Saudi Arabia: Market for Flat-Rolled Products Of Silicon-Electrical Steel 2024

Market Size for Flat-Rolled Products Of Silicon-Electrical Steel in Saudi Arabia

In 2021, the Saudi silicon-electrical steel flat-rolled product market increased by 83% to $X, rising for the second consecutive year after three years of decline. Overall, consumption, however, continues to indicate a slight curtailment. Silicon-electrical steel flat-rolled product consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Exports of Flat-Rolled Products Of Silicon-Electrical Steel

Exports from Saudi Arabia

In 2021, shipments abroad of flat-rolled products of silicon-electrical steel was finally on the rise to reach X tons after three years of decline. Over the period under review, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2017 when exports increased by 122%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, silicon-electrical steel flat-rolled product exports soared to $X in 2021. In general, exports, however, showed a abrupt descent. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for silicon-electrical steel flat-rolled product exports from Saudi Arabia, accounting for a 59% share of total exports. Moreover, silicon-electrical steel flat-rolled product exports to India exceeded the volume sent to the second major destination, Yemen (X tons), threefold. The third position in this ranking was held by Kuwait (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to India stood at +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (+267.1% per year) and Kuwait (-8.8% per year).

In value terms, the largest markets for silicon-electrical steel flat-rolled product exported from Saudi Arabia were India ($X), Yemen ($X) and Kuwait ($X), with a combined 84% share of total exports.

Among the main countries of destination, Yemen, with a CAGR of +180.3%, 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 a decline.

Export Prices by Country

The average silicon-electrical steel flat-rolled product export price stood at $X per ton in 2021, declining by -31.8% against the previous year. In general, the export price continues to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2014 an increase of 79% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to India ($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 China (+10.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Flat-Rolled Products Of Silicon-Electrical Steel

Imports into Saudi Arabia

In 2021, overseas purchases of flat-rolled products of silicon-electrical steel increased by 62% to X tons, rising for the second year in a row after five years of decline. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 104%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, silicon-electrical steel flat-rolled product imports soared to $X in 2021. Over the period under review, imports, however, recorded a perceptible decrease. The pace of growth was the most pronounced in 2020 with an increase of 197% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest silicon-electrical steel flat-rolled product supplier to Saudi Arabia, with a 45% share of total imports. Moreover, silicon-electrical steel flat-rolled product imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. Japan (X tons) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +45.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-3.3% per year) and Japan (-13.5% per year).

In value terms, China ($X) constituted the largest supplier of flat-rolled products of silicon-electrical steel to Saudi Arabia, comprising 52% of total imports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total imports. It was followed by Japan, with a 7.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +64.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-6.2% per year) and Japan (-16.7% per year).

Import Prices by Country

The average silicon-electrical steel flat-rolled product import price stood at $X per ton in 2021, surging by 33% against the previous year. Over the period under review, the import price, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2020 when the average import price increased by 46%. 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 China ($X per ton), while the price for Russia ($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 (+12.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :