Saudi Arabia: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Saudi Arabia

The Saudi market for hot-rolled steel bars and rods dropped significantly to $X in 2021, which is down by -15.3% 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 recorded a deep slump. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Saudi Arabia

In 2021, shipments abroad of hot-rolled steel bars and rods increased by 71% to X tons, rising for the sixth consecutive year after two years of decline. Overall, exports enjoyed a significant increase. The growth pace was the most rapid in 2017 when exports increased by 775%. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 594%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Kuwait (X tons), Hong Kong SAR (X tons) and Bahrain (X tons) were the main destinations of hot-rolled steel bar and rod exports from Saudi Arabia, with a combined 76% share of total exports. Egypt, Jordan, Lebanon and Singapore lagged somewhat behind, together comprising a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +130.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled steel bar and rod exported from Saudi Arabia were Kuwait ($X), Hong Kong SAR ($X) and Bahrain ($X), with a combined 73% share of total exports. These countries were followed by Jordan, Egypt, Singapore and Lebanon, which together accounted for a further 21%.

Among the main countries of destination, Singapore, with a CAGR of +87.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for hot-rolled steel bars and rods amounted to $X per ton, with an increase of 23% against the previous year. In general, the export price, however, saw a pronounced curtailment. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Bahrain ($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 Hong Kong SAR (+15.6%), while the prices for the other major destinations experienced a decline.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Saudi Arabia

Hot-rolled steel bar and rod imports into Saudi Arabia reduced sharply to X tons in 2021, with a decrease of -17.1% on the previous year's figure. Over the period under review, imports showed a deep slump. The most prominent rate of growth was recorded in 2020 when imports increased by 239%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports amounted to $X in 2021. In general, imports saw a deep setback. The growth pace was the most rapid in 2020 when imports increased by 189%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest hot-rolled steel bar and rod supplier to Saudi Arabia, with a 62% share of total imports. Moreover, hot-rolled steel bar and rod imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Egypt (X tons), fourfold. Oman (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (-10.4% per year) and Oman (+209.2% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of hot-rolled steel bars and rods to Saudi Arabia, comprising 59% of total imports. The second position in the ranking was taken by Egypt ($X), with a 15% share of total imports. It was followed by Oman, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (-10.1% per year) and Oman (+84.9% per year).

Import Prices by Country

In 2021, the average import price for hot-rolled steel bars and rods amounted to $X per ton, with an increase of 32% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while the price for Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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