Russian Federation: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in the Russian Federation

The Russian market for iron or steel wire products reached $X in 2022, approximately reflecting the previous year. Over the period under review, consumption, however, saw a noticeable shrinkage. Iron or steel wire product consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Iron or Steel Wire Products in the Russian Federation

In value terms, iron or steel wire product production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Iron or steel wire product production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Exports of Iron or Steel Wire Products

Exports from the Russian Federation

In 2022, exports of iron or steel wire products from Russia expanded modestly to X tons, with an increase of X% on the previous year. Over the period under review, exports enjoyed significant growth. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, iron or steel wire product exports contracted to $X in 2022. Overall, exports posted prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

Latvia (X tons) was the main destination for iron or steel wire product exports from Russia, accounting for a X% share of total exports. Moreover, iron or steel wire product exports to Latvia exceeded the volume sent to the second major destination, Kazakhstan (X tons), threefold. The third position in this ranking was held by Estonia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Latvia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (X% per year) and Estonia (X% per year).

In value terms, Latvia ($X), Kazakhstan ($X) and Belarus ($X) were the largest markets for iron or steel wire product exported from Russia worldwide, with a combined X% share of total exports.

Among the main countries of destination, Latvia, with a CAGR of X%, saw 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

The average export price for iron or steel wire products stood at $X per ton in 2022, falling by X% against the previous year. Overall, the export price saw a abrupt contraction. The growth pace was the most rapid in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

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

Imports of Iron or Steel Wire Products

Imports into the Russian Federation

Iron or steel wire product imports into Russia rose significantly to X tons in 2022, surging by X% on the year before. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, iron or steel wire product imports declined to $X in 2022. Over the period under review, imports, however, showed a slight slump. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Turkey (X tons) and South Korea (X tons) were the main suppliers of iron or steel wire product imports to Russia, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of iron or steel wire products to Russia, comprising X% of total imports. The second position in the ranking was taken by Turkey ($X), with an X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (X% per year) and South Korea (X% per year).

Import Prices by Country

The average import price for iron or steel wire products stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the import price saw a slight contraction. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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