Middle East: Molybdenum Market 2024

Molybdenum Market Size in the Middle East

The Middle Eastern molybdenum market reduced modestly to $X in 2022, with a decrease of -2.1% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Molybdenum Production in the Middle East

In value terms, molybdenum production shrank to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 33%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Molybdenum Exports

Exports in the Middle East

In 2022, the amount of molybdenum exported in the Middle East reduced sharply to X tons, which is down by -48.2% compared with the year before. Over the period under review, exports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 17,621% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, molybdenum exports shrank notably to $X in 2022. In general, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 22,037%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from the United Arab Emirates (X tons), together recording 100% of total export.

The United Arab Emirates was also the fastest-growing in terms of the molybdenum exports, with a CAGR of +19.3% from 2012 to 2022. From 2012 to 2022, the share of the United Arab Emirates increased by +5.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest molybdenum supplier in the Middle East.

In the United Arab Emirates, molybdenum exports increased at an average annual rate of +20.8% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, which is down by -7.6% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, molybdenum export price increased by +91.7% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the export price increased by 46%. The level of export peaked at $X per ton in 2021, and then contracted in the following year.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +1.2% per year.

Molybdenum Imports

Imports in the Middle East

After two years of growth, purchases abroad of molybdenum decreased by -36.1% to X tons in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 145%. Over the period under review, imports reached the peak figure at X tons in 2021, and then contracted remarkably in the following year.

In value terms, molybdenum imports dropped sharply to $X in 2022. Over the period under review, imports, however, showed a pronounced increase. The pace of growth was the most pronounced in 2018 when imports increased by 141%. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted sharply in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the largest importer of molybdenum, comprising 65% of total imports. Turkey (X tons) took a 24% share (based on physical terms) of total imports, which put it in second place, followed by Israel (6.3%). Iran (X kg) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the molybdenum imports, with a CAGR of +14.8% from 2012 to 2022. At the same time, Israel (+4.6%) displayed positive paces of growth. By contrast, Iran (-9.4%) and Turkey (-9.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Israel increased by +48 and +2 percentage points, respectively.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Iran ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 91% share of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +23.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, surging by 26% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, molybdenum import price increased by +39.3% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of 49% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain 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 Iran ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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