Middle East: Ferro-Silicon Market 2024

Ferro-Silicon Market Size in the Middle East

In 2022, the Middle Eastern ferro-silicon market increased by 2.8% to $X, rising for the third year in a row after two years of decline. The total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +38.0% against 2019 indices. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Ferro-Silicon Production in the Middle East

In value terms, ferro-silicon production reached $X in 2022 estimated in export price. Over the period under review, production saw a slight curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 5.2% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Ferro-Silicon Exports

Exports in the Middle East

In 2022, approx. X tons of ferro-silicon were exported in the Middle East; jumping by 663% on 2021. Overall, exports continue to indicate significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, ferro-silicon exports skyrocketed to $X in 2022. Over the period under review, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Iran was the largest exporting country with an export of around X tons, which accounted for 79% of total exports. It was distantly followed by Turkey (X tons), creating a 19% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to ferro-silicon exports from Iran stood at +16.9%. At the same time, Turkey (+17.9%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +17.9% from 2012-2022. Iran (+79 p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by -17.2% from 2012 to 2022, respectively.

In value terms, Iran ($X) emerged as the largest ferro-silicon supplier in the Middle East, comprising 77% of total exports. The second position in the ranking was held by Turkey ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Iran totaled +27.1%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, jumping by 30% against the previous year. Export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-silicon export price increased by +97.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 53% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Iran amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+8.8%).

Ferro-Silicon Imports

Imports in the Middle East

In 2022, purchases abroad of ferro-silicon increased by 13% to X tons, rising for the third consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 24%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, ferro-silicon imports skyrocketed to $X in 2022. Over the period under review, imports saw a resilient increase. The growth pace was the most rapid in 2021 when imports increased by 72%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Turkey dominates imports structure, resulting at X tons, which was near 88% of total imports in 2022. The United Arab Emirates (X tons), Oman (X tons) and Saudi Arabia (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to ferro-silicon imports into Turkey stood at +4.6%. At the same time, Oman (+7.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +7.9% from 2012-2022. By contrast, the United Arab Emirates (-6.2%) and Saudi Arabia (-15.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +17 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported ferro-silicon in the Middle East, comprising 91% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 2.2% share of total imports. It was followed by Oman, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey stood at +9.4%. In the other countries, the average annual rates were as follows: the United Arab Emirates (-6.4% per year) and Oman (+10.0% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, with an increase of 31% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-silicon import price increased by +96.7% against 2020 indices. The growth pace was the most rapid in 2021 when the import price increased by 50% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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 ($X per ton), while Saudi Arabia ($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 (+4.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :