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

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

The Turkish market for hot-rolled non-alloy steel wire rods was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption continues to indicate a resilient expansion. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

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

In value terms, hot-rolled non-alloy steel wire rod production soared to $X in 2021 estimated in export price. Over the period under review, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 665% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Turkey

In 2021, approx. X tons of hot-rolled non-alloy steel wire rods were exported from Turkey; surging by 15% against 2020. Overall, exports showed a pronounced increase. The pace of growth appeared the most rapid in 2017 when exports increased by 44% against the previous year. 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 soared to $X in 2021. Over the period under review, exports recorded a temperate increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Israel (X tons), the Netherlands (X tons) and Brazil (X tons) were the main destinations of hot-rolled non-alloy steel wire rod exports from Turkey, with a combined 32% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +132.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled non-alloy steel wire rod exported from Turkey were Israel ($X), the Netherlands ($X) and Brazil ($X), with a combined 31% share of total exports.

In terms of the main countries of destination, the Netherlands, with a CAGR of +140.4%, 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 2021, the average export price for hot-rolled non-alloy steel wire rods amounted to $X per ton, growing by 55% against the previous year. In general, export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. 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.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+4.2%), 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 Turkey

In 2021, approx. X tons of hot-rolled non-alloy steel wire rods were imported into Turkey; increasing by 48% compared with the previous year's figure. In general, total imports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod imports surged to $X in 2021. Over the period under review, total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Spain (X tons), Russia (X tons) and Germany (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to Turkey, with a combined 62% share of total imports. Japan, the UK, France, Bosnia and Herzegovina, Ukraine, Switzerland, Egypt, Italy and South Korea lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Bosnia and Herzegovina (with a CAGR of +111.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Germany ($X) and Russia ($X) were the largest hot-rolled non-alloy steel wire rod suppliers to Turkey, with a combined 61% share of total imports. Japan, the UK, France, Bosnia and Herzegovina, Switzerland, Ukraine, South Korea, Italy and Egypt lagged somewhat behind, together comprising a further 35%.

Bosnia and Herzegovina, with a CAGR of +111.5%, 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

The average import price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, with an increase of 37% against the previous year. In general, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform