Kuwait: Market for Hot-Rolled Steel Bars and Rods 2025

Market Size for Hot-Rolled Steel Bars and Rods in Kuwait

The Kuwaiti market for hot-rolled steel bars and rods expanded sharply to $X in 2021, surging by 7.7% 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). Overall, consumption, however, enjoyed a pronounced expansion. Hot-rolled steel bar and rod consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Kuwait

After two years of decline, shipments abroad of hot-rolled steel bars and rods increased by 80% to X tons in 2021. Over the period under review, exports, however, continue to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2013 with an increase of 475% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, hot-rolled steel bar and rod exports rose markedly to $X in 2021. In general, exports, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2013 when exports increased by 541%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Oman (X tons) was the main destination for hot-rolled steel bar and rod exports from Kuwait, accounting for a 43% share of total exports. Moreover, hot-rolled steel bar and rod exports to Oman exceeded the volume sent to the second major destination, Saudi Arabia (X tons), twofold. The third position in this ranking was held by Pakistan (X tons), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume to Oman stood at +30.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-8.6% per year) and Pakistan (-4.1% per year).

In value terms, the largest markets for hot-rolled steel bar and rod exported from Kuwait were Oman ($X), Saudi Arabia ($X) and Qatar ($X), together accounting for 80% of total exports.

Qatar, with a CAGR of +47.4%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average export price for hot-rolled steel bars and rods amounted to $X per ton, reducing by -39.8% against the previous year. In general, the export price showed a perceptible slump. The most prominent rate of growth was recorded in 2020 an increase of 41% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to India ($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 Qatar (+17.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Kuwait

In 2021, purchases abroad of hot-rolled steel bars and rods decreased by -6.2% to X tons, falling for the second consecutive year after two years of growth. Overall, imports, however, showed a noticeable increase. The growth pace was the most rapid in 2018 with an increase of 79% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports expanded markedly to $X in 2021. In general, imports, however, continue to indicate a temperate increase. The most prominent rate of growth was recorded in 2018 with an increase of 90%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and Turkey (X tons) were the main suppliers of hot-rolled steel bar and rod imports to Kuwait, with a combined 93% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +77.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest hot-rolled steel bar and rod suppliers to Kuwait were the United Arab Emirates ($X), Saudi Arabia ($X) and Turkey ($X), with a combined 92% share of total imports.

Saudi Arabia, with a CAGR of +70.4%, 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 mixed trend patterns.

Import Prices by Country

The average import price for hot-rolled steel bars and rods stood at $X per ton in 2021, jumping by 21% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Turkey ($X per ton) and China ($X per ton), while the price for Saudi Arabia ($X per ton) and Qatar ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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