Oman: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Oman

The Omani steel and iron articles market soared to $X in 2022, growing by 40% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a deep reduction. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports from Oman

After three years of decline, overseas shipments of articles of iron or steel increased by 7.6% to X tons in 2022. Overall, exports showed a significant increase. The growth pace was the most rapid in 2013 with an increase of 306%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, steel and iron articles exports expanded to $X in 2022. In general, exports recorded a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 253% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and the United States (X tons) were the main destinations of steel and iron articles exports from Oman, with a combined 69% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +123.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) remains the key foreign market for articles of iron or steel exports from Oman, comprising 36% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 17% share of total exports. It was followed by the United States, with a 16% share.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia amounted to +117.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+25.9% per year) and the United States (+48.0% per year).

Export Prices by Country

In 2022, the average steel and iron articles export price amounted to $X per ton, dropping by -4.2% against the previous year. Over the period under review, the export price recorded a drastic downturn. The pace of growth was the most pronounced in 2019 when the average export price increased by 34% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (-2.0%), while the prices for the other major destinations experienced a decline.

Imports of Articles Of Iron Or Steel

Imports into Oman

Steel and iron articles imports into Oman surged to X tons in 2022, with an increase of 20% on the year before. Over the period under review, imports, however, showed a pronounced reduction. The most prominent rate of growth was recorded in 2017 with an increase of 36%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, steel and iron articles imports surged to $X in 2022. In general, imports, however, continue to indicate a slight reduction. The growth pace was the most rapid in 2018 with an increase of 64%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest steel and iron articles supplier to Oman, accounting for a 38% share of total imports. Moreover, steel and iron articles imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was held by Free Zones (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to -9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.9% per year) and Free Zones (-15.6% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of articles of iron or steel to Oman, comprising 27% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 7.5% share of total imports. It was followed by China, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates stood at -4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (-1.0% per year) and China (+6.9% per year).

Import Prices by Country

In 2022, the average steel and iron articles import price amounted to $X per ton, surging by 8.1% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2018 an increase of 33% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Free Zones ($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 (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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