GCC: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in GCC

In 2021, the GCC flat-rolled steel products market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Flat-Rolled Steel Products Production in GCC

In value terms, flat-rolled steel products production rose rapidly to $X in 2021 estimated in export price. Overall, production, however, saw a perceptible shrinkage. The growth pace was the most rapid in 2014 when the production volume increased by 198%. The level of production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Flat-Rolled Steel Products Exports

Exports in GCC

In 2021, shipments abroad of flat-rolled products of iron or non-alloy steel decreased by -3.2% to X tons, falling for the fourth year in a row after four years of growth. Overall, exports continue to indicate a mild contraction. The pace of growth appeared the most rapid in 2015 with an increase of 71% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, flat-rolled steel products exports rose markedly to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 52% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, amounting to X tons, which was approx. 93% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), constituting a 4.8% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the flat-rolled products of iron or non-alloy steel exports, with a CAGR of +11.6% from 2012 to 2021. Saudi Arabia (-25.8%) illustrated a downward trend over the same period. The United Arab Emirates (+64 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -54.7% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest flat-rolled steel products supplier in GCC, comprising 95% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 3.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at +11.5%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, rising by 9.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2017 when the export price increased by 24% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-0.1%).

Flat-Rolled Steel Products Imports

Imports in GCC

In 2021, approx. X tons of flat-rolled products of iron or non-alloy steel were imported in GCC; with an increase of 11% compared with 2020 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 15% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, flat-rolled steel products imports soared to $X in 2021. In general, imports continue to indicate slight growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) prevails in imports structure, together achieving 91% of total imports. It was distantly followed by Oman (X tons), constituting a 6.7% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Oman (with a CAGR of +6.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 98% share of total imports.

Among the main importing countries, Oman, with a CAGR of +8.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, growing by 39% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+1.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform