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

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

In 2021, the Hungarian hot-rolled bearing steel bar market increased by 76% to $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Hot-rolled bearing steel bar consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Hungary

In 2021, the amount of hot-rolled bars in bearing steels exported from Hungary rose modestly to X tons, increasing by 4% on 2020 figures. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 403%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, hot-rolled bearing steel bar exports expanded remarkably to $X in 2021. Over the period under review, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 3,139%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for hot-rolled bearing steel bar exports from Hungary, accounting for a 79% share of total exports. Moreover, hot-rolled bearing steel bar exports to China exceeded the volume sent to the second major destination, Italy (X tons), tenfold. The third position in this ranking was taken by Romania (X tons), with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +123.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+22.8% per year) and Romania (+24.9% per year).

In value terms, China ($X) remains the key foreign market for hot-rolled bearing steel bar exports from Hungary, comprising 97% of total exports. The second position in the ranking was taken by Italy ($X), with a 1.3% share of total exports. It was followed by Romania, with a 0.9% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +176.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+18.7% per year) and Romania (+11.9% per year).

Export Prices by Country

In 2021, the average hot-rolled bearing steel bar export price amounted to $X per ton, rising by 3.9% against the previous year. Overall, the export price saw a buoyant increase. The most prominent rate of growth was recorded in 2018 an increase of 544%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Romania ($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 China (+23.4%), while the prices for the other major destinations experienced a decline.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Hungary

In 2021, overseas purchases of hot-rolled bars in bearing steels were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled bearing steel bar imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% 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

In 2021, Italy (X tons) constituted the largest hot-rolled bearing steel bar supplier to Hungary, accounting for a 64% share of total imports. Moreover, hot-rolled bearing steel bar imports from Italy exceeded the figures recorded by the second-largest supplier, the Czech Republic (X tons), fivefold. Germany (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume from Italy amounted to +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+0.4% per year) and Germany (+8.6% per year).

In value terms, Italy ($X) constituted the largest supplier of hot-rolled bearing steel bar to Hungary, comprising 60% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by the Czech Republic, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Italy totaled +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.5% per year) and the Czech Republic (+1.3% per year).

Import Prices by Country

The average hot-rolled bearing steel bar import price stood at $X per ton in 2021, with an increase of 15% against the previous year. In general, the import price, however, recorded a slight slump. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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