Portugal: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Portugal

For the third year in a row, the Portuguese steel and iron articles market recorded growth in sales value, which increased by 22% to $X in 2022. Over the period under review, consumption recorded prominent growth. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Production of Articles Of Iron Or Steel in Portugal

In value terms, steel and iron articles production skyrocketed to $X in 2022 estimated in export price. In general, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +9.3% 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 +75.3% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 62% against the previous year. Steel and iron articles production peaked in 2022 and is expected to retain growth in years to come.

Exports of Articles Of Iron Or Steel

Exports from Portugal

In 2022, shipments abroad of articles of iron or steel decreased by -12.7% to X tons, falling for the fourth consecutive year after three years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 41%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, steel and iron articles exports expanded significantly to $X in 2022. The total export value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when exports increased by 34% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

France (X tons), Spain (X tons) and Germany (X tons) were the main destinations of steel and iron articles exports from Portugal, with a combined 70% share of total exports. The Netherlands, Switzerland, the UK, Angola, the United States, Russia and Turkey lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +23.3%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X), Spain ($X) and Germany ($X) appeared to be the largest markets for steel and iron articles exported from Portugal worldwide, together comprising 73% of total exports. Switzerland, the United States, the UK, Angola, the Netherlands, Russia and Turkey lagged somewhat behind, together comprising a further 13%.

Among the main countries of destination, Russia, with a CAGR of +20.3%, 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

In 2022, the average steel and iron articles export price amounted to $X per ton, surging by 27% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel and iron articles export price increased by +73.4% against 2019 indices. 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 ($X per ton), while the average price for exports to Turkey ($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 (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Portugal

In 2022, supplies from abroad of articles of iron or steel increased by 7% to X tons, rising for the second consecutive year after two years of decline. In general, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +43.2% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 42% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, steel and iron articles imports skyrocketed to $X in 2022. Overall, imports saw a prominent increase. The pace of growth appeared the most rapid in 2018 with an increase of 51%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Spain (X tons) constituted the largest steel and iron articles supplier to Portugal, with a 40% share of total imports. Moreover, steel and iron articles imports from Spain exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+27.8% per year) and Germany (+4.9% per year).

In value terms, Spain ($X) constituted the largest supplier of articles of iron or steel to Portugal, comprising 44% of total imports. The second position in the ranking was held by Germany ($X), with a 15% share of total imports. It was followed by France, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain stood at +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.8% per year) and France (+10.3% per year).

Import Prices by Country

The average steel and iron articles import price stood at $X per ton in 2022, surging by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2020 when the average import price increased by 16% against the previous year. 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 France ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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