Middle East: Market for Iron and Steel Wire 2025

Market Size for Iron and Steel Wire in the Middle East

In 2021, the Middle Eastern iron and steel wire market decreased by -2.1% to $X, falling for the third consecutive year after two years of growth. The total consumption indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -19.6% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Iron and Steel Wire in the Middle East

In value terms, iron and steel wire production surged to $X in 2021 estimated in export price. Overall, production, however, posted strong growth. The growth pace was the most rapid in 2017 with an increase of 79% against the previous year. Over the period under review, production hit record highs in 2021 and is expected to retain growth in the near future.

Exports of Iron and Steel Wire

Exports in the Middle East

In 2021, exports of iron and steel wire in the Middle East surged to X tons, rising by 34% against 2020. Overall, exports recorded a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, iron and steel wire exports surged to $X in 2021. Over the period under review, exports showed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey dominates exports structure, accounting for X tons, which was approx. 81% of total exports in 2021. Saudi Arabia (X tons) held a 6.6% share (based on physical terms) of total exports, which put it in second place, followed by the United Arab Emirates (6.6%). Oman (X tons) and Iran (X tons) followed a long way behind the leaders.

Exports from Turkey increased at an average annual rate of +14.1% from 2012 to 2021. At the same time, Iran (+36.9%), Oman (+27.4%), the United Arab Emirates (+4.7%) and Saudi Arabia (+4.7%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +36.9% from 2012-2021. Turkey (+18 p.p.) and Oman (+3 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates and Saudi Arabia saw its share reduced by -4.6% and -4.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest iron and steel wire supplier in the Middle East, comprising 84% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 5.5% share of total exports. It was followed by the United Arab Emirates, with a 5.5% share.

In Turkey, iron and steel wire exports expanded at an average annual rate of +14.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+2.5% per year) and the United Arab Emirates (+2.5% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, with an increase of 34% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.3%), while the other leaders experienced a decline in the export price figures.

Imports of Iron and Steel Wire

Imports in the Middle East

In 2021, overseas purchases of iron and steel wire increased by 9.1% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 12%. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, iron and steel wire imports soared to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Turkey (X tons), Saudi Arabia (X tons), the United Arab Emirates (X tons) and Oman (X tons) represented roughly 77% of total imports in 2021. It was distantly followed by Israel (X tons) and Kuwait (X tons), together making up a 13% share of total imports. Qatar (X tons) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +8.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported iron and steel wire in the Middle East, comprising 36% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 17% share of total imports. It was followed by Saudi Arabia, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +5.8%. In the other countries, the average annual rates were as follows: the United Arab Emirates (-1.1% per year) and Saudi Arabia (-1.3% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, increasing by 21% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. 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 Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+14.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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