Libya: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Libya

The Libyan hot-rolled steel products market expanded modestly to $X in 2021, picking up by 2.8% against the previous year. The market value increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Hot-rolled steel products consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Hot-Rolled Steel Products Production in Libya

In value terms, hot-rolled steel products production expanded modestly to $X in 2021 estimated in export price. In general, the total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.8% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 38% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Hot-Rolled Steel Products Exports

Exports from Libya

After two years of decline, overseas shipments of flat-rolled products of iron or steel (not further worked than hot-rolled) increased by 29% to X tons in 2021. Overall, exports enjoyed a remarkable increase. The growth pace was the most rapid in 2018 when exports increased by 143% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, hot-rolled steel products exports surged to $X in 2021. Over the period under review, exports saw a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 164%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Italy (X tons), Egypt (X tons) and Tunisia (X tons) were the main destinations of hot-rolled steel products exports from Libya, together accounting for 63% of total exports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +29.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) emerged as the key foreign market for flat-rolled products of iron or steel (not further worked than hot-rolled) exports from Libya, comprising 34% of total exports. The second position in the ranking was held by Egypt ($X), with a 15% share of total exports. It was followed by Tunisia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy amounted to +37.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+1.4% per year) and Tunisia (+25.1% per year).

Export Prices by Country

The average hot-rolled steel products export price stood at $X per ton in 2021, surging by 32% against the previous year. Over the period under review, export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled steel products export price increased by +117.8% against 2014 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Greece ($X per ton), while the average price for exports to Portugal ($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 Greece (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into Libya

In 2021, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were imported into Libya; rising by 26% on 2020 figures. In general, imports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2019 with an increase of 255%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel products imports soared to $X in 2021. Over the period under review, imports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 162% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of hot-rolled steel products to Libya, accounting for a 47% share of total imports. Moreover, hot-rolled steel products imports from Turkey exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Tunisia (X tons) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey stood at +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.2% per year) and Tunisia (+20.4% per year).

In value terms, the largest hot-rolled steel products suppliers to Libya were Turkey ($X), Italy ($X) and Tunisia ($X), with a combined 80% share of total imports.

In terms of the main suppliers, Tunisia, with a CAGR of +21.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average hot-rolled steel products import price stood at $X per ton in 2021, surging by 64% against the previous year. In general, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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