EU: Iron And Steel Market 2024

Iron And Steel Market Size in the EU

The EU iron and steel market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Iron And Steel Production in the EU

In value terms, iron and steel production expanded notably to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 18%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Iron And Steel Exports

Exports in the EU

In 2021, shipments abroad of iron and steel increased by 15% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 27% against the previous year. The volume of export peaked at X tons in 2012; afterwards, it flattened through to 2021.

In value terms, iron and steel exports soared to $X in 2021. Total exports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +38.8% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, the Netherlands (X tons), distantly followed by Germany (X tons), France (X tons), Sweden (X tons), Poland (X tons), the Czech Republic (X tons), Belgium (X tons) and Italy (X tons) were the main exporters of iron and steel, together constituting 95% of total exports.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +10.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) remains the largest iron and steel supplier in the European Union, comprising 32% of total exports. The second position in the ranking was held by Germany ($X), with a 15% share of total exports. It was followed by France, with a 13% share.

From 2012 to 2021, the average annual growth rate of value in the Netherlands amounted to +9.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+2.8% per year) and France (+10.8% per year).

Export Prices by Country

The export price in the European Union stood at $X per ton in 2021, with an increase of 37% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2018 when the export price increased by 40%. The level of export peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.4%), while the other leaders experienced more modest paces of growth.

Iron And Steel Imports

Imports in the EU

In 2021, after two years of decline, there was significant growth in overseas purchases of iron and steel, when their volume increased by 28% to X tons. Over the period under review, imports, however, showed a relatively flat trend pattern. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, iron and steel imports surged to $X in 2021. In general, imports saw modest growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Italy (X tons) represented the largest importer of iron and steel, generating 42% of total imports. It was distantly followed by the Netherlands (X tons), Germany (X tons), Spain (X tons) and Poland (X tons), together committing a 38% share of total imports. Belgium (X tons), Denmark (X tons), France (X tons), Romania (X tons) and the Czech Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to iron and steel imports into Italy stood at +2.8%. At the same time, the Netherlands (+6.2%), Poland (+2.3%) and Denmark (+2.3%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the European Union, with a CAGR of +6.2% from 2012-2021. Romania and the Czech Republic experienced a relatively flat trend pattern. By contrast, Spain (-1.3%), France (-3.2%), Germany (-7.9%) and Belgium (-10.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Italy and the Netherlands increased by +9.4 and +6.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) constitutes the largest market for imported iron and steel in the European Union, comprising 39% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 15% share of total imports. It was followed by Germany, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Italy totaled +4.9%. In the other countries, the average annual rates were as follows: the Netherlands (+8.0% per year) and Germany (-7.7% per year).

Import Prices by Country

In 2021, the import price in the European Union amounted to $X per ton, rising by 52% against the previous year. Import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while Romania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform