Latvia: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Latvia

The Latvian hot-rolled steel products market skyrocketed to $X in 2022, increasing by X% against the previous year. In general, consumption, however, continues to indicate mild growth. Hot-rolled steel products consumption peaked in 2022 and is expected to retain growth in the near future.

Hot-Rolled Steel Products Production in Latvia

In value terms, hot-rolled steel products production dropped to $X in 2022 estimated in export price. Overall, production recorded a pronounced contraction. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports from Latvia

In 2022, hot-rolled steel products exports from Latvia contracted remarkably to X tons, dropping by X% against 2021. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, hot-rolled steel products exports fell rapidly to $X in 2022. Overall, exports saw a pronounced curtailment. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then contracted remarkably in the following year.

Exports by Country

Poland (X tons), Estonia (X tons) and Lithuania (X tons) were the main destinations of hot-rolled steel products exports from Latvia, with a combined X% share of total exports. Kazakhstan, Russia, Germany and Finland lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kazakhstan (with a CAGR of X%), while the other leaders experienced mixed trend patterns.

In value terms, Poland ($X), Estonia ($X) and Lithuania ($X) were the largest markets for hot-rolled steel products exported from Latvia worldwide, together comprising X% of total exports. Kazakhstan, Russia, Germany and Finland lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Kazakhstan, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average hot-rolled steel products export price amounted to $X per ton, rising by X% against the previous year. In general, the export price recorded prominent growth. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Russia ($X per ton) and Estonia ($X per ton), while the average price for exports to Poland ($X per ton) and Lithuania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into Latvia

After two years of growth, overseas purchases of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons in 2022. Over the period under review, imports continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2016 when imports increased by X%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, hot-rolled steel products imports dropped rapidly to $X in 2022. In general, imports, however, showed a slight expansion. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of $X, and then dropped dramatically in the following year.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of hot-rolled steel products to Latvia, accounting for a X% share of total imports. Moreover, hot-rolled steel products imports from Russia exceeded the figures recorded by the second-largest supplier, Denmark (X tons), twofold. The third position in this ranking was held by Sweden (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (X% per year) and Sweden (X% per year).

In value terms, the largest hot-rolled steel products suppliers to Latvia were Russia ($X), Denmark ($X) and Sweden ($X), with a combined X% share of total imports. Lithuania, Poland, Estonia, Finland, Germany and Ukraine lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Finland, with a CAGR of X%, 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 more modest paces of growth.

Import Prices by Country

The average hot-rolled steel products import price stood at $X per ton in 2022, jumping by X% against the previous year. Overall, the import price enjoyed a strong increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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