Iraq: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Iraq

The Iraqi hot-rolled steel products market shrank sharply to $X in 2021, which is down by -17.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +26.5% against 2019 indices. As a result, consumption attained the peak level of $X, and then fell notably in the following year.

Hot-Rolled Steel Products Exports

Exports from Iraq

In 2021, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported from Iraq surged to X tons, with an increase of 787% against the previous year. Over the period under review, exports posted a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 2,004%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled steel products exports skyrocketed to $X in 2021. Overall, exports saw significant growth. The pace of growth was the most pronounced in 2013 with an increase of 2,317% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Oman (X tons) was the main destination for hot-rolled steel products exports from Iraq, with a approx. 99% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Oman stood at -29.3%.

In value terms, Oman ($X) also remains the key foreign market for flat-rolled products of iron or steel (not further worked than hot-rolled) exports from Iraq.

From 2012 to 2021, the average annual rate of growth in terms of value to Oman totaled -2.3%.

Export Prices by Country

In 2021, the average hot-rolled steel products export price amounted to $X per ton, increasing by 53% against the previous year. Overall, the export price, however, continues to indicate a pronounced contraction. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Oman.

From 2012 to 2021, the rate of growth in terms of prices for Oman amounted to +38.0% per year.

Hot-Rolled Steel Products Imports

Imports into Iraq

In 2021, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were imported into Iraq; declining by -37.7% against 2020 figures. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 55%. As a result, imports reached the peak of X tons, and then shrank remarkably in the following year.

In value terms, hot-rolled steel products imports declined to $X in 2021. In general, total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +40.7% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 50% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

Turkey (X tons), Ukraine (X tons) and the United Arab Emirates (X tons) were the main suppliers of hot-rolled steel products imports to Iraq, with a combined 92% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +45.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constituted the largest supplier of flat-rolled products of iron or steel (not further worked than hot-rolled) to Iraq, comprising 60% of total imports. The second position in the ranking was taken by Ukraine ($X), with a 25% share of total imports. It was followed by the United Arab Emirates, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value from Turkey stood at +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-1.9% per year) and the United Arab Emirates (+43.1% per year).

Import Prices by Country

The average hot-rolled steel products import price stood at $X per ton in 2021, increasing by 51% against the previous year. Overall, the import price continues to indicate a mild expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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