Norway: Steel Stranded Wire Market 2024

Steel Stranded Wire Market Size in Norway

The Norwegian steel stranded wire market stood at $X in 2022, increasing by 5.3% 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). The market value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Steel stranded wire consumption peaked in 2022 and is likely to see steady growth in years to come.

Steel Stranded Wire Exports

Exports from Norway

In 2022, the amount of iron or steel stranded wire, ropes and cables exported from Norway soared to X tons, growing by 25% on 2021 figures. Over the period under review, exports posted a noticeable increase. The pace of growth was the most pronounced in 2015 with an increase of 96% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, steel stranded wire exports skyrocketed to $X in 2022. Overall, exports showed strong growth. The pace of growth was the most pronounced in 2015 with an increase of 200%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for steel stranded wire exports from Norway, with a 46% share of total exports. Moreover, steel stranded wire exports to Russia exceeded the volume sent to the second major destination, the UK (X tons), threefold. Sweden (X tons) ranked third in terms of total exports with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia totaled +13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+8.7% per year) and Sweden (-7.4% per year).

In value terms, the largest markets for steel stranded wire exported from Norway were Russia ($X), the UK ($X) and Denmark ($X), with a combined 66% share of total exports. Poland, Sweden, Faroe Islands, the Netherlands, Austria and South Korea lagged somewhat behind, together accounting for a further 13%.

In terms of the main countries of destination, Faroe Islands, with a CAGR of +87.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel stranded wire export price stood at $X per ton in 2022, almost unchanged from the previous year. Overall, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.8% 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 export price increased by +53.1% against 2018 indices. The most prominent rate of growth was recorded in 2015 an increase of 52%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Sweden ($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 the Netherlands (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Stranded Wire Imports

Imports into Norway

In 2022, the amount of iron or steel stranded wire, ropes and cables imported into Norway expanded significantly to X tons, with an increase of 6.6% compared with 2021. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 28% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, steel stranded wire imports expanded rapidly to $X in 2022. In general, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +47.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 38% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Sweden (X tons), Spain (X tons) and China (X tons) were the main suppliers of steel stranded wire imports to Norway, together accounting for 65% of total imports. The UK, Turkey, Denmark, the Netherlands, Germany, India, Lithuania, Malaysia, South Korea and Italy lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +89.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), the UK ($X) and Spain ($X) were the largest steel stranded wire suppliers to Norway, with a combined 50% share of total imports. China, Germany, Turkey, Denmark, the Netherlands, Lithuania, Malaysia, South Korea, India and Italy lagged somewhat behind, together comprising a further 41%.

Turkey, with a CAGR of +108.4%, recorded the highest growth rate of the value of imports, in terms of 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 steel stranded wire import price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 29% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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