MENA: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in MENA

The MENA's market for raw steel and steel semi-finished products rose slightly to $X in 2021, surging by 4% against the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Production of Raw Steel And Steel Semi-Finished Products in MENA

In value terms, production of raw steel and steel semi-finished products stood at $X in 2021 estimated in export price. The total production indicated temperate growth 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, production decreased by -9.6% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 34%. As a result, production attained the peak level of $X. From 2020 to 2021, production of growth failed to regain momentum.

Exports of Raw Steel And Steel Semi-Finished Products

Exports in MENA

In 2021, overseas shipments of raw steel and steel semi-finished products were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports showed a strong increase. The pace of growth appeared the most rapid in 2017 when exports increased by 83% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, exports of raw steel and steel semi-finished products surged to $X in 2021. Over the period under review, exports recorded a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Iran (X tons), the United Arab Emirates (X tons), Turkey (X tons) and Oman (X tons) was the key exporter of raw steel and steel semi-finished products in MENA, achieving 82% of total export. It was distantly followed by Bahrain (X tons), achieving a 7.2% share of total exports. The following exporters - Kuwait (X tons) and Algeria (X tons) - each resulted at a 5.1% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Oman (with a CAGR of +47.2%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Iran ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 67% of total exports. These countries were followed by Oman, Bahrain, Kuwait and Algeria, which together accounted for a further 29%.

Among the main exporting countries, Oman, with a CAGR of +50.8%, recorded the highest growth rate of 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 export price in MENA amounted to $X per ton, picking up by 50% against the previous year. Export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Turkey ($X per ton), while Algeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+6.1%), while the other leaders experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports in MENA

In 2021, the amount of raw steel and steel semi-finished products imported in MENA surged to X tons, rising by 31% on the previous year's figure. Over the period under review, imports, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2020 when imports increased by 36% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of raw steel and steel semi-finished products soared to $X in 2021. Overall, imports, however, recorded a perceptible shrinkage. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Turkey prevails in products structure, accounting for X tons, which was near 67% of total imports in 2021. It was distantly followed by Morocco (X tons), Saudi Arabia (X tons) and the United Arab Emirates (X tons), together achieving a 21% share of total imports. The following importers - Tunisia (X tons) and Oman (X tons) - together made up 5.9% of total imports.

Turkey was also the fastest-growing in terms of the raw steel and steel semi-finished products imports, with a CAGR of +9.8% from 2012 to 2021. At the same time, the United Arab Emirates (+7.1%), Tunisia (+6.1%), Morocco (+4.0%) and Oman (+1.3%) displayed positive paces of growth. By contrast, Saudi Arabia (-12.0%) illustrated a downward trend over the same period. While the share of Turkey (+45 p.p.), Morocco (+3.7 p.p.), the United Arab Emirates (+3.7 p.p.) and Tunisia (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Saudi Arabia (-9.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported raw steel and steel semi-finished products in MENA, comprising 68% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with an 8.1% share of total imports. It was followed by Morocco, with a 7.7% share.

In Turkey, imports of raw steel and steel semi-finished products expanded at an average annual rate of +11.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-10.4% per year) and Morocco (+4.4% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, increasing by 46% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform