate a pronounced contraction. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Greece (X tons) was the main destination for iron and steel exports from Bulgaria, with a 83% share of total exports. Moreover, iron and steel exports to Greece exceeded the volume sent to the second major destination, Romania (X tons), ninefold. The third position in this ranking was taken by Serbia (X tons), with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to Greece totaled +57.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-18.2% per year) and Serbia (-9.9% per year).

In value terms, Greece ($X) remains the key foreign market for iron and steel exports from Bulgaria, comprising 70% of total exports. The second position in the ranking was held by Romania ($X), with a 13% share of total exports. It was followed by Serbia, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Greece amounted to +47.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-15.9% per year) and Serbia (-7.3% per year).

Export Prices by Country

In 2021, the average iron and steel export price amounted to $X per ton, growing by 24% against the previous year. Over the period under review, the export price, however, showed a perceptible slump. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Greece ($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 North Macedonia (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into Bulgaria

In 2021, purchases abroad of iron and steel was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, total imports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, iron and steel imports surged to $X in 2021. Over the period under review, imports saw a slight expansion. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Ukraine (X tons), Russia (X tons) and Austria (X tons) were the main suppliers of iron and steel imports to Bulgaria, together comprising 99% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +69.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Ukraine ($X), Russia ($X) and Austria ($X) constituted the largest iron and steel suppliers to Bulgaria, with a combined 98% share of total imports.

Russia, with a CAGR of +68.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average iron and steel import price amounted to $X per ton, jumping by 55% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+2.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform