Saudi Arabia: Market for Wire Rod Of Free-Cutting Steel 2024

Market Size for Wire Rod Of Free-Cutting Steel in Saudi Arabia

In 2022, after six years of growth, there was decline in the Saudi free-cutting steel wire rod market, when its value decreased by X% to $X. In general, consumption enjoyed a strong increase. Over the period under review, the market reached the peak level at $X in 2021, and then declined modestly in the following year.

Production of Wire Rod Of Free-Cutting Steel in Saudi Arabia

In value terms, free-cutting steel wire rod production expanded to $X in 2022 estimated in export price. Overall, production recorded a significant increase. The growth pace was the most rapid in 2018 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Wire Rod Of Free-Cutting Steel

Exports from Saudi Arabia

After six years of growth, overseas shipments of wire rod of free-cutting steel decreased by X% to X tons in 2022. Overall, exports, however, posted significant growth. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons, and then contracted markedly in the following year.

In value terms, free-cutting steel wire rod exports shrank remarkably to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then fell notably in the following year.

Exports by Country

Jordan (X tons) was the main destination for free-cutting steel wire rod exports from Saudi Arabia, accounting for a X% share of total exports. Moreover, free-cutting steel wire rod exports to Jordan exceeded the volume sent to the second major destination, Bahrain (X tons), sevenfold.

From 2019 to 2022, the average annual growth rate of volume to Jordan stood at X%.

In value terms, Jordan ($X) emerged as the key foreign market for wire rod of free-cutting steel exports from Saudi Arabia, comprising X% of total exports. The second position in the ranking was taken by Bahrain ($X), with an X% share of total exports.

From 2019 to 2022, the average annual growth rate of value to Jordan totaled X%.

Export Prices by Country

In 2022, the average free-cutting steel wire rod export price amounted to $X per ton, dropping by X% against the previous year. Over the period from 2019 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then shrank modestly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Jordan ($X per ton), while the average price for exports to Bahrain totaled $X per ton.

From 2019 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Jordan (X%).

Imports of Wire Rod Of Free-Cutting Steel

Imports into Saudi Arabia

In 2015, approx. X tons of wire rod of free-cutting steel were imported into Saudi Arabia; picking up by X% on the previous year's figure. Overall, total imports indicated significant growth from 2012 to 2015: its volume increased at an average annual rate of X% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2015 figures, imports decreased by X% against 2013 indices. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2015, the growth of imports failed to regain momentum.

In value terms, free-cutting steel wire rod imports reached $X in 2015. Over the period under review, total imports indicated buoyant growth from 2012 to 2015: its value increased at an average annual rate of X% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2015 figures, imports decreased by X% against 2013 indices. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2015, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2015, China (X tons) constituted the largest supplier of free-cutting steel wire rod to Saudi Arabia, with a X% share of total imports. Moreover, free-cutting steel wire rod imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold.

From 2012 to 2015, the average annual rate of growth in terms of volume from China amounted to X%.

In value terms, the largest free-cutting steel wire rod suppliers to Saudi Arabia were China ($X) and South Korea ($X).

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review.

Import Prices by Country

The average free-cutting steel wire rod import price stood at $X per ton in 2015, waning by X% against the previous year. In general, the import price recorded a deep contraction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2015, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2015, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2015, the most notable rate of growth in terms of prices was attained by China (X%).

Source: IndexBox Platform

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