Europe: Market for Iron and Non-Alloy Steel in Ingots 2024

Market Size for Iron and Non-Alloy Steel in Ingots in Europe

After five years of growth, the Europe market for iron and non-alloy steel in ingots decreased by X% to $X in 2023. In general, consumption, however, showed significant growth. Over the period under review, the market reached the peak level at $X in 2022, and then dropped in the following year.

Production of Iron and Non-Alloy Steel in Ingots in Europe

In value terms, production of iron and non-alloy steel in ingots shrank to $X in 2023 estimated in export price. In general, production, however, saw significant growth. The growth pace was the most rapid in 2020 when the production volume increased by X%. Over the period under review, production of attained the maximum level at $X in 2022, and then fell in the following year.

Exports of Iron and Non-Alloy Steel in Ingots

Exports in Europe

In 2023, the amount of iron and non-alloy steel in ingots exported in Europe skyrocketed to X tons, rising by X% against 2022 figures. In general, exports, however, continue to indicate a deep reduction. The pace of growth was the most pronounced in 2017 when exports increased by X%. The volume of export peaked at X tons in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

In value terms, exports of iron and non-alloy steel in ingots amounted to $X in 2023. Overall, exports, however, showed a perceptible decrease. The pace of growth was the most pronounced in 2021 when exports increased by X%. The level of export peaked at $X in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

Exports by Country

Sweden dominates ingots structure, reaching X tons, which was near X% of total exports in 2023. It was distantly followed by Italy (X tons), France (X tons), the UK (X tons), Germany (X tons) and Poland (X tons), together comprising a X% share of total exports. The Netherlands (X tons) followed a long way behind the leaders.

Sweden was also the fastest-growing in terms of the iron and non-alloy steel in ingots exports, with a CAGR of X% from 2012 to 2023. At the same time, France (X%), Germany (X%) and Italy (X%) displayed positive paces of growth. By contrast, the UK (X%), Poland (X%) and the Netherlands (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Sweden, France, Italy, Germany and the UK increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest iron and non-alloy steel in ingot supplying countries in Europe were Sweden ($X), Italy ($X) and Poland ($X), together comprising X% of total exports.

Sweden, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Europe amounted to $X per ton, dropping by X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2022, and then declined notably in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Poland ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the other leaders experienced more modest paces of growth.

Imports of Iron and Non-Alloy Steel in Ingots

Imports in Europe

In 2023, the amount of iron and non-alloy steel in ingots imported in Europe soared to X tons, picking up by X% against the previous year's figure. Total imports indicated a mild increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. The volume of import peaked in 2023 and is expected to retain growth in the near future.

In value terms, imports of iron and non-alloy steel in ingots expanded remarkably to $X in 2023. Total imports indicated a measured increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked in 2023 and is likely to continue growth in the immediate term.

Imports by Country

Italy prevails in ingots structure, recording X tons, which was near X% of total imports in 2023. It was distantly followed by Spain (X tons), achieving an X% share of total imports. The Netherlands (X tons), Latvia (X tons), Germany (X tons), Denmark (X tons), Belgium (X tons) and Greece (X tons) took a relatively small share of total imports.

Italy was also the fastest-growing in terms of the iron and non-alloy steel in ingots imports, with a CAGR of X% from 2012 to 2023. At the same time, Greece (X%), Latvia (X%) and Spain (X%) displayed positive paces of growth. By contrast, Belgium (X%), Germany (X%), the Netherlands (X%) and Denmark (X%) illustrated a downward trend over the same period. While the share of Italy (X p.p.), Spain (X p.p.) and Latvia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Belgium (X p.p.), Germany (X p.p.), the Netherlands (X p.p.) and Denmark (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) constitutes the largest market for imported iron and non-alloy steel in ingots in Europe, comprising X% of total imports. The second position in the ranking was held by Spain ($X), with a X% share of total imports. It was followed by the Netherlands, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Italy totaled X%. In the other countries, the average annual rates were as follows: Spain (X% per year) and the Netherlands (X% per year).

Import Prices by Country

In 2023, the import price in Europe amounted to $X per ton, reducing by X% against the previous year. Overall, the import price, however, showed a slight increase. The most prominent rate of growth was recorded in 2022 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Latvia ($X per ton), while Denmark ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform