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

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

In 2021, after two years of decline, there was significant growth in the Spanish market for hot-rolled non-alloy steel wire rods, when its value increased by 51% to $X. Overall, the total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.7% 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 and is likely to continue growth in the immediate term.

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

In value terms, hot-rolled non-alloy steel wire rod production skyrocketed to $X in 2021 estimated in export price. Over the period under review, the total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Spain

In 2021, exports of hot-rolled non-alloy steel wire rods from Spain expanded rapidly to X tons, growing by 12% against 2020 figures. The total export volume increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when exports increased by 14%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports surged to $X in 2021. In general, 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. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

France (X tons), Belgium (X tons) and Italy (X tons) were the main destinations of hot-rolled non-alloy steel wire rod exports from Spain, together accounting for 51% of total exports. Turkey, Portugal, Israel, Egypt, Sweden, the United States, Germany, the UK and Algeria lagged somewhat behind, together comprising a further 36%.

From 2012 to 2021, the biggest increases were recorded for Egypt (with a CAGR of +1,578.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Belgium ($X) and Italy ($X) were the largest markets for hot-rolled non-alloy steel wire rod exported from Spain worldwide, with a combined 52% share of total exports. Portugal, Turkey, Israel, Egypt, Sweden, the United States, Germany, the UK and Algeria lagged somewhat behind, together accounting for a further 35%.

Among the main countries of destination, Egypt, with a CAGR of +986.6%, 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

The average export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, with an increase of 58% against the previous year. Overall, export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.2% 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 attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and the United States ($X per ton), while the average price for exports to Israel ($X per ton) and Turkey ($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 Algeria (+3.9%), 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 Spain

Hot-rolled non-alloy steel wire rod imports into Spain rose slightly to X tons in 2021, with an increase of 1.7% against 2020. Overall, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -10.3% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 34% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Portugal (X tons) constituted the largest hot-rolled non-alloy steel wire rod supplier to Spain, with a 42% share of total imports. Moreover, hot-rolled non-alloy steel wire rod imports from Portugal exceeded the figures recorded by the second-largest supplier, France (X tons), fourfold. The third position in this ranking was held by Turkey (X tons), with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Portugal amounted to +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+4.4% per year) and Turkey (+9.9% per year).

In value terms, Portugal ($X) constituted the largest supplier of hot-rolled non-alloy steel wire rods to Spain, comprising 41% of total imports. The second position in the ranking was held by France ($X), with an 11% share of total imports. It was followed by Turkey, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from Portugal amounted to +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+6.5% per year) and Turkey (+12.5% per year).

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 63% against the previous year. Overall, import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were the UK ($X per ton) and Germany ($X per ton), while the price for Portugal ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform