Bulgaria: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Bulgaria

In 2021, the Bulgarian hot-rolled bearing steel bar market increased by 647% to $X, rising for the fifth year in a row after three years of decline. In general, consumption, however, saw a pronounced decline. Hot-rolled bearing steel bar consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Production of Hot-Rolled Bars In Bearing Steels in Bulgaria

In value terms, hot-rolled bearing steel bar production soared to $X in 2021 estimated in export price. Overall, production continues to indicate a prominent increase. The pace of growth was the most pronounced in 2018 with an increase of 134% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Bulgaria

After two years of decline, overseas shipments of hot-rolled bars in bearing steels increased by 41% to X tons in 2021. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 119%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled bearing steel bar exports skyrocketed to $X in 2021. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 112% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X tons) was the main destination for hot-rolled bearing steel bar exports from Bulgaria, accounting for a 53% share of total exports. Moreover, hot-rolled bearing steel bar exports to Romania exceeded the volume sent to the second major destination, Germany (X tons), fivefold. Serbia (X tons) ranked third in terms of total exports with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Romania totaled +50.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+21.4% per year) and Serbia (+26.8% per year).

In value terms, Romania ($X) remains the key foreign market for hot-rolled bearing steel bar exports from Bulgaria, comprising 54% of total exports. The second position in the ranking was held by Germany ($X), with an 11% share of total exports. It was followed by Serbia, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value to Romania stood at +51.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+21.9% per year) and Serbia (+27.3% per year).

Export Prices by Country

In 2021, the average hot-rolled bearing steel bar export price amounted to $X per ton, rising by 35% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2021, the countries with the highest prices were Hungary ($X per ton) and Italy ($X per ton), while the average price for exports to Turkey ($X per ton) and Serbia ($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 Mexico (+11.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Bulgaria

In 2021, overseas purchases of hot-rolled bars in bearing steels were finally on the rise to reach X tons after four years of decline. Over the period under review, total imports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -20.5% against 2016 indices. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, hot-rolled bearing steel bar imports soared to $X in 2021. In general, total imports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -23.1% against 2017 indices. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Turkey (X tons), Romania (X tons) and Ukraine (X tons) were the main suppliers of hot-rolled bearing steel bar imports to Bulgaria, together comprising 77% of total imports.

From 2012 to 2021, the biggest increases were in Romania (with a CAGR of +41.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled bearing steel bar suppliers to Bulgaria were Turkey ($X), Romania ($X) and Ukraine ($X), with a combined 69% share of total imports.

Romania, with a CAGR of +41.3%, recorded the highest rates of growth with regard to 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

In 2021, the average hot-rolled bearing steel bar import price amounted to $X per ton, rising by 7% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable slump. The pace of growth appeared the most rapid in 2017 an increase of 27% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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