Norway: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Norway

In 2021, the Norwegian market for hot-rolled non-alloy steel wire rods was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Norway

In value terms, hot-rolled non-alloy steel wire rod production totaled $X in 2021 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 36% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Norway

In 2021, after two years of growth, there was significant decline in overseas shipments of hot-rolled non-alloy steel wire rods, when their volume decreased by -11.3% to X tons. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2013 when exports increased by 22% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020, and then reduced in the following year.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. In general, total exports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Sweden (X tons) was the main destination for hot-rolled non-alloy steel wire rod exports from Norway, with a 61% share of total exports. Moreover, hot-rolled non-alloy steel wire rod exports to Sweden exceeded the volume sent to the second major destination, Finland (X tons), twofold. Denmark (X tons) ranked third in terms of total exports with an 8.2% share.

From 2012 to 2021, the average annual growth rate of volume to Sweden stood at +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+1.3% per year) and Denmark (-0.3% per year).

In value terms, Sweden ($X) remains the key foreign market for hot-rolled non-alloy steel wire rods exports from Norway, comprising 62% of total exports. The second position in the ranking was held by Finland ($X), with a 30% share of total exports. It was followed by Denmark, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to Sweden amounted to +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+3.1% per year) and Denmark (+2.0% per year).

Export Prices by Country

In 2021, the average export price for hot-rolled non-alloy steel wire rods amounted to $X per ton, picking up by 66% against the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Finland ($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 Germany (+22.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into Norway

After two years of decline, supplies from abroad of hot-rolled non-alloy steel wire rods increased by 35% to X tons in 2021. Over the period under review, imports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2016 with an increase of 115% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports soared to $X in 2021. In general, imports continue to indicate a prominent increase. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X tons), Italy (X tons) and Portugal (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to Norway, with a combined 72% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +204.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Italy ($X) and Portugal ($X) constituted the largest hot-rolled non-alloy steel wire rod suppliers to Norway, together comprising 70% of total imports.

In terms of the main suppliers, Italy, with a CAGR of +161.6%, saw 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

The average import price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, with an increase of 54% against the previous year. Over the period under review, the import price, however, recorded a perceptible decrease. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Lithuania ($X per ton) and Sweden ($X per ton), while the price for Portugal ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Portugal (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform