Bulgaria: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Bulgaria

The Bulgarian iron and steel wire market skyrocketed to $X in 2021, surging by 23% against the previous year. In general, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +57.4% against 2013 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in the near future.

Production of Iron and Steel Wire in Bulgaria

In value terms, iron and steel wire production surged to $X in 2021 estimated in export price. Overall, production, however, recorded significant growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 77%. Over the period under review, production reached the maximum level in 2021 and is expected to retain growth in years to come.

Exports of Iron and Steel Wire

Exports from Bulgaria

In 2021, after five years of growth, there was significant decline in shipments abroad of iron and steel wire, when their volume decreased by -10.3% to X tons. In general, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 183%. Over the period under review, the exports attained the maximum at X tons in 2020, and then fell in the following year.

In value terms, iron and steel wire exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a resilient expansion. The growth pace was the most rapid in 2016 when exports increased by 141% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Romania (X tons), Belgium (X tons) and Italy (X tons) were the main destinations of iron and steel wire exports from Bulgaria, together accounting for 52% of total exports. These countries were followed by Greece, Serbia, the Czech Republic, Poland, France, Hungary, Croatia, Bosnia and Herzegovina and the Netherlands, which together accounted for a further 41%.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of +231.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron and steel wire exported from Bulgaria were Romania ($X), Belgium ($X) and Italy ($X), with a combined 51% share of total exports. Greece, Serbia, the Czech Republic, Poland, France, Hungary, Croatia, Bosnia and Herzegovina and the Netherlands lagged somewhat behind, together accounting for a further 39%.

The Czech Republic, with a CAGR of +168.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron and steel wire export price amounted to $X per ton, rising by 45% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Bosnia and Herzegovina ($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 Belgium (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into Bulgaria

In 2021, after three years of growth, there was decline in overseas purchases of iron and steel wire, when their volume decreased by -2.2% to X tons. Overall, imports, however, saw slight growth. The growth pace was the most rapid in 2013 with an increase of 83%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, iron and steel wire imports surged to $X in 2021. In general, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +79.5% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) constituted the largest iron and steel wire supplier to Bulgaria, accounting for a 42% share of total imports. Moreover, iron and steel wire imports from Turkey exceeded the figures recorded by the second-largest supplier, the Czech Republic (X tons), fivefold. The third position in this ranking was taken by Germany (X tons), with a 7.5% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey amounted to +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+2.5% per year) and Germany (+7.5% per year).

In value terms, Turkey ($X) constituted the largest supplier of iron and steel wire to Bulgaria, comprising 28% of total imports. The second position in the ranking was taken by China ($X), with an 11% share of total imports. It was followed by Germany, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.9% per year) and Germany (+6.9% per year).

Import Prices by Country

In 2021, the average iron and steel wire import price amounted to $X per ton, with an increase of 36% against the previous year. Over the period under review, import price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the average import price increased by 93% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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