Middle East: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in the Middle East

In 2021, the Middle Eastern market for hot-rolled steel bars and rods decreased by -30.4% to $X, falling for the third year in a row after three years of growth. Overall, consumption saw a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when the market value increased by 6.3% against the previous year. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Production of Hot-Rolled Steel Bars and Rods in the Middle East

In value terms, hot-rolled steel bar and rod production expanded markedly to $X in 2021 estimated in export price. In general, production continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2016 when the production volume increased by 19% against the previous year. Over the period under review, production attained the maximum level 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 the Middle East

In 2021, the amount of hot-rolled steel bars and rods exported in the Middle East soared to X tons, increasing by 104% against the previous year's figure. Over the period under review, exports saw a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel bar and rod exports soared to $X in 2021. Overall, exports saw a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey prevails in exports structure, resulting at X tons, which was approx. 86% of total exports in 2021. It was distantly followed by the United Arab Emirates (X tons), comprising a 7.5% share of total exports. The following exporters - Oman (X tons) and Iran (X tons) - together made up 5.2% of total exports.

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%), Iran (+23.8%) and the United Arab Emirates (+8.7%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +61.8% from 2012-2021. From 2012 to 2021, the share of Oman increased by +3.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest hot-rolled steel bar and rod supplier in the Middle East, comprising 85% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 7.8% share of total exports. It was followed by Oman, with a 3.7% 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

In 2021, the export price in the Middle East amounted to $X per ton, rising by 42% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.5%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Steel Bars and Rods

Imports in the Middle East

In 2021, after seven years of decline, there was significant growth in purchases abroad of hot-rolled steel bars and rods, when their volume increased by 12% to X tons. Over the period under review, imports, however, continue to indicate a pronounced decline. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. In general, imports, however, showed a perceptible downturn. Over the period under review, imports attained the peak figure 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 making up 78% of total imports. The following importers - Lebanon (X tons), Kuwait (X tons), Syrian Arab Republic (X tons), Oman (X tons), Palestine (X tons), Qatar (X tons) and Bahrain (X tons) - together made up 21% of total imports.

From 2012 to 2021, the biggest increases were recorded for Palestine (with a CAGR of +19.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in the Middle East were Israel ($X), Turkey ($X) and Saudi Arabia ($X), with a combined 56% share of total imports. Yemen, the United Arab Emirates, Iraq, Palestine, Kuwait, Lebanon, Syrian Arab Republic, Oman, Qatar and Bahrain lagged somewhat behind, together accounting for a further 42%.

In terms of the main importing countries, Palestine, with a CAGR of +21.3%, saw 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 the Middle East amounted to $X per ton, picking up by 38% against the previous year. Over the last nine years, 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.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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

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