Europe: Iron And Steel Market 2024

Iron And Steel Market Size in Europe

The Europe iron and steel market fell to $X in 2023, shrinking by X% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2023, the growth of the market remained at a somewhat lower figure.

Iron And Steel Production in Europe

In value terms, iron and steel production declined slightly to $X in 2023 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2023, production failed to regain momentum.

Iron And Steel Exports

Exports in Europe

In 2023, overseas shipments of iron and steel decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, the exports attained the peak of X tons. From 2019 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, iron and steel exports expanded significantly to $X in 2023. Over the period under review, exports recorded a noticeable slump. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Russia was the main exporter of iron and steel in Europe, with the volume of exports accounting for X tons, which was near X% of total exports in 2023. It was distantly followed by Ukraine (X tons), comprising a X% share of total exports. The Netherlands (X tons), Germany (X tons), France (X tons) and Sweden (X tons) held a relatively small share of total exports.

Russia experienced a relatively flat trend pattern with regard to volume of exports of iron and steel. At the same time, France (X%), the Netherlands (X%) and Germany (X%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in Europe, with a CAGR of X% from 2012-2023. Sweden experienced a relatively flat trend pattern. By contrast, Ukraine (X%) illustrated a downward trend over the same period. Russia (X p.p.) significantly strengthened its position in terms of the total exports, while Ukraine saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest iron and steel supplier in Europe, comprising X% of total exports. The second position in the ranking was taken by Ukraine ($X), with a X% share of total exports. It was followed by the Netherlands, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Russia stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Ukraine (X% per year) and the Netherlands (X% per year).

Export Prices by Country

The export price in Europe stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the export price, however, continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2022 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($X per ton), while Sweden ($X per ton) was amongst the lowest.

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

Iron And Steel Imports

Imports in Europe

In 2023, after two years of growth, there was decline in supplies from abroad of iron and steel, when their volume decreased by X% to X tons. In general, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2023, imports stood at a somewhat lower figure.

In value terms, iron and steel imports dropped markedly to $X in 2023. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2022, and then contracted sharply in the following year.

Imports by Country

Italy represented the major importing country with an import of around X tons, which finished at X% of total imports. The Netherlands (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Spain (X%), Germany (X%) and Poland (X%). France (X tons), Belgium (X tons), Latvia (X tons), Belarus (X tons) and the Czech Republic (X tons) took a little share of total imports.

From 2012 to 2023, average annual rates of growth with regard to iron and steel imports into Italy stood at X%. At the same time, Latvia (X%) and the Netherlands (X%) displayed positive paces of growth. Moreover, Latvia emerged as the fastest-growing importer imported in Europe, with a CAGR of X% from 2012-2023. Poland, France and Spain experienced a relatively flat trend pattern. By contrast, the Czech Republic (X%), Belarus (X%), Belgium (X%) and Germany (X%) illustrated a downward trend over the same period. While the share of Italy (X p.p.), the Netherlands (X p.p.) and Latvia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Belarus (X p.p.), Belgium (X p.p.) and Germany (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Italy, iron and steel imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: the Netherlands (X% per year) and Spain (X% per year).

Import Prices by Country

The import price in Europe stood at $X per ton in 2023, declining by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per ton in 2022, and then fell sharply in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Belarus ($X per ton) and France ($X per ton), while Italy ($X per ton) and Belgium ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform