Middle East: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in the Middle East

The Middle Eastern market for raw steel and steel semi-finished products expanded remarkably to $X in 2021, growing by 5.9% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Raw Steel And Steel Semi-Finished Products in the Middle East

In value terms, production of raw steel and steel semi-finished products skyrocketed to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.6% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 44%. As a result, production reached the peak level of $X. From 2020 to 2021, production of growth remained at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports in the Middle East

In 2021, shipments abroad of raw steel and steel semi-finished products increased by 31% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports posted strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 82%. Over the period under review, the exports of reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, exports of raw steel and steel semi-finished products skyrocketed to $X in 2021. Overall, exports showed buoyant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from Iran (X tons), the United Arab Emirates (X tons), Turkey (X tons) and Oman (X tons), together reaching 85% of total export. It was distantly followed by Bahrain (X tons), comprising a 7.4% share of total exports. Kuwait (X tons) and Saudi Arabia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Oman (with a CAGR of +47.2%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Iran ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 68% of total exports. Oman, Bahrain, Saudi Arabia and Kuwait lagged somewhat behind, together comprising a further 30%.

In terms of the main exporting countries, Oman, with a CAGR of +50.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, with an increase of 54% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export 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 exporting countries. In 2021, the country with the highest price was Turkey ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+6.1%), while the other leaders experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports in the Middle East

In 2021, purchases abroad of raw steel and steel semi-finished products increased by 52% to X tons, rising for the second year in a row after seven years of decline. Over the period under review, imports, however, recorded a slight reduction. The growth pace was the most rapid in 2020 with an increase of 182%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of raw steel and steel semi-finished products soared to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports of attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Turkey dominates products structure, reaching X tons, which was near 79% of total imports in 2021. It was distantly followed by Saudi Arabia (X tons) and the United Arab Emirates (X tons), together committing a 15% share of total imports. Oman (X tons) held a little share of total imports.

Turkey was also the fastest-growing in terms of the raw steel and steel semi-finished products imports, with a CAGR of +9.8% from 2012 to 2021. At the same time, the United Arab Emirates (+7.1%) and Oman (+1.3%) displayed positive paces of growth. By contrast, Saudi Arabia (-12.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey and the United Arab Emirates increased by +50 and +3.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported raw steel and steel semi-finished products in the Middle East, comprising 79% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 9.4% share of total imports. It was followed by the United Arab Emirates, with a 6.5% share.

In Turkey, imports of raw steel and steel semi-finished products expanded at an average annual rate of +11.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-10.4% per year) and the United Arab Emirates (+5.7% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, with an increase of 47% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 65% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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