GCC: Cold-Rolled Steel Products Market 2025

Cold-Rolled Steel Products Market Size in GCC

In 2022, after five years of growth, there was significant decline in the GCC cold-rolled steel products market, when its value decreased by -10.5% to $X. Overall, consumption, however, recorded temperate growth. Over the period under review, the market attained the peak level at $X in 2021, and then dropped in the following year.

Cold-Rolled Steel Products Production in GCC

In value terms, cold-rolled steel products production dropped slightly to $X in 2022 estimated in export price. In general, production faced a drastic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 8.6% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Cold-Rolled Steel Products Exports

Exports in GCC

In 2022, the amount of flat-rolled products of iron or steel (not further worked than cold-rolled) exported in GCC contracted to X tons, waning by -14.7% compared with the previous year. In general, exports faced a dramatic downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 48%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, cold-rolled steel products exports contracted modestly to $X in 2022. Overall, exports showed a precipitous shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 24% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the largest exporter of flat-rolled products of iron or steel (not further worked than cold-rolled) in GCC, with the volume of exports recording X tons, which was approx. 67% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), Bahrain (X tons) and Oman (X tons), together generating a 30% share of total exports. Kuwait (X tons) took a minor share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -27.1% from 2012 to 2022. At the same time, Kuwait (+2.5%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +2.5% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-10.8%) and Bahrain (-14.9%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+16 p.p.), Oman (+4.4 p.p.), Bahrain (+4.3 p.p.) and Kuwait (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-26.8 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest cold-rolled steel products supplier in GCC, comprising 66% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 18% share of total exports. It was followed by Bahrain, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled -23.4%. In the other countries, the average annual rates were as follows: Saudi Arabia (-8.8% per year) and Bahrain (-18.8% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, rising by 12% against the previous year. Export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cold-rolled steel products export price increased by +14.7% against 2020 indices. The most prominent rate of growth was recorded in 2018 an increase of 54%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Cold-Rolled Steel Products Imports

Imports in GCC

In 2022, after two years of growth, there was significant decline in overseas purchases of flat-rolled products of iron or steel (not further worked than cold-rolled), when their volume decreased by -8.4% to X tons. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 44%. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, cold-rolled steel products imports contracted to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 42%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

The United Arab Emirates was the major importing country with an import of around X tons, which accounted for 65% of total imports. Saudi Arabia (X tons) held the second position in the ranking, distantly followed by Oman (X tons). All these countries together held near 31% share of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - each accounted for a 4.1% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the flat-rolled products of iron or steel (not further worked than cold-rolled) imports, with a CAGR of +10.3% from 2012 to 2022. At the same time, Oman (+6.2%) and Qatar (+4.6%) displayed positive paces of growth. Kuwait experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-8.1%) illustrated a downward trend over the same period. The United Arab Emirates (+38 p.p.) and Oman (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -40.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than cold-rolled) in GCC, comprising 68% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 20% share of total imports. It was followed by Kuwait, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at +6.7%. In the other countries, the average annual rates were as follows: Saudi Arabia (-8.5% per year) and Kuwait (+2.0% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, with a decrease of -3.6% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 15%. Over the period under review, import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform