GCC: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Exports

Exports in GCC

In 2021, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported in GCC dropped markedly to X tons, which is down by -16.7% against the previous year's figure. Overall, exports showed a deep reduction. The pace of growth appeared the most rapid in 2013 when exports increased by 47%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, hot-rolled steel products exports rose significantly to $X in 2021. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 35%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia was the major exporting country with an export of around X tons, which recorded 63% of total exports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Oman (X tons). All these countries together held near 35% share of total exports.

Exports from Saudi Arabia decreased at an average annual rate of -4.1% from 2012 to 2021. At the same time, Oman (+5.5%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +5.5% from 2012-2021. By contrast, the United Arab Emirates (-13.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia and Oman increased by +13 and +8.5 percentage points, respectively.

In value terms, Saudi Arabia ($X) remains the largest hot-rolled steel products supplier in GCC, comprising 59% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Saudi Arabia stood at -4.8%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-11.7% per year) and Oman (+9.9% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, increasing by 31% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($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 (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Hot-Rolled Steel Products Imports

Imports in GCC

In 2021, supplies from abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by -23.8% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports continue to indicate a mild decline. The pace of growth was the most pronounced in 2019 when imports increased by 12%. The volume of import peaked at X tons in 2020, and then fell markedly in the following year.

In value terms, hot-rolled steel products imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 26%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

In 2021, the United Arab Emirates (X tons) was the largest importer of flat-rolled products of iron or steel (not further worked than hot-rolled), constituting 50% of total imports. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by Oman (X tons). All these countries together took near 43% share of total imports. The following importers - Kuwait (X tons) and Qatar (X tons) - together made up 7% of total imports.

From 2012 to 2021, the biggest increases were recorded for Kuwait (with a CAGR of +5.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X) were the countries with the highest levels of imports in 2021, together accounting for 91% of total imports. Kuwait and Qatar lagged somewhat behind, together comprising a further 7%.

In terms of the main importing countries, Kuwait, with a CAGR of +6.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, growing by 54% against the previous year. Import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Qatar ($X per ton) and Saudi Arabia ($X per ton), while Oman ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform