Finland: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Finland

In 2022, after six years of growth, there was decline in the Finnish steel and iron articles market, when its value decreased by -4.5% to $X. Over the period under review, consumption, however, saw a prominent increase. Over the period under review, the market reached the maximum level at $X in 2021, and then reduced slightly in the following year.

Production of Articles Of Iron Or Steel in Finland

In value terms, steel and iron articles production shrank notably to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 62%. Steel and iron articles production peaked at $X in 2021, and then dropped notably in the following year.

Exports of Articles Of Iron Or Steel

Exports from Finland

In 2022, shipments abroad of articles of iron or steel increased by 11% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +38.1% against 2020 indices. The pace of growth appeared the most rapid in 2016 when exports increased by 29%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

In value terms, steel and iron articles exports reached $X in 2022. In general, total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +35.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 25% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Sweden (X tons) was the main destination for steel and iron articles exports from Finland, accounting for a 47% share of total exports. Moreover, steel and iron articles exports to Sweden exceeded the volume sent to the second major destination, China (X tons), sixfold. Estonia (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden stood at +16.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+40.3% per year) and Estonia (+0.9% per year).

In value terms, Sweden ($X) remains the key foreign market for articles of iron or steel exports from Finland, comprising 24% of total exports. The second position in the ranking was held by China ($X), with a 7.9% share of total exports. It was followed by the Netherlands, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden stood at +10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+28.4% per year) and the Netherlands (+14.4% per year).

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, shrinking by -2.3% against the previous year. In general, the export price showed a pronounced reduction. The pace of growth appeared the most rapid in 2018 when the average export price increased by 15%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Finland

Steel and iron articles imports into Finland declined slightly to X tons in 2022, waning by -1.6% against the year before. Overall, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +30.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 32%. As a result, imports reached the peak of X tons, and then shrank modestly in the following year.

In value terms, steel and iron articles imports contracted modestly to $X in 2022. In general, imports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2021 when imports increased by 43% against the previous year. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

China (X tons), Germany (X tons) and Estonia (X tons) were the main suppliers of steel and iron articles imports to Finland, with a combined 51% share of total imports. Sweden, Poland, Italy, Turkey, Vietnam, the Czech Republic, India and the Netherlands lagged somewhat behind, together comprising a further 38%.

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 +46.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel and iron articles suppliers to Finland were China ($X), Germany ($X) and Estonia ($X), together accounting for 50% of total imports. Sweden, Poland, Italy, Turkey, the Czech Republic, India, the Netherlands and Vietnam lagged somewhat behind, together comprising a further 36%.

Turkey, with a CAGR of +45.9%, saw the highest rates of growth with regard to the value of imports, among 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 steel and iron articles import price amounted to $X per ton, leveling off at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2017 when the average import price increased by 11% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in years to come.

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 the Czech Republic ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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