Middle East: Steel Stranded Wire Market 2024

Steel Stranded Wire Market Size in the Middle East

In 2022, the Middle Eastern steel stranded wire market decreased by -0.7% to $X, falling for the third year in a row after three years of growth. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Steel Stranded Wire Production in the Middle East

In value terms, steel stranded wire production fell to $X in 2022 estimated in export price. The total production indicated a mild increase 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, production increased by +6.6% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 43%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Steel Stranded Wire Exports

Exports in the Middle East

In 2022, overseas shipments of iron or steel stranded wire, ropes and cables increased by 0.7% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +47.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 47%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, steel stranded wire exports expanded sharply to $X in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +80.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 58%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

Turkey prevails in exports structure, finishing at X tons, which was approx. 84% of total exports in 2022. The United Arab Emirates (X tons) held a 7.4% share (based on physical terms) of total exports, which put it in second place, followed by Saudi Arabia (6%).

Turkey was also the fastest-growing in terms of the iron or steel stranded wire, ropes and cables exports, with a CAGR of +7.3% from 2012 to 2022. At the same time, the United Arab Emirates (+2.0%) displayed positive paces of growth. By contrast, Saudi Arabia (-12.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +26 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest steel stranded wire supplier in the Middle East, comprising 84% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Turkey totaled +5.9%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+0.8% per year) and Saudi Arabia (-10.3% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, increasing by 13% against the previous year. Overall, the export price showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+2.0%), while the other leaders experienced a decline in the export price figures.

Steel Stranded Wire Imports

Imports in the Middle East

In 2022, after two years of decline, there was significant growth in purchases abroad of iron or steel stranded wire, ropes and cables, when their volume increased by 12% to X tons. Over the period under review, imports, however, continue to indicate a mild decline. The pace of growth was the most pronounced in 2015 with an increase of 13% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, steel stranded wire imports expanded markedly to $X in 2022. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2019 when imports increased by 20% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the main importing country with an import of about X tons, which accounted for 35% of total imports. Turkey (X tons) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by Israel (9.9%), Iran (7.5%), Kuwait (7%) and Iraq (4.8%). The following importers - Saudi Arabia (X tons) and Bahrain (X tons) - each accounted for a 7.7% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Turkey (with a CAGR of +3.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel stranded wire importing markets in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Israel ($X), together comprising 68% of total imports.

Israel, with a CAGR of +7.8%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, with an increase of 2% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The pace of growth was the most pronounced in 2021 when the import price increased by 18%. Over the period under review, import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

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 ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :