Hungary: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Hungary

In 2022, the Hungarian steel and iron articles market increased by 28% to $X, rising for the second year in a row after two years of decline. Overall, consumption continues to indicate resilient growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Articles Of Iron Or Steel in Hungary

In value terms, steel and iron articles production stood at $X in 2022 estimated in export price. Over the period under review, production, however, posted strong growth. The growth pace was the most rapid in 2013 when the production volume increased by 52% against the previous year. Steel and iron articles production peaked in 2022 and is expected to retain growth in the immediate term.

Exports of Articles Of Iron Or Steel

Exports from Hungary

Steel and iron articles exports from Hungary contracted to X tons in 2022, declining by -8.1% on the previous year. The total export volume increased at an average annual rate of +4.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 30% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then reduced in the following year.

In value terms, steel and iron articles exports expanded slightly to $X in 2022. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 +32.3% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 30%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Germany (X tons) was the main destination for steel and iron articles exports from Hungary, with a 29% share of total exports. Moreover, steel and iron articles exports to Germany exceeded the volume sent to the second major destination, Austria (X tons), twofold. Poland (X tons) ranked third in terms of total exports with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany totaled +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+10.8% per year) and Poland (+11.8% per year).

In value terms, Germany ($X) remains the key foreign market for articles of iron or steel exports from Hungary, comprising 33% of total exports. The second position in the ranking was taken by Austria ($X), with a 10% share of total exports. It was followed by Poland, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany stood at +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+9.9% per year) and Poland (+12.9% per year).

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, surging by 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2014 an increase of 16% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Serbia ($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 Romania (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Hungary

In 2022, the amount of articles of iron or steel imported into Hungary stood at X tons, increasing by 6.7% against 2021. Overall, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.7% 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 +23.8% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 17% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, steel and iron articles imports expanded modestly to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +24.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 20%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Germany (X tons), Turkey (X tons) and China (X tons) were the main suppliers of steel and iron articles imports to Hungary, with a combined 46% share of total imports. The Netherlands, Poland, Italy, France, Slovakia, the Czech Republic, Austria, Slovenia, Spain and Romania lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +25.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel and iron articles suppliers to Hungary were Germany ($X), China ($X) and Turkey ($X), together accounting for 47% of total imports.

Among the main suppliers, Turkey, with a CAGR of +19.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average steel and iron articles import price stood at $X per ton in 2022, shrinking by -2.9% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 6.9%. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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