Oman: Hot-Rolled Free-Cutting Steel Market 2024

Hot-Rolled Free-Cutting Steel Market Size in Oman

The Omani hot-rolled free-cutting steel market shrank sharply to $X in 2021, waning by -91% 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). In general, consumption saw a precipitous decrease. Hot-rolled free-cutting steel consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Hot-Rolled Free-Cutting Steel Exports

Exports from Oman

In 2021, overseas shipments of hot-rolled bars in free-cutting steels increased by 43% to X tons, rising for the second consecutive year after six years of decline. Over the period under review, exports showed a prominent expansion. The growth pace was the most rapid in 2020 with an increase of 492% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled free-cutting steel exports soared to $X in 2021. Overall, exports, however, recorded a slight decrease. The pace of growth was the most pronounced in 2020 with an increase of 274% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for hot-rolled free-cutting steel exports from Oman, with a 88% share of total exports. Moreover, hot-rolled free-cutting steel exports to the United Arab Emirates exceeded the volume sent to the second major destination, Yemen (X tons), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +48.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-9.9% per year) and Kuwait (-6.5% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for hot-rolled bars in free-cutting steels exports from Oman, comprising 87% of total exports. The second position in the ranking was taken by Yemen ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +44.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (-10.3% per year) and Kuwait (-5.3% per year).

Export Prices by Country

The average hot-rolled free-cutting steel export price stood at $X per ton in 2021, with an increase of 21% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt contraction. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Kuwait ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (+1.2%), while the prices for the other major destinations experienced a decline.

Hot-Rolled Free-Cutting Steel Imports

Imports into Oman

In 2021, approx. X tons of hot-rolled bars in free-cutting steels were imported into Oman; which is down by -63.5% on the previous year. Overall, imports showed a sharp setback. The pace of growth was the most pronounced in 2017 with an increase of 246% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled free-cutting steel imports declined significantly to $X in 2021. In general, imports faced a dramatic decline. The pace of growth appeared the most rapid in 2017 when imports increased by 338%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Belgium (X tons), China (X tons) and the United Arab Emirates (X tons) were the main suppliers of hot-rolled free-cutting steel imports to Oman, together comprising 96% of total imports.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +2.7%), while purchases for the other leaders experienced a decline.

In value terms, Belgium ($X) constituted the largest supplier of hot-rolled bars in free-cutting steels to Oman, comprising 55% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 25% share of total imports. It was followed by China, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium amounted to -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-44.7% per year) and China (-26.4% per year).

Import Prices by Country

The average hot-rolled free-cutting steel import price stood at $X per ton in 2021, waning by -3.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.0%. The pace of growth was the most pronounced in 2017 when the average import price increased by 27%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020, and then contracted modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while the price for China ($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 (+7.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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