Latvia: Steel Stranded Wire Market 2024

Steel Stranded Wire Market Size in Latvia

The Latvian steel stranded wire market shrank to $X in 2022, which is down by -11.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a relatively flat trend pattern. Steel stranded wire consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Steel Stranded Wire Exports

Exports from Latvia

In 2022, shipments abroad of iron or steel stranded wire, ropes and cables decreased by -7.1% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, recorded a resilient expansion. The growth pace was the most rapid in 2020 when exports increased by 133% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, steel stranded wire exports declined to $X in 2022. Over the period under review, exports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2019 with an increase of 45%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Lithuania (X tons) was the main destination for steel stranded wire exports from Latvia, with a 57% share of total exports. Moreover, steel stranded wire exports to Lithuania exceeded the volume sent to the second major destination, Sweden (X tons), threefold. The third position in this ranking was held by Estonia (X tons), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania totaled +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+7.3% per year) and Estonia (-7.7% per year).

In value terms, Lithuania ($X), Sweden ($X) and Spain ($X) were the largest markets for steel stranded wire exported from Latvia worldwide, with a combined 69% share of total exports.

Spain, with a CAGR of +104.8%, recorded the highest growth rate of the value of exports, in terms of 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 2022, the average steel stranded wire export price amounted to $X per ton, declining by -2.5% against the previous year. Overall, the export price, however, showed a slight increase. The most prominent rate of growth was recorded in 2021 an increase of 75%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the 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 Spain ($X per ton), while the average price for exports to Estonia ($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 Spain (+21.2%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Stranded Wire Imports

Imports into Latvia

In 2022, steel stranded wire imports into Latvia dropped dramatically to X tons, reducing by -22.2% on 2021. Over the period under review, imports saw a mild contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 64% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, steel stranded wire imports dropped to $X in 2022. Overall, imports, however, recorded temperate growth. The most prominent rate of growth was recorded in 2021 with an increase of 61% against the previous year. As a result, imports attained the peak of $X, and then dropped modestly in the following year.

Imports by Country

Lithuania (X tons), Turkey (X tons) and Ukraine (X tons) were the main suppliers of steel stranded wire imports to Latvia, with a combined 50% share of total imports. Spain, Portugal, China, Sweden, the UK, Thailand, South Korea, Russia, the Netherlands and Indonesia lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +101.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Turkey ($X) and Ukraine ($X) were the largest steel stranded wire suppliers to Latvia, together comprising 39% of total imports. Spain, the UK, South Korea, Indonesia, Sweden, Portugal, China, Thailand, the Netherlands and Russia lagged somewhat behind, together accounting for a further 49%.

Among the main suppliers, the UK, with a CAGR of +64.1%, recorded the highest growth rate of 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 steel stranded wire import price amounted to $X per ton, increasing by 26% against the previous year. In general, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel stranded wire import price increased by +82.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 44%. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform