Iron or steel wire articles market in Hungary

Earlier Report Observations

The market for iron or steel wire articles in Hungary experienced significant fluctuations between 2018 and 2024. After reaching 9.7 thousand tons in 2019, market volume dropped to 8.1 thousand tons in 2020. This decline was primarily driven by the COVID-19 pandemic, which caused historic price increases for steel due to rising energy and raw material costs, reducing demand and disrupting supply chains.

A recovery followed in 2021, with volume rising to 8.9 thousand tons. This was supported by continued steel price hikes, fueled by strong demand from China and a global shortage of steel scrap, which led producers to focus more on local markets including Hungary. However, in 2022, the outbreak of the Russia-Ukraine war triggered widespread supply chain disruptions and further raw material cost increases, pushing market volume down again to 8.5 thousand tons. During this period, consumer preference for domestic products also grew, providing some support to the market structure.

The market rebounded sharply in 2023, surging to 10.7 thousand tons—a 25% increase from the previous year. By 2024, volume moderated slightly to 10.2 thousand tons, suggesting a stabilization after the earlier volatility.

Production iron or steel wire articles in Hungary

In value, 2018-2021, K $ US

After a two-year decline, Hungary's production of iron or steel wire articles rebounded in value terms. In 2021, output reached 5 877 K $ US, marking a significant 40.6% increase compared to the previous year. However, looking at the period from 2018 to 2021, overall production decreased by 23.1%, which translates to an annualized decline of 8.4%. The lowest value was recorded in 2020 at 4 179 K $ US, with that year also seeing the steepest drop of 27.3%.

Annual dynamics of production in Hungary in value, 2018-2021, K $ US

In kind, 2018-2021, t

Following a two-year downturn, Hungary's production of iron or steel wire articles in physical terms showed recovery. In 2021, output totaled 1 678 tonnes, representing a 12.8% rise from the previous year. Over the broader 2018-2021 period, production fell by 58.8%, averaging an annual decrease of 25.6%. The minimum volume was in 2020 at 1 487 tonnes, with the largest decline of 50.7% also occurring that year.

Annual dynamics of production in Hungary in kind, 2018-2021, t

Exports iron or steel wire articles from Hungary

Exports in kind, t

Hungary's exports of iron or steel wire articles in physical terms reached 4 413 tonnes in 2021, up 15.8% from 2020. From 2018 to 2021, exports grew by 5.2%, with a compound annual growth rate of 1.7%. The lowest export volume was in 2020 at 3 810 tonnes, which also saw the biggest drop of 12.0%.

Annual dynamics of product's exports from Hungary in kind, 2018-2021, t

Between 2018 and 2021, three key markets—Germany, Austria, and Czechia—collectively accounted for 79.3% of Hungary's total exports of iron or steel wire articles in physical terms.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Hungary in kind, 2018-2021

Exports in value, K $ US

After a two-year decrease, Hungary's exports of iron or steel wire articles in value terms rebounded. In 2021, exports amounted to 22 721 K $ US, showing a sharp 33.0% increase year-over-year. Over the 2018-2021 period, exports rose by 19.6%, equivalent to an annualized growth rate of 6.2%. The minimum value was recorded in 2020 at 17 082 K $ US, with the largest decline of 8.4% also occurring that year.

Annual dynamics of product's exports from Hungary in value, 2018-2021, K $ US

From 2018 to 2021, Germany, Austria, and Czechia dominated Hungary's export structure in value terms, with shares of 45.3%, 14.1%, and 10.6%, respectively. Together, these three countries represented 70.0% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Hungary in value, 2018-2021

Imports iron or steel wire articles to Hungary

Imports in kind, t

Hungary's imports of iron or steel wire articles in physical terms totaled 11 587 tonnes in 2021, up 10.8% from 2020. Over the 2018-2021 period, imports increased by 27.1%, with a compound annual growth rate of 8.3%. The largest decline was in 2020 at 5.4%, while the biggest increase occurred in 2019 with a 21.3% rise.

Annual dynamics of product's imports to Hungary in kind, 2018-2021, t

Between 2018 and 2021, Germany, Poland, and Serbia were the main sources for Hungary's imports of iron or steel wire articles in physical terms, accounting for 18.9%, 18.3%, and 13.7% respectively. Together, they made up 50.9% of total imports.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Hungary in kind, 2018-2021

Imports in value, K $ US

Hungary's imports of iron or steel wire articles in value terms grew for the second consecutive year. In 2021, imports reached 35 897 K $ US, a 31.3% increase year-over-year. From 2018 to 2021, imports rose by 30.4%, with a compound annual growth rate of 9.2%. The lowest value was in 2019 at 27 076 K $ US, which also saw the largest decline of 1.7%.

Annual dynamics of product's imports to Hungary in value, 2018-2021, K $ US

From 2018 to 2021, Hungary's import sources for iron or steel wire articles in value terms were diverse. Germany, Poland, and Italy were the top suppliers, with shares of 25.7%, 14.4%, and 9.5% respectively, but together they contributed only 49.6% of total imports. Many other countries held smaller yet notable shares, indicating a broad supplier base.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Hungary in value, 2018-2021