Middle East: Market for Hot-Rolled Round Bars Of Stainless Steel 2024

Market Size for Hot-Rolled Round Bars Of Stainless Steel in the Middle East

In 2021, the Middle Eastern hot-rolled round stainless steel market increased by 68% to $X, rising for the fifth year in a row after two years of decline. Over the period under review, consumption continues to indicate resilient growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Hot-Rolled Round Bars Of Stainless Steel in the Middle East

In value terms, hot-rolled round stainless steel production soared to $X in 2021 estimated in export price. Overall, production showed a significant expansion. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Hot-Rolled Round Bars Of Stainless Steel

Exports in the Middle East

In 2021, approx. X tons of hot-rolled round bars of stainless steel were exported in the Middle East; declining by -41.8% compared with the previous year's figure. Overall, exports faced a deep slump. The most prominent rate of growth was recorded in 2013 when exports increased by 204%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled round stainless steel exports declined slightly to $X in 2021. Over the period under review, exports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2013 when exports increased by 100% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) and Jordan (X tons) prevails in exports structure, together mixing up 83% of total exports. Israel (X tons) took the next position in the ranking, followed by Turkey (X tons). All these countries together held near 14% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +46.9%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the United Arab Emirates ($X) remains the largest hot-rolled round stainless steel supplier in the Middle East, comprising 66% of total exports. The second position in the ranking was held by Israel ($X), with an 11% share of total exports. It was followed by Turkey, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled -5.6%. In the other countries, the average annual rates were as follows: Israel (+42.0% per year) and Turkey (-12.3% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, growing by 69% against the previous year. Over the period under review, the export price showed a buoyant increase. 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, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Jordan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+16.1%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Round Bars Of Stainless Steel

Imports in the Middle East

Hot-rolled round stainless steel imports expanded sharply to X tons in 2021, surging by 6.1% against the year before. In general, imports, however, showed a deep setback. The growth pace was the most rapid in 2015 when imports increased by 56%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, hot-rolled round stainless steel imports soared to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 34%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and Turkey (X tons) represented roughly 83% of total imports in 2021. It was distantly followed by Israel (X tons), creating a 4.6% share of total imports. Iran (X tons), Oman (X tons) and Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Qatar (with a CAGR of +12.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X) were the countries with the highest levels of imports in 2021, together comprising 81% of total imports.

Among the main importing countries, the United Arab Emirates, with a CAGR of +10.7%, saw the highest growth rate of 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, increasing by 17% against the previous year. Overall, the import price enjoyed strong growth. The pace of growth appeared the most rapid in 2017 an increase of 68% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is expected to retain growth in the near future.

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 Iran ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+14.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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