Finland: Iron And Steel Market 2024

Iron And Steel Market Size in Finland

The Finnish iron and steel market totaled $X in 2021, with an increase of 1.9% against the previous year. The market value increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Iron And Steel Production in Finland

In value terms, iron and steel production rose slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 with an increase of 48%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Iron And Steel Exports

Exports from Finland

In 2021, overseas shipments of iron and steel increased by 97% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, faced a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of 5,141% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron and steel exports surged to $X in 2021. Overall, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 628% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Italy (X tons) was the main destination for iron and steel exports from Finland, accounting for a 61% share of total exports. Moreover, iron and steel exports to Italy exceeded the volume sent to the second major destination, Estonia (X tons), threefold. The third position in this ranking was taken by Sweden (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Italy amounted to -16.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+7.7% per year) and Sweden (-22.2% per year).

In value terms, the largest markets for iron and steel exported from Finland were Italy ($X), Estonia ($X) and Uruguay ($X), together accounting for 87% of total exports.

Estonia, with a CAGR of +11.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2021, with an increase of 71% against the previous year. In general, the export price recorded a resilient expansion. The pace of growth was the most pronounced in 2018 when the average export price increased by 588% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while the average price for exports to Sweden ($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 Sweden (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into Finland

In 2021, purchases abroad of iron and steel was finally on the rise to reach X tons after two years of decline. Overall, imports, however, saw a noticeable shrinkage. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, iron and steel imports surged to $X in 2021. In general, imports, however, continue to indicate a abrupt setback. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), Sweden (X tons) and Russia (X tons) were the main suppliers of iron and steel imports to Finland, with a combined 73% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +129.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel suppliers to Finland were the Netherlands ($X), Germany ($X) and Sweden ($X), with a combined 60% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +137.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average iron and steel import price amounted to $X per ton, increasing by 23% against the previous year. Overall, the import price, however, saw a deep contraction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 45% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 Germany ($X per ton), while the price for Sweden ($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 (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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