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

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

The Portuguese market for hot-rolled non-alloy steel wire rods surged to $X in 2021, picking up by 61% against the previous year. In general, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +103.9% against 2016 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

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

In value terms, hot-rolled non-alloy steel wire rod production dropped to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 32%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Portugal

In 2021, hot-rolled non-alloy steel wire rod exports from Portugal contracted notably to X tons, with a decrease of -36.1% on 2020. In general, exports recorded a noticeable curtailment. The pace of growth was the most pronounced in 2017 when exports increased by 17% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports expanded markedly to $X in 2021. Overall, exports showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 46% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Spain (X tons) was the main destination for hot-rolled non-alloy steel wire rod exports from Portugal, accounting for a 47% share of total exports. Moreover, hot-rolled non-alloy steel wire rod exports to Spain exceeded the volume sent to the second major destination, the UK (X tons), threefold. Morocco (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Spain stood at +1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+15.8% per year) and Morocco (-7.4% per year).

In value terms, Spain ($X) remains the key foreign market for hot-rolled non-alloy steel wire rods exports from Portugal, comprising 50% of total exports. The second position in the ranking was held by the UK ($X), with a 15% share of total exports. It was followed by Morocco, with a 12% share.

From 2012 to 2021, the average annual growth rate of value to Spain amounted to +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+17.4% per year) and Morocco (-7.9% per year).

Export Prices by Country

The average export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, jumping by 66% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.5% 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.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Belgium ($X per ton) and Spain ($X per ton), while the average price for exports to Morocco ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+4.3%), 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 Portugal

Hot-rolled non-alloy steel wire rod imports into Portugal soared to X tons in 2021, rising by 91% against the previous year. Overall, imports saw a relatively flat trend pattern. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. In general, imports continue to indicate a slight expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Spain (X tons) constituted the largest supplier of hot-rolled non-alloy steel wire rod to Portugal, with a 69% share of total imports. Moreover, hot-rolled non-alloy steel wire rod imports from Spain exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. France (X tons) ranked third in terms of total imports with a 5% share.

From 2012 to 2021, the average annual growth rate of volume from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+27.0% per year) and France (-3.4% per year).

In value terms, Spain ($X) constituted the largest supplier of hot-rolled non-alloy steel wire rods to Portugal, comprising 73% of total imports. The second position in the ranking was taken by Germany ($X), with an 18% share of total imports. It was followed by France, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain totaled +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+25.4% per year) and France (-4.1% per year).

Import Prices by Country

In 2021, the average import price for hot-rolled non-alloy steel wire rods amounted to $X per ton, rising by 39% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Italy ($X per ton) and Spain ($X per ton), while the price for Germany ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+2.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform