Latvia: Market for Welded And Cold-Formed Sections Of Steel 2024

Market Size for Welded And Cold-Formed Sections Of Steel in Latvia

The Latvian market for welded and cold-formed sections of steel fell dramatically to $X in 2022, with a decrease of -19.7% against the previous year. In general, consumption, however, showed buoyant growth. As a result, consumption attained the peak level of $X, and then dropped significantly in the following year.

Production of Welded And Cold-Formed Sections Of Steel in Latvia

In value terms, welded and cold-formed steel sections production dropped to $X in 2022 estimated in export price. In general, the total production indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +13.8% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 40%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Welded And Cold-Formed Sections Of Steel

Exports from Latvia

In 2022, shipments abroad of welded and cold-formed sections of steel increased by 15% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 42% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, welded and cold-formed steel sections exports expanded markedly to $X in 2022. Over the period under review, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of 20% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Denmark (X tons) was the main destination for welded and cold-formed steel sections exports from Latvia, with a 95% share of total exports. It was followed by Norway (X tons), with a 1.6% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Denmark amounted to -9.6%.

In value terms, Denmark ($X) remains the key foreign market for welded and cold-formed sections of steel exports from Latvia, comprising 89% of total exports. The second position in the ranking was taken by Norway ($X), with a 1.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Denmark stood at -13.4%.

Export Prices by Country

In 2022, the average export price for welded and cold-formed sections of steel amounted to $X per ton, waning by -4.8% against the previous year. In general, the export price saw a perceptible slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 24%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Norway ($X per ton), while the average price for exports to Denmark stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (-3.9%), while the prices for the other major destinations experienced a decline.

Imports of Welded And Cold-Formed Sections Of Steel

Imports into Latvia

In 2022, supplies from abroad of welded and cold-formed sections of steel decreased by -79% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 148%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, welded and cold-formed steel sections imports contracted significantly to $X in 2022. In general, imports recorded a slight reduction. The pace of growth appeared the most rapid in 2013 with an increase of 184%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Lithuania (X tons), Poland (X tons) and Estonia (X tons) were the main suppliers of welded and cold-formed steel sections imports to Latvia, with a combined 87% share of total imports. Sweden, Germany, Greece and Denmark lagged somewhat behind, together comprising a further 9.8%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +18.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest welded and cold-formed steel sections suppliers to Latvia were Estonia ($X), Lithuania ($X) and Poland ($X), together accounting for 66% of total imports. Sweden, Germany, Greece and Denmark lagged somewhat behind, together accounting for a further 24%.

Sweden, with a CAGR of +22.1%, recorded the highest rates of growth with regard to 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

In 2022, the average import price for welded and cold-formed sections of steel amounted to $X per ton, increasing by 75% against the previous year. Overall, the import price saw a prominent increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform