Saudi Arabia: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in Saudi Arabia

In 2021, the Saudi market for raw steel and steel semi-finished products increased by 1.2% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Production of Raw Steel And Steel Semi-Finished Products in Saudi Arabia

In value terms, production of raw steel and steel semi-finished products totaled $X in 2021 estimated in export price. In general, production saw noticeable growth. The most prominent rate of growth was recorded in 2014 with an increase of 83%. Production of peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Saudi Arabia

In 2021, shipments abroad of raw steel and steel semi-finished products was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports enjoyed a resilient expansion. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, exports of raw steel and steel semi-finished products skyrocketed to $X in 2021. Overall, exports posted a resilient expansion. Over the period under review, the exports of hit record highs at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Italy (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of exports of raw steel and steel semi-finished products from Saudi Arabia, with a combined 67% share of total exports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +706.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Taiwan (Chinese) ($X) and China ($X) constituted the largest markets for raw steel and steel semi-finished products exported from Saudi Arabia worldwide, together accounting for 69% of total exports.

In terms of the main countries of destination, China, with a CAGR of +555.2%, saw the highest growth rate of 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

The average export price for raw steel and steel semi-finished products stood at $X per ton in 2021, surging by 13% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 35% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Egypt ($X per ton), while the average price for exports to Thailand ($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 Egypt (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Saudi Arabia

In 2021, supplies from abroad of raw steel and steel semi-finished products increased by 18% to X tons, rising for the third consecutive year after three years of decline. In general, imports, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2019 with an increase of 291%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, imports of raw steel and steel semi-finished products soared to $X in 2021. Over the period under review, imports, however, faced a drastic downturn. The pace of growth appeared the most rapid in 2019 when imports increased by 131% against the previous year. Over the period under review, imports of hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Oman (X tons), Bahrain (X tons) and Kuwait (X tons) were the main suppliers of imports of raw steel and steel semi-finished products to Saudi Arabia, together comprising 93% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Oman (with a CAGR of +61.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Oman ($X), Bahrain ($X) and Kuwait ($X) were the largest raw steel and steel semi-finished products suppliers to Saudi Arabia, together comprising 90% of total imports.

In terms of the main suppliers, Oman, with a CAGR of +65.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for raw steel and steel semi-finished products stood at $X per ton in 2021, increasing by 61% against the previous year. In general, the import price showed mild growth. The import price peaked at $X per ton in 2018; however, from 2019 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, the country with the highest price was Egypt ($X per ton), while the price for Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :