Estonia: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Estonia

The Estonian market for hot-rolled steel bars and rods skyrocketed to $X in 2022, picking up by 39% against the previous year. In general, consumption posted a significant increase. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Production of Hot-Rolled Steel Bars and Rods in Estonia

In value terms, hot-rolled steel bar and rod production contracted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 255% against the previous year. Hot-rolled steel bar and rod production peaked at $X in 2021, and then declined in the following year.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Estonia

In 2022, approx. X tons of hot-rolled steel bars and rods were exported from Estonia; declining by -18.1% on the previous year's figure. In general, exports showed a mild decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 66% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports shrank to $X in 2022. Overall, exports, however, posted moderate growth. The growth pace was the most rapid in 2021 with an increase of 88% against the previous year. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

Finland (X tons) was the main destination for hot-rolled steel bar and rod exports from Estonia, with a 75% share of total exports. Moreover, hot-rolled steel bar and rod exports to Finland exceeded the volume sent to the second major destination, Latvia (X tons), fivefold. Iceland (X tons) ranked third in terms of total exports with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume to Finland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (-4.9% per year) and Iceland (+9.5% per year).

In value terms, Finland ($X) remains the key foreign market for hot-rolled steel bars and rods exports from Estonia, comprising 74% of total exports. The second position in the ranking was held by Latvia ($X), with a 16% share of total exports. It was followed by Iceland, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Finland amounted to +3.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (+0.7% per year) and Iceland (+11.3% per year).

Export Prices by Country

The average export price for hot-rolled steel bars and rods stood at $X per ton in 2022, picking up by 14% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel bar and rod export price increased by +73.7% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 52% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Sweden ($X per ton) and Latvia ($X per ton), while the average price for exports to Lithuania ($X per ton) and Iceland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Estonia

Hot-rolled steel bar and rod imports into Estonia expanded slightly to X tons in 2022, rising by 2.6% against the year before. Over the period under review, imports showed resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 87%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2022. In general, imports enjoyed strong growth. The pace of growth appeared the most rapid in 2021 when imports increased by 144% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

Spain (X tons), Turkey (X tons) and Russia (X tons) were the main suppliers of hot-rolled steel bar and rod imports to Estonia, together comprising 62% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +271.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod suppliers to Estonia were Spain ($X), Turkey ($X) and Russia ($X), with a combined 55% share of total imports.

Turkey, with a CAGR of +281.7%, saw 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 more modest paces of growth.

Import Prices by Country

In 2022, the average import price for hot-rolled steel bars and rods amounted to $X per ton, with an increase of 38% against the previous year. Overall, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel bar and rod import price increased by +95.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 42% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform