Kuwait: Stainless Steel Angle Market 2024

Stainless Steel Angle Market Size in Kuwait

The Kuwaiti stainless steel angle market declined significantly to $X in 2021, which is down by -57% 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). Overall, consumption recorded a drastic downturn. Stainless steel angle consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Stainless Steel Angle Exports

Exports from Kuwait

In 2021, overseas shipments of angles, shapes and sections of stainless steel or other alloy steel increased by 84% to X tons, rising for the third consecutive year after four years of decline. Overall, exports, however, showed a pronounced curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 274% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, stainless steel angle exports surged to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 219%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for stainless steel angle exports from Kuwait, with a 73% share of total exports. Moreover, stainless steel angle exports to Saudi Arabia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Saudi Arabia totaled -7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+50.2% per year) and Egypt (-6.3% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for angles, shapes and sections of stainless steel or other alloy steel exports from Kuwait, comprising 64% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia amounted to -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+50.1% per year) and Egypt (-1.2% per year).

Export Prices by Country

The average stainless steel angle export price stood at $X per ton in 2021, picking up by 8.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.9%. The growth pace was the most rapid in 2013 when the average export price increased by 44% against the previous year. The export price peaked at $X per ton in 2019; afterwards, it flattened through to 2021.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Saudi Arabia ($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 (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.

Stainless Steel Angle Imports

Imports into Kuwait

In 2021, imports of angles, shapes and sections of stainless steel or other alloy steel into Kuwait fell sharply to X tons, waning by -61.1% compared with the previous year's figure. In general, imports saw a abrupt setback. The pace of growth was the most pronounced in 2019 with an increase of 34%. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, stainless steel angle imports shrank rapidly to $X in 2021. Over the period under review, imports showed a abrupt descent. The most prominent rate of growth was recorded in 2019 when imports increased by 13% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of stainless steel angle to Kuwait, with a 78% share of total imports. Moreover, stainless steel angle imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), more than tenfold. Jordan (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-4.5% per year) and Jordan (-20.4% per year).

In value terms, China ($X) constituted the largest supplier of angles, shapes and sections of stainless steel or other alloy steel to Kuwait, comprising 63% of total imports. The second position in the ranking was taken by Turkey ($X), with an 8.3% share of total imports. It was followed by Saudi Arabia, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -19.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-0.2% per year) and Saudi Arabia (-23.2% per year).

Import Prices by Country

The average stainless steel angle import price stood at $X per ton in 2021, jumping by 31% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2018 an increase of 35%. Over the period under review, average import prices reached the maximum in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Jordan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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