Hungary: Iron And Steel Market 2024

Iron And Steel Market Size in Hungary

In 2021, after two years of decline, there was significant growth in the Hungarian iron and steel market, when its value increased by 19% to $X. Overall, the total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Iron and steel consumption peaked in 2021 and is expected to retain growth in years to come.

Iron And Steel Production in Hungary

In value terms, iron and steel production soared to $X in 2021 estimated in export price. Overall, production, however, recorded moderate growth. The most prominent rate of growth was recorded in 2017 with an increase of 57%. Iron and steel production peaked in 2021 and is expected to retain growth in the immediate term.

Iron And Steel Exports

Exports from Hungary

In 2021, approx. X tons of iron and steel were exported from Hungary; surging by 44% against the year before. Over the period under review, exports saw a buoyant expansion. The growth pace was the most rapid in 2019 with an increase of 277% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, iron and steel exports skyrocketed to $X in 2021. Overall, exports continue to indicate a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Italy (X tons), Slovenia (X tons) and Serbia (X tons) were the main destinations of iron and steel exports from Hungary, together comprising 70% of total exports. Slovakia, the Czech Republic, Austria, Romania, Germany, Croatia and France lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for Slovakia (with a CAGR of +71.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Slovenia ($X) and Serbia ($X) appeared to be the largest markets for iron and steel exported from Hungary worldwide, with a combined 67% share of total exports. These countries were followed by Slovakia, Romania, the Czech Republic, Austria, Germany, Croatia and France, which together accounted for a further 31%.

Slovakia, with a CAGR of +65.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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 iron and steel export price amounted to $X per ton, with an increase of 29% against the previous year. Overall, the export price recorded a measured expansion. The most prominent rate of growth was recorded in 2016 an increase of 586%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat 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 Romania ($X per ton), while the average price for exports to Slovakia ($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 Romania (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Iron And Steel Imports

Imports into Hungary

For the third year in a row, Hungary recorded growth in supplies from abroad of iron and steel, which increased by 52% to X tons in 2021. Overall, imports, however, showed a pronounced contraction. The pace of growth was the most pronounced in 2020 with an increase of 5,449% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 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 deep contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Slovakia (X tons) constituted the largest iron and steel supplier to Hungary, accounting for a 51% share of total imports. Moreover, iron and steel imports from Slovakia exceeded the figures recorded by the second-largest supplier, the Czech Republic (X tons), fourfold. The third position in this ranking was taken by Poland (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from Slovakia totaled +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (-9.9% per year) and Poland (-0.5% per year).

In value terms, Slovakia ($X) constituted the largest supplier of iron and steel to Hungary, comprising 44% of total imports. The second position in the ranking was taken by Germany ($X), with a 13% share of total imports. It was followed by Poland, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Slovakia stood at +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-19.9% per year) and Poland (+0.0% per year).

Import Prices by Country

In 2021, the average iron and steel import price amounted to $X per ton, rising by 29% against the previous year. Overall, the import price, however, recorded a slight reduction. The most prominent rate of growth was recorded in 2016 when the average import price increased by 5,963% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovakia (+0.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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