Saudi Arabia: Market for Iron and Steel Wire 2025

Market Size for Iron and Steel Wire in Saudi Arabia

In 2021, the Saudi iron and steel wire market decreased by -7.6% to $X, falling for the third consecutive year after two years of growth. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Iron and Steel Wire in Saudi Arabia

In value terms, iron and steel wire production skyrocketed to $X in 2021 estimated in export price. Overall, the total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -26.1% against 2018 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 46% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Iron and Steel Wire

Exports from Saudi Arabia

In 2021, the amount of iron and steel wire exported from Saudi Arabia skyrocketed to X tons, jumping by 34% compared with the previous year. Over the period under review, exports enjoyed pronounced growth. The growth pace was the most rapid in 2019 with an increase of 176% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron and steel wire exports surged to $X in 2021. Overall, total exports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -16.4% against 2019 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 46% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for iron and steel wire exports from Saudi Arabia, with a 72% share of total exports. Moreover, iron and steel wire exports to the United Arab Emirates exceeded the volume sent to the second major destination, Oman (X tons), eightfold. Egypt (X tons) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (-0.2% per year) and Egypt (+29.9% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for iron and steel wire exports from Saudi Arabia, comprising 69% of total exports. The second position in the ranking was held by Oman ($X), with an 8.2% share of total exports. It was followed by Egypt, with a 7.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (-4.9% per year) and Egypt (+29.3% per year).

Export Prices by Country

The average iron and steel wire export price stood at $X per ton in 2021, rising by 7.3% against the previous year. Over the period under review, the export price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by 73% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Bahrain ($X per ton) and Jordan ($X per ton), while the average price for exports to Oman ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+1.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron and Steel Wire

Imports into Saudi Arabia

In 2021, supplies from abroad of iron and steel wire decreased by -33.4% to X tons, falling for the second consecutive year after two years of growth. In general, imports continue to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2019 when imports increased by 57% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, iron and steel wire imports declined to $X in 2021. Over the period under review, imports saw a mild decline. The pace of growth was the most pronounced in 2019 with an increase of 65%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron and steel wire to Saudi Arabia, with a 32% share of total imports. Moreover, iron and steel wire imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), threefold. Egypt (X tons) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+22.9% per year) and Egypt (-1.1% per year).

In value terms, China ($X) constituted the largest supplier of iron and steel wire to Saudi Arabia, comprising 29% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.2% share of total imports. It was followed by Egypt, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value from China stood at -7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+26.2% per year) and Egypt (-1.7% per year).

Import Prices by Country

The average iron and steel wire import price stood at $X per ton in 2021, jumping by 33% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 the Czech Republic ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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