MENA: Market for Hot-Rolled Wire Rod In Coil Of Stainless Steel 2024

Market Size for Hot-Rolled Wire Rod In Coil Of Stainless Steel in MENA

The MENA's market for hot-rolled wire rod in coil of stainless steel fell to $X in 2022, shrinking by -8% against the previous year. The total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -30.7% against 2020 indices. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Production of Hot-Rolled Wire Rod In Coil Of Stainless Steel in MENA

In value terms, hot-rolled wire stainless steel rod production stood at $X in 2022 estimated in export price. In general, production recorded a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 93%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Exports in MENA

In 2022, hot-rolled wire stainless steel rod exports in MENA surged to X tons, increasing by 15% on 2021. Overall, exports, however, continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 402% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled wire stainless steel rod exports expanded rapidly to $X in 2022. Over the period under review, exports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 168% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons) represented the largest exporter of hot-rolled wire rod in coil of stainless steel, generating 59% of total exports. Iran (X tons) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Oman (12%).

Exports from the United Arab Emirates decreased at an average annual rate of -13.9% from 2012 to 2022. At the same time, Oman (+19.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of +19.2% from 2012-2022. By contrast, Iran (-16.0%) illustrated a downward trend over the same period. While the share of Oman (+12 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Iran (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest hot-rolled wire stainless steel rod supplier in MENA, comprising 62% of total exports. The second position in the ranking was taken by Iran ($X), with a 15% share of total exports.

In the United Arab Emirates, hot-rolled wire stainless steel rod exports declined by an average annual rate of -15.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Iran (-19.1% per year) and Oman (+16.3% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, remaining stable against the previous year. Over the period under review, the export price showed a slight curtailment. The growth pace was the most rapid in 2014 when the export price increased by 53% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.6%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Imports in MENA

After two years of growth, supplies from abroad of hot-rolled wire rod in coil of stainless steel decreased by -9.4% to X tons in 2022. In general, imports showed a perceptible slump. The pace of growth appeared the most rapid in 2018 when imports increased by 66%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, hot-rolled wire stainless steel rod imports contracted modestly to $X in 2022. Over the period under review, imports recorded a perceptible shrinkage. The growth pace was the most rapid in 2020 with an increase of 47% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, accounting for X tons, which was near 86% of total imports in 2022. Kuwait (X tons) took the second position in the ranking, followed by Turkey (X tons). All these countries together took near 11% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +4.4% from 2012 to 2022. At the same time, Kuwait (+42.9%) and Turkey (+13.6%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in MENA, with a CAGR of +42.9% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates, Kuwait and Turkey increased by +49, +6.1 and +4.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported hot-rolled wire rod in coil of stainless steel in MENA, comprising 84% of total imports. The second position in the ranking was held by Turkey ($X), with a 7.3% share of total imports.

In the United Arab Emirates, hot-rolled wire stainless steel rod imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+14.0% per year) and Kuwait (+27.0% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, picking up by 5.2% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 106% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, 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