GCC: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in GCC

The GCC market for hot-rolled non-alloy steel wire rods shrank to $X in 2021, waning by -11.4% against the previous year. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in GCC

In value terms, hot-rolled non-alloy steel wire rod production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production, however, posted prominent growth. The pace of growth appeared the most rapid in 2013 when the production volume increased by 57%. Over the period under review, production attained the peak level at $X in 2018; afterwards, it flattened through to 2021.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports in GCC

In 2021, shipments abroad of hot-rolled non-alloy steel wire rods increased by 45% to X tons, rising for the fourth year in a row after two years of decline. In general, exports posted a resilient expansion. The growth pace was the most rapid in 2018 with an increase of 75% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. Over the period under review, exports posted a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of about X tons, which finished at 71% of total exports. It was distantly followed by Saudi Arabia (X tons), generating a 28% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled non-alloy steel wire rod exports from the United Arab Emirates stood at +8.1%. At the same time, Saudi Arabia (+44.7%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +44.7% from 2012-2021. From 2012 to 2021, the share of Saudi Arabia increased by +25 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest hot-rolled non-alloy steel wire rod supplier in GCC, comprising 73% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 26% 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 +7.4%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, increasing by 44% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably 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 Saudi Arabia (-0.4%).

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports in GCC

In 2021, supplies from abroad of hot-rolled non-alloy steel wire rods increased by 14% to X tons, rising for the second consecutive year after four years of decline. Overall, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2020 when imports increased by 68%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. In general, imports, however, recorded a abrupt decrease. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Saudi Arabia (X tons) represented the largest importer of hot-rolled non-alloy steel wire rods, making up 46% of total imports. Kuwait (X tons) ranks second in terms of the total imports with a 20% share, followed by Qatar (17%), Oman (7.4%) and Bahrain (5.4%). The United Arab Emirates (X tons) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled non-alloy steel wire rod imports into Saudi Arabia stood at -14.6%. At the same time, Kuwait (+56.9%), Qatar (+5.1%) and Bahrain (+4.3%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +56.9% from 2012-2021. By contrast, the United Arab Emirates (-2.5%) and Oman (-6.4%) illustrated a downward trend over the same period. Kuwait (+20 p.p.), Qatar (+12 p.p.), Bahrain (+3.7 p.p.) and the United Arab Emirates (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -39.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported hot-rolled non-alloy steel wire rods in GCC, comprising 49% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 17% share of total imports. It was followed by Qatar, with a 17% share.

In Saudi Arabia, hot-rolled non-alloy steel wire rod imports contracted by an average annual rate of -14.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+53.2% per year) and Qatar (+3.9% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, rising by 35% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the United Arab Emirates ($X per ton) and Saudi Arabia ($X per ton), while Kuwait ($X per ton) and Bahrain ($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 (+2.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform