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

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

The Hungarian market for hot-rolled steel bars and rods surged to $X in 2021, growing by 20% against the previous year. Overall, consumption enjoyed a prominent increase. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in years to come.

Production of Hot-Rolled Steel Bars and Rods in Hungary

In value terms, hot-rolled steel bar and rod production contracted to $X in 2021 estimated in export price. In general, production, however, recorded modest growth. The growth pace was the most rapid in 2016 when the production volume increased by 32%. Hot-rolled steel bar and rod production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Hungary

In 2021, overseas shipments of hot-rolled steel bars and rods were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 33% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. In general, exports enjoyed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Poland (X tons) was the main destination for hot-rolled steel bar and rod exports from Hungary, with a 52% share of total exports. Moreover, hot-rolled steel bar and rod exports to Poland exceeded the volume sent to the second major destination, Slovakia (X tons), threefold. Austria (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Poland totaled +32.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-7.9% per year) and Austria (+10.5% per year).

In value terms, the largest markets for hot-rolled steel bar and rod exported from Hungary were Poland ($X), China ($X) and Slovakia ($X), together comprising 78% of total exports.

China, with a CAGR of +176.1%, recorded 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 export price for hot-rolled steel bars and rods amounted to $X per ton, increasing by 33% against the previous year. Over the period under review, export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled steel bar and rod export price increased by +103.5% against 2017 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Austria ($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 China (+23.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Hungary

In 2021, supplies from abroad of hot-rolled steel bars and rods increased by 26% to X tons, rising for the fourth year in a row after two years of decline. In general, imports recorded a prominent expansion. The growth pace was the most rapid in 2020 with an increase of 163% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. Overall, imports continue to indicate a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of hot-rolled steel bar and rod to Hungary, accounting for a 34% share of total imports. Moreover, hot-rolled steel bar and rod imports from Italy exceeded the figures recorded by the second-largest supplier, the Czech Republic (X tons), twofold. The third position in this ranking was held by Austria (X tons), with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume from Italy stood at +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+3.7% per year) and Austria (+9.8% per year).

In value terms, Italy ($X) constituted the largest supplier of hot-rolled steel bars and rods to Hungary, comprising 34% of total imports. The second position in the ranking was taken by the Czech Republic ($X), with a 16% share of total imports. It was followed by Germany, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value from Italy amounted to +19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+4.2% per year) and Germany (+2.7% per year).

Import Prices by Country

In 2021, the average import price for hot-rolled steel bars and rods amounted to $X per ton, jumping by 50% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 210% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Germany ($X per ton) and Italy ($X per ton), while the price for Serbia ($X per ton) and Austria ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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