Slovakia: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Slovakia

The Slovak iron and steel wire market shrank markedly to $X in 2021, with a decrease of -67.1% against the previous year. Over the period under review, consumption continues to indicate a drastic downturn. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Iron and Steel Wire in Slovakia

In value terms, iron and steel wire production rose significantly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2017 when the production volume increased by 28%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Exports of Iron and Steel Wire

Exports from Slovakia

In 2021, shipments abroad of iron and steel wire increased by 12% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when exports increased by 49%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, iron and steel wire exports skyrocketed to $X in 2021. Overall, total exports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +28.3% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X tons), Poland (X tons) and the Czech Republic (X tons) were the main destinations of iron and steel wire exports from Slovakia, together accounting for 33% of total exports. France, Italy, Hungary, Sweden, the UK, Norway, Turkey, Romania, the Netherlands and Finland lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +45.5%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and the Czech Republic ($X) were the largest markets for iron and steel wire exported from Slovakia worldwide, together comprising 33% of total exports. Italy, France, Hungary, Norway, Sweden, the UK, Turkey, Romania, the Netherlands and Finland lagged somewhat behind, together accounting for a further 46%.

Among the main countries of destination, Turkey, with a CAGR of +42.2%, saw 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 2021, the average iron and steel wire export price amounted to $X per ton, rising by 27% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. 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 export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Italy ($X per ton) and France ($X per ton), while the average price for exports to Hungary ($X per ton) and Finland ($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 Poland (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into Slovakia

After three years of growth, purchases abroad of iron and steel wire decreased by -21.6% to X tons in 2021. Over the period under review, imports, however, continue to indicate strong growth. The growth pace was the most rapid in 2018 when imports increased by 40% against the previous year. Over the period under review, imports hit record highs at X tons in 2020, and then contracted dramatically in the following year.

In value terms, iron and steel wire imports surged to $X in 2021. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the Czech Republic (X tons) constituted the largest iron and steel wire supplier to Slovakia, with a 45% share of total imports. Moreover, iron and steel wire imports from the Czech Republic exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by Germany (X tons), with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume from the Czech Republic totaled +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+11.4% per year) and Germany (+3.8% per year).

In value terms, the Czech Republic ($X) constituted the largest supplier of iron and steel wire to Slovakia, comprising 41% of total imports. The second position in the ranking was taken by Italy ($X), with a 15% share of total imports. It was followed by Germany, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Czech Republic totaled +12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.1% per year) and Germany (+3.0% per year).

Import Prices by Country

The average iron and steel wire import price stood at $X per ton in 2021, with an increase of 79% against the previous year. Over the period under review, the import price, however, showed a pronounced shrinkage. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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