Latvia: Market for Iron and Steel Wire 2024

Market Size for Iron and Steel Wire in Latvia

The Latvian iron and steel wire market reached $X in 2022, with an increase of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw prominent growth. Iron and steel wire consumption peaked in 2022 and is likely to continue growth in the immediate term.

Exports of Iron and Steel Wire

Exports from Latvia

In 2022, overseas shipments of iron and steel wire decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a deep downturn. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron and steel wire exports shrank sharply to $X in 2022. In general, exports continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

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

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Estonia (X% per year).

In value terms, Sweden ($X), Lithuania ($X) and Germany ($X) appeared to be the largest markets for iron and steel wire exported from Latvia worldwide, with a combined X% share of total exports.

Germany, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average iron and steel wire export price stood at $X per ton in 2022, reducing by X% against the previous year. In general, the export price, however, recorded a prominent increase. The pace of growth was the most pronounced in 2018 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Sweden ($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 Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into Latvia

Iron and steel wire imports into Latvia shrank to X tons in 2022, waning by X% against the previous year's figure. In general, total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. The pace of growth was the most pronounced in 2018 when imports increased by X%. Imports peaked at X tons in 2021, and then shrank in the following year.

In value terms, iron and steel wire imports rose notably to $X in 2022. Overall, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Lithuania (X tons), Turkey (X tons) and Russia (X tons) were the main suppliers of iron and steel wire imports to Latvia, together comprising X% of total imports. China, Italy, Estonia, Ukraine, Finland, Poland, the Czech Republic, Belarus, Spain and Portugal lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest iron and steel wire suppliers to Latvia were Lithuania ($X), Turkey ($X) and Russia ($X), together accounting for X% of total imports. China, Finland, Italy, Estonia, Poland, Ukraine, the Czech Republic, Spain, Portugal and Belarus lagged somewhat behind, together comprising a further X%.

Portugal, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average iron and steel wire import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron and steel wire import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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

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

Source: IndexBox Platform

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