MENA: Hot-Rolled Free-Cutting Steel Market 2024

Hot-Rolled Free-Cutting Steel Market Size in MENA

For the third consecutive year, the MENA's hot-rolled free-cutting steel market recorded growth in sales value, which increased by 22% to $X in 2021. In general, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Hot-Rolled Free-Cutting Steel Production in MENA

In value terms, hot-rolled free-cutting steel production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 11% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Hot-Rolled Free-Cutting Steel Exports

Exports in MENA

In 2021, hot-rolled free-cutting steel exports in MENA shrank dramatically to X tons, falling by -21.4% against the previous year. In general, exports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020, and then shrank markedly in the following year.

In value terms, hot-rolled free-cutting steel exports contracted dramatically to $X in 2021. Overall, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of 31%. The level of export peaked at $X in 2020, and then fell remarkably in the following year.

Exports by Country

Saudi Arabia represented the key exporter of hot-rolled bars in free-cutting steels in MENA, with the volume of exports reaching X tons, which was near 74% of total exports in 2021. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 16% share, followed by Turkey (7.5%). Egypt (X tons) followed a long way behind the leaders.

Exports from Saudi Arabia increased at an average annual rate of +9.2% from 2012 to 2021. At the same time, the United Arab Emirates (+17.8%), Egypt (+9.3%) and Turkey (+8.9%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in MENA, with a CAGR of +17.8% from 2012-2021. While the share of the United Arab Emirates (+7.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest hot-rolled free-cutting steel supplier in MENA, comprising 65% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 19% share of total exports. It was followed by Turkey, with a 12% share.

In Saudi Arabia, hot-rolled free-cutting steel exports expanded at an average annual rate of +9.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+17.4% per year) and Turkey (+9.2% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, with an increase of 5.7% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by 9.1% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+1.0%), while the other leaders experienced more modest paces of growth.

Hot-Rolled Free-Cutting Steel Imports

Imports in MENA

Hot-rolled free-cutting steel imports shrank notably to X tons in 2021, which is down by -22.6% on 2020 figures. Over the period under review, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 136% against the previous year. As a result, imports attained the peak of X tons, and then declined notably in the following year.

In value terms, hot-rolled free-cutting steel imports expanded notably to $X in 2021. In general, imports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 113% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

Imports by Country

In 2021, Turkey (X tons) represented the major importer of hot-rolled bars in free-cutting steels, making up 52% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 19% share, followed by Algeria (12%) and Kuwait (7.2%). The following importers - Bahrain (X tons) and Morocco (X tons) - each amounted to a 6.2% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled free-cutting steel imports into Turkey stood at +13.4%. At the same time, Saudi Arabia (+42.2%), Kuwait (+17.8%), Algeria (+13.8%), Morocco (+6.8%) and Bahrain (+5.1%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in MENA, with a CAGR of +42.2% from 2012-2021. Saudi Arabia (+17 p.p.), Turkey (+16 p.p.), Algeria (+3.9 p.p.) and Kuwait (+3.6 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported hot-rolled bars in free-cutting steels in MENA, comprising 58% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 17% share of total imports. It was followed by Algeria, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey totaled +13.0%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+39.1% per year) and Algeria (+13.4% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, jumping by 37% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform