Saudi Arabia: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in Saudi Arabia

The Saudi steel plaited band market fell notably to $X in 2022, which is down by -26.1% against the previous year. Over the period under review, consumption recorded a deep slump. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Steel Plaited Band Production in Saudi Arabia

In value terms, steel plaited band production soared to $X in 2022 estimated in export price. In general, production, however, continues to indicate a deep slump. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Steel Plaited Band Exports

Exports from Saudi Arabia

In 2022, approx. X tons of iron or steel plaited bands and slings were exported from Saudi Arabia; increasing by 101% against 2021 figures. Overall, exports recorded prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 327%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, steel plaited band exports surged to $X in 2022. Over the period under review, exports saw buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 203% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Kuwait (X tons) was the main destination for steel plaited band exports from Saudi Arabia, with a 83% share of total exports. Moreover, steel plaited band exports to Kuwait exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume to Kuwait amounted to +37.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+6.4% per year) and Bahrain (+4.7% per year).

In value terms, Kuwait ($X) emerged as the key foreign market for iron or steel plaited bands and slings exports from Saudi Arabia, comprising 73% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Kuwait totaled +36.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-2.2% per year) and Bahrain (+1.3% per year).

Export Prices by Country

The average steel plaited band export price stood at $X per ton in 2022, which is down by -38.9% against the previous year. Overall, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2021 when the average export price increased by 103% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Kuwait ($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 Kuwait (-0.7%), while the prices for the other major destinations experienced a decline.

Steel Plaited Band Imports

Imports into Saudi Arabia

In 2022, approx. X tons of iron or steel plaited bands and slings were imported into Saudi Arabia; reducing by -1.5% compared with the previous year. In general, imports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 18% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, steel plaited band imports contracted slightly to $X in 2022. Over the period under review, imports continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2013 when imports increased by 13%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of steel plaited band to Saudi Arabia, with a 37% share of total imports. Moreover, steel plaited band imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by South Korea (X tons), with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+6.1% per year) and South Korea (-8.9% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel plaited bands and slings to Saudi Arabia, comprising 29% of total imports. The second position in the ranking was taken by Italy ($X), with a 13% share of total imports. It was followed by South Korea, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.0% per year) and South Korea (-8.9% per year).

Import Prices by Country

The average steel plaited band import price stood at $X per ton in 2022, falling by -3% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 15% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, 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 United States ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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