MENA: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in MENA

The MENA's market for hot-rolled non-alloy steel wire rods reduced to $X in 2021, waning by -7.6% against the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then shrank in the following year.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in MENA

In value terms, hot-rolled non-alloy steel wire rod production totaled $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 130%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports in MENA

In 2021, shipments abroad of hot-rolled non-alloy steel wire rods was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports posted buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled non-alloy steel wire rod exports surged to $X in 2021. Overall, exports continue to indicate buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the largest exporting country with an export of around X tons, which finished at 47% of total exports. The United Arab Emirates (X tons) ranks second in terms of the total exports with an 18% share, followed by Egypt (11%), Algeria (8.9%) and Saudi Arabia (7%). Iran (X tons) and Tunisia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled non-alloy steel wire rod exports from Turkey stood at +3.3%. At the same time, Algeria (+9,049.0%), Tunisia (+88.3%), Saudi Arabia (+44.7%), Iran (+35.8%), the United Arab Emirates (+8.1%) and Egypt (+3.0%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing exporter exported in MENA, with a CAGR of +9,049.0% from 2012-2021. Algeria (+8.9 p.p.), Saudi Arabia (+6.5 p.p.), Iran (+2.8 p.p.) and Tunisia (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Egypt and Turkey saw its share reduced by -4.7% and -18% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest hot-rolled non-alloy steel wire rod supplier in MENA, comprising 46% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 18% share of total exports. It was followed by Egypt, with a 13% share.

In Turkey, hot-rolled non-alloy steel wire rod exports increased at an average annual rate of +4.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+7.4% per year) and Egypt (+4.2% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, increasing by 48% 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 ($X per ton) and Algeria ($X per ton), while Iran ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Algeria (+50.4%), while the other leaders experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports in MENA

In 2021, the amount of hot-rolled non-alloy steel wire rods imported in MENA rose remarkably to X tons, growing by 10% compared with 2020 figures. Overall, imports, however, recorded a noticeable descent. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod imports soared to $X in 2021. In general, imports, however, continue to indicate a pronounced contraction. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Israel (X tons), distantly followed by Turkey (X tons), Saudi Arabia (X tons) and Yemen (X tons) represented the key importers of hot-rolled non-alloy steel wire rods, together making up 70% of total imports. The following importers - Kuwait (X tons), Jordan (X tons), Morocco (X tons), Qatar (X tons), Egypt (X tons), Tunisia (X tons) and Oman (X tons) - together made up 21% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Kuwait (with a CAGR of +56.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod importing markets in MENA were Israel ($X), Turkey ($X) and Saudi Arabia ($X), with a combined 68% share of total imports. These countries were followed by Jordan, Kuwait, Qatar, Morocco, Yemen, Egypt, Tunisia and Oman, which together accounted for a further 24%.

Among the main importing countries, Kuwait, with a CAGR of +53.2%, recorded 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

In 2021, the import price in MENA amounted to $X per ton, jumping by 39% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import 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 importers, the country with the highest price was Jordan ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+1.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform