Oman: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in Oman

In 2022, after two years of growth, there was significant decline in the Omani steel plaited band market, when its value decreased by -95.4% to $X. In general, consumption recorded a sharp setback. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Steel Plaited Band Production in Oman

In value terms, steel plaited band production surged to $X in 2022 estimated in export price. Overall, production showed a significant expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 1,716% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Steel Plaited Band Exports

Exports from Oman

Steel plaited band exports from Oman surged to X tons in 2022, jumping by 232% against the year before. In general, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 3,353% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, steel plaited band exports contracted to $X in 2022. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 2,522%. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for steel plaited band exports from Oman, accounting for a 97% share of total exports. It was followed by Saudi Arabia (X tons), with a 1.2% share of total exports. Qatar (X tons) ranked third in terms of total exports with a 1% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates totaled +54.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+5.4% per year) and Qatar (-10.4% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for iron or steel plaited bands and slings exports from Oman, comprising 79% of total exports. The second position in the ranking was held by Qatar ($X), with an 8.3% share of total exports. It was followed by Saudi Arabia, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled +60.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (-8.2% per year) and Saudi Arabia (+1.1% per year).

Export Prices by Country

In 2022, the average steel plaited band export price amounted to $X per ton, reducing by -73.1% against the previous year. Overall, the export price saw a abrupt descent. The growth pace was the most rapid in 2021 when the average export price increased by 88% 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+4.2%), while the prices for the other major destinations experienced mixed trend patterns.

Steel Plaited Band Imports

Imports into Oman

In 2022, imports of iron or steel plaited bands and slings into Oman rose remarkably to X tons, growing by 8.9% against the year before. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2015 when imports increased by 86%. 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 plaited band imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 81%. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of steel plaited band to Oman, with a 51% share of total imports. Moreover, steel plaited band imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold. Qatar (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+12.3% per year) and Qatar (+45.3% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of iron or steel plaited bands and slings to Oman, comprising 50% of total imports. The second position in the ranking was held by Malaysia ($X), with an 11% share of total imports. It was followed by Qatar, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates amounted to +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+22.6% per year) and Qatar (+45.0% per year).

Import Prices by Country

The average steel plaited band import price stood at $X per ton in 2022, with an increase of 7.3% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel plaited band import price decreased by -18.1% against 2020 indices. The most prominent rate of growth was recorded in 2020 an increase of 26%. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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