Latvia: Market for Hot-Rolled Bars In Bearing Steels 2025

Market Size for Hot-Rolled Bars In Bearing Steels in Latvia

In 2022, the Latvian hot-rolled bearing steel bar market decreased by -46.8% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption showed a perceptible reduction. Over the period under review, the market reached the peak level at $X in 2021, and then dropped notably in the following year.

Production of Hot-Rolled Bars In Bearing Steels in Latvia

In value terms, hot-rolled bearing steel bar production fell significantly to $X in 2022 estimated in export price. Overall, production faced a dramatic contraction. The growth pace was the most rapid in 2014 when the production volume increased by 8.3% against the previous year. Hot-rolled bearing steel bar production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Latvia

In 2022, after two years of growth, there was significant decline in shipments abroad of hot-rolled bars in bearing steels, when their volume decreased by -81.7% to X tons. In general, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2020 when exports increased by 887% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted sharply in the following year.

In value terms, hot-rolled bearing steel bar exports dropped sharply to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 307% against the previous year. The exports peaked at $X in 2021, and then contracted markedly in the following year.

Exports by Country

Sweden (X tons) was the main destination for hot-rolled bearing steel bar exports from Latvia, with a 68% share of total exports. Moreover, hot-rolled bearing steel bar exports to Sweden exceeded the volume sent to the second major destination, Lithuania (X tons), fourfold. The third position in this ranking was held by Poland (X tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden stood at +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+4.4% per year) and Poland (-14.0% per year).

In value terms, Sweden ($X) emerged as the key foreign market for hot-rolled bars in bearing steels exports from Latvia, comprising 79% of total exports. The second position in the ranking was taken by Poland ($X), with a 6.2% share of total exports. It was followed by Germany, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden totaled +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-3.5% per year) and Germany (+141.8% per year).

Export Prices by Country

The average hot-rolled bearing steel bar export price stood at $X per ton in 2022, surging by 221% against the previous year. In general, the export price showed a buoyant increase. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Lithuania ($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 Poland (+12.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Latvia

In 2022, after five years of growth, there was significant decline in purchases abroad of hot-rolled bars in bearing steels, when their volume decreased by -58.6% to X tons. Overall, imports, however, saw a strong expansion. The growth pace was the most rapid in 2020 with an increase of 320%. Imports peaked at X tons in 2021, and then contracted notably in the following year.

In value terms, hot-rolled bearing steel bar imports reduced remarkably to $X in 2022. Over the period under review, imports, however, saw a strong expansion. The growth pace was the most rapid in 2020 when imports increased by 185% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then reduced remarkably in the following year.

Imports by Country

Russia (X tons), Lithuania (X tons) and Sweden (X tons) were the main suppliers of hot-rolled bearing steel bar imports to Latvia, together accounting for 93% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lithuania (with a CAGR of +47.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Russia ($X) and Sweden ($X) appeared to be the largest hot-rolled bearing steel bar suppliers to Latvia, together comprising 89% of total imports.

In terms of the main suppliers, Lithuania, with a CAGR of +46.6%, 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

In 2022, the average hot-rolled bearing steel bar import price amounted to $X per ton, rising by 41% against the previous year. In general, the import price, however, recorded a slight reduction. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, 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 Sweden ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+1.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform