Kuwait: Iron Angle Market 2024

Iron Angle Market Size in Kuwait

In 2021, the Kuwaiti iron angle market decreased by -3% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption, however, posted a resilient increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Iron Angle Exports

Exports from Kuwait

In 2021, exports of angles, shapes and sections (of iron or non-alloy steel) from Kuwait surged to X tons, rising by 188% on the previous year. Overall, exports, however, faced a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 766%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron angle exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 721%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Qatar (X tons) was the main destination for iron angle exports from Kuwait, accounting for a 53% share of total exports. Moreover, iron angle exports to Qatar exceeded the volume sent to the second major destination, Saudi Arabia (X tons), threefold. The third position in this ranking was held by Egypt (X tons), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Qatar totaled +32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-24.2% per year) and Egypt (+20.8% per year).

In value terms, Qatar ($X), Saudi Arabia ($X) and Egypt ($X) appeared to be the largest markets for iron angle exported from Kuwait worldwide, with a combined 87% share of total exports. Iraq and Pakistan lagged somewhat behind, together accounting for a further 13%.

In terms of the main countries of destination, Iraq, with a CAGR of +20.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average iron angle export price amounted to $X per ton, reducing by -31.8% against the previous year. Overall, the export price saw a abrupt downturn. The growth pace was the most rapid in 2018 an increase of 14% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (-1.2%), while the prices for the other major destinations experienced a decline.

Iron Angle Imports

Imports into Kuwait

In 2021, approx. X tons of angles, shapes and sections (of iron or non-alloy steel) were imported into Kuwait; dropping by -20.2% compared with 2020. Overall, imports, however, enjoyed pronounced growth. The most prominent rate of growth was recorded in 2017 with an increase of 55% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, iron angle imports expanded sharply to $X in 2021. In general, imports, however, recorded a perceptible increase. The most prominent rate of growth was recorded in 2017 with an increase of 74% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons), Turkey (X tons) and the United Arab Emirates (X tons) were the main suppliers of iron angle imports to Kuwait, with a combined 62% share of total imports. These countries were followed by Oman, Bahrain, China, India and South Korea, which together accounted for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +31.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron angle suppliers to Kuwait were Saudi Arabia ($X), Turkey ($X) and the United Arab Emirates ($X), together comprising 61% of total imports. These countries were followed by Oman, Bahrain, China, India and South Korea, which together accounted for a further 32%.

Oman, with a CAGR of +34.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average iron angle import price amounted to $X per ton, rising by 33% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. 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 supplying countries. In 2021, amid the top importers, the countries with the highest prices were South Korea ($X per ton) and Oman ($X per ton), while the price for India ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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