Norway: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Norway

The Norwegian hot-rolled steel products market soared to $X in 2021, growing by 37% 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). Overall, consumption, however, saw a mild downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports from Norway

In 2021, shipments abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2018 with an increase of 27%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel products exports soared to $X in 2021. In general, exports, however, recorded a deep slump. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X tons) was the main destination for hot-rolled steel products exports from Norway, with a 70% share of total exports. Moreover, hot-rolled steel products exports to Sweden exceeded the volume sent to the second major destination, Denmark (X tons), ninefold. Germany (X tons) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Sweden totaled -1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-4.0% per year) and Germany (+8.9% per year).

In value terms, Sweden ($X) remains the key foreign market for flat-rolled products of iron or steel (not further worked than hot-rolled) exports from Norway, comprising 54% of total exports. The second position in the ranking was taken by Germany ($X), with an 11% share of total exports. It was followed by Denmark, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value to Sweden stood at +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+15.7% per year) and Denmark (-3.0% per year).

Export Prices by Country

In 2021, the average hot-rolled steel products export price amounted to $X per ton, picking up by 65% against the previous year. Over the period under review, export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the average export price increased by 68%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

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 ($X per ton), while the average price for exports to Sweden ($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 (+25.4%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into Norway

In 2021, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were imported into Norway; increasing by 4.7% compared with the year before. Over the period under review, imports, however, saw a noticeable slump. The pace of growth appeared the most rapid in 2019 when imports increased by 10% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel products imports skyrocketed to $X in 2021. Overall, imports, however, saw a mild descent. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Sweden (X tons), Finland (X tons) and Denmark (X tons) were the main suppliers of hot-rolled steel products imports to Norway, with a combined 62% share of total imports. These countries were followed by Russia, Germany, the Netherlands and the UK, which together accounted for a further 27%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +21.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Finland ($X) and Denmark ($X) were the largest hot-rolled steel products suppliers to Norway, together comprising 63% of total imports. Germany, Russia, the Netherlands and the UK lagged somewhat behind, together comprising a further 22%.

In terms of the main suppliers, the Netherlands, with a CAGR of +18.1%, saw 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 2021, the average hot-rolled steel products import price amounted to $X per ton, jumping by 46% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Russia (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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