Price for Chain and Parts Thereof, of Iron or Steel in Latvia - 2023

Contents:

1. Price for Chain and Parts Thereof, of Iron or Steel in Latvia (CIF) - 2023
2. Price for Chain and Parts Thereof, of Iron or Steel in Latvia (FOB) - 2022
3. Imports of Chain and Parts Thereof, of Iron or Steel in Latvia
4. Exports of Chain and Parts Thereof, of Iron or Steel in Latvia

Price for Chain and Parts Thereof, of Iron or Steel in Latvia (CIF) - 2023

The average import price for chain and parts thereof, of iron or steel stood at $4,985 per ton in December 2023, falling by -9.5% against the previous month. Over the period under review, the import price showed a slight slump. The growth pace was the most rapid in June 2023 an increase of 60% month-to-month. The import price peaked at $10,138 per ton in September 2023; however, from October 2023 to December 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In December 2023, the country with the highest price was Estonia ($25,916 per ton), while the price for China ($1,785 per ton) was amongst the lowest.

From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by Finland (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Chain and Parts Thereof, of Iron or Steel in Latvia (FOB) - 2022

In 2022, the average export price for chain and parts thereof, of iron or steel amounted to $11,097 per ton, increasing by 17% against the previous year. Overall, the export price continues to indicate a strong increase. The pace of growth appeared the most rapid in 2021 an increase of 33%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($51,043 per ton), while the average price for exports to Uzbekistan ($1,156 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 (+22.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Chain and Parts Thereof, of Iron or Steel in Latvia

In 2022, imports of chain and parts thereof, of iron or steel into Latvia rose notably to 1.2K tons, surging by 14% against 2021 figures. The total import volume increased at an average annual rate of +5.2% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of chain and parts thereof, of iron or steel skyrocketed to $6.9M in 2022. Overall, total imports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +12.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.8% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 21%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in years to come.

Top Suppliers of Chain and Parts Thereof, of Iron or Steel to Latvia in 2022:

1. China (303.2 tons)
2. Germany (174.7 tons)
3. Ukraine (172.8 tons)
4. Finland (120.7 tons)
5. Lithuania (104.3 tons)
6. Netherlands (70.8 tons)
7. Poland (44.1 tons)
8. Estonia (36.8 tons)
9. Czech Republic (29.7 tons)
10. Sweden (28.8 tons)
11. Italy (23.6 tons)
12. Belgium (20.9 tons)

Exports of Chain and Parts Thereof, of Iron or Steel in Latvia

For the third year in a row, Latvia recorded decline in overseas shipments of chain and parts thereof, of iron or steel, which decreased by -22.8% to 527 tons in 2022. Over the period under review, exports faced a abrupt setback. The smallest decline of -5.1% was in 2021.

In value terms, exports of chain and parts thereof, of iron or steel shrank modestly to $6.2M in 2022. The total export value increased at an average annual rate of +3.3% from 2019 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 26% against the previous year. As a result, the exports attained the peak of $6.5M, and then reduced modestly in the following year.

Top Export Markets for Chain and Parts Thereof, of Iron or Steel from Latvia in 2022:

1. Russia (158.3 tons)
2. Germany (86.5 tons)
3. Lithuania (59.0 tons)
4. Ukraine (51.0 tons)
5. Italy (46.4 tons)
6. Spain (28.7 tons)
7. Uzbekistan (25.7 tons)

Source: IndexBox Market Intelligence Platform