MENA: Market for Hot-Rolled Steel Bars and Rods 2024

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

In 2021, the MENA's market for hot-rolled steel bars and rods decreased by -30% to $X, falling for the fourth year in a row after two years of growth. Over the period under review, consumption showed a abrupt decrease. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Production of Hot-Rolled Steel Bars and Rods in MENA

In value terms, hot-rolled steel bar and rod production rose rapidly to $X in 2021 estimated in export price. Overall, production recorded a noticeable decrease. The pace of growth appeared the most rapid in 2016 with an increase of 19% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports in MENA

Hot-rolled steel bar and rod exports surged to X tons in 2021, growing by 101% against 2020. Over the period under review, exports enjoyed a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel bar and rod exports skyrocketed to $X in 2021. Overall, exports continue to indicate a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey dominates exports structure, accounting for X tons, which was approx. 84% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), comprising a 7.3% share of total exports. Oman (X tons) and Egypt (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled steel bar and rod exports from Turkey stood at +6.2%. At the same time, Oman (+61.8%), the United Arab Emirates (+8.7%) and Egypt (+1.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of +61.8% from 2012-2021. From 2012 to 2021, the share of Oman increased by +3.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest hot-rolled steel bar and rod supplier in MENA, comprising 82% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 7.6% share of total exports. It was followed by Oman, with a 3.6% share.

In Turkey, hot-rolled steel bar and rod exports expanded at an average annual rate of +6.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+7.5% per year) and Oman (+57.2% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, with an increase of 41% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Egypt ($X per ton) and the United Arab Emirates ($X per ton), while Turkey ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+1.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Hot-Rolled Steel Bars and Rods

Imports in MENA

In 2021, supplies from abroad of hot-rolled steel bars and rods was finally on the rise to reach X tons for the first time since 2014, thus ending a six-year declining trend. Overall, imports, however, recorded a abrupt decline. The volume of import peaked 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 soared to $X in 2021. In general, imports, however, continue to indicate a abrupt downturn. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Israel (X tons), distantly followed by Turkey (X tons), Yemen (X tons), Saudi Arabia (X tons), Iraq (X tons) and the United Arab Emirates (X tons) represented the main importers of hot-rolled steel bars and rods, together creating 71% of total imports. Lebanon (X tons), Kuwait (X tons), Syrian Arab Republic (X tons), Oman (X tons), Palestine (X tons), Libya (X tons) and Morocco (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Palestine (with a CAGR of +19.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in MENA were Israel ($X), Turkey ($X) and Saudi Arabia ($X), together comprising 52% of total imports. These countries were followed by Yemen, the United Arab Emirates, Iraq, Palestine, Kuwait, Lebanon, Syrian Arab Republic, Oman, Libya and Morocco, which together accounted for a further 39%.

Palestine, with a CAGR of +21.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per ton in 2021, surging by 38% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Palestine ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform