Oman: Expanded Metal Market 2024

Expanded Metal Market Size in Oman

The Omani expanded metal market shrank to $X in 2022, declining by -9% against the previous year. In general, consumption, however, saw a strong expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Expanded Metal Production in Oman

In value terms, expanded metal production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 341% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Expanded Metal Exports

Exports from Oman

Expanded metal exports from Oman contracted rapidly to X tons in 2022, declining by -42% on the previous year's figure. Overall, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 747%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, expanded metal exports shrank markedly to $X in 2022. Over the period under review, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 982%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Somalia (X tons) was the main destination for expanded metal exports from Oman, with a 75% share of total exports. Moreover, expanded metal exports to Somalia exceeded the volume sent to the second major destination, Qatar (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to Somalia stood at +39.6%.

In value terms, Somalia ($X) remains the key foreign market for iron or steel expanded metal exports from Oman, comprising 87% of total exports. The second position in the ranking was held by Qatar ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Somalia amounted to +49.5%.

Export Prices by Country

In 2022, the average expanded metal export price amounted to $X per ton, declining by -4.9% against the previous year. Over the period under review, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, expanded metal export price increased by +47.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 55% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (+40.7%), while the prices for the other major destinations experienced mixed trend patterns.

Expanded Metal Imports

Imports into Oman

In 2022, the amount of iron or steel expanded metal imported into Oman skyrocketed to X tons, growing by 52% compared with 2021 figures. Overall, imports, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2020 when imports increased by 275% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, expanded metal imports skyrocketed to $X in 2022. Over the period under review, imports, however, faced a abrupt contraction. The pace of growth appeared the most rapid in 2020 with an increase of 227% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, South Korea (X tons) constituted the largest supplier of expanded metal to Oman, accounting for a 73% share of total imports. Moreover, expanded metal imports from South Korea exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), eightfold. The third position in this ranking was taken by Saudi Arabia (X tons), with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea stood at +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-25.5% per year) and Saudi Arabia (-11.2% per year).

In value terms, the largest expanded metal suppliers to Oman were South Korea ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), with a combined 66% share of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +0.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average expanded metal import price stood at $X per ton in 2022, dropping by -1.7% against the previous year. In general, the import price continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2019 a decrease of -0.1%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 Italy ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+19.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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