Latvia: Market for Forged Bars Of Stainless Steel 2024

Market Size for Forged Bars Of Stainless Steel in Latvia

In 2022, the Latvian forged stainless steel bar market was finally on the rise to reach $X for the first time since 2012, thus ending a nine-year declining trend. In general, consumption, however, continues to indicate a drastic downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Forged Bars Of Stainless Steel in Latvia

In value terms, forged stainless steel bar production expanded to $X in 2022 estimated in export price. Overall, production, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Forged Bars Of Stainless Steel

Exports from Latvia

In 2022, overseas shipments of forged bars of stainless steel decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then declined remarkably in the following year.

In value terms, forged stainless steel bar exports contracted to $X in 2022. Over the period under review, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2021, and then fell in the following year.

Exports by Country

Sweden (X tons) was the main destination for forged stainless steel bar exports from Latvia, with a X% share of total exports. Moreover, forged stainless steel bar exports to Sweden exceeded the volume sent to the second major destination, Denmark (X tons), tenfold. The third position in this ranking was held by Finland (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (X% per year) and Finland (X% per year).

In value terms, Sweden ($X) remains the key foreign market for forged bars of stainless steel exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Russia ($X), with a X% share of total exports. It was followed by Denmark, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Denmark (X% per year).

Export Prices by Country

The average forged stainless steel bar export price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the export price saw a resilient increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Sweden ($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 Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Forged Bars Of Stainless Steel

Imports into Latvia

In 2022, purchases abroad of forged bars of stainless steel increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, forged stainless steel bar imports surged to $X in 2022. Overall, imports enjoyed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Denmark (X tons) constituted the largest supplier of forged stainless steel bar to Latvia, with a X% share of total imports. Moreover, forged stainless steel bar imports from Denmark exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), twofold. Poland (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Denmark totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (X% per year) and Poland (X% per year).

In value terms, the largest forged stainless steel bar suppliers to Latvia were Lithuania ($X), Denmark ($X) and Germany ($X), with a combined X% share of total imports.

Lithuania, with a CAGR of X%, recorded the highest growth rate of 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

The average forged stainless steel bar import price stood at $X per ton in 2022, dropping by X% against the previous year. In general, the import price recorded a abrupt setback. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform