GCC: Ferro-Alloys Market 2024

Ferro-Alloys Market Size in GCC

In 2023, the GCC ferro-alloys market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. The total consumption indicated a pronounced increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2019 indices. Over the period under review, the market hit record highs at $X in 2022, and then contracted in the following year.

Ferro-Alloys Production in GCC

In value terms, ferro-alloys production expanded sharply to $X in 2023 estimated in export price. Over the period under review, production recorded strong growth. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.

Ferro-Alloys Exports

Exports in GCC

In 2023, approx. X tons of ferro-alloys were exported in GCC; growing by X% compared with the year before. In general, exports posted buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, ferro-alloys exports rose remarkably to $X in 2023. Over the period under review, exports saw buoyant growth. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, the United Arab Emirates (X tons) was the major exporter of ferro-alloys, achieving X% of total exports. Oman (X tons) took the second position in the ranking, distantly followed by Saudi Arabia (X tons). All these countries together held near X% share of total exports. Kuwait (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to ferro-alloys exports from the United Arab Emirates stood at X%. At the same time, Oman (X%) and Saudi Arabia (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Kuwait (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates and Oman increased by X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest ferro-alloys supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Oman ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in the United Arab Emirates stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, dropping by X% against the previous year. In general, the export price continues to indicate a noticeable descent. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank significantly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the export price figures.

Ferro-Alloys Imports

Imports in GCC

In 2023, the amount of ferro-alloys imported in GCC dropped to X tons, declining by X% against 2022. In general, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. As a result, imports attained the peak of X tons. From 2015 to 2023, the growth of imports remained at a lower figure.

In value terms, ferro-alloys imports declined to $X in 2023. Over the period under review, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2017 when imports increased by X%. The level of import peaked at $X in 2022, and then dropped in the following year.

Imports by Country

The United Arab Emirates represented the main importer of ferro-alloys in GCC, with the volume of imports amounting to X tons, which was near X% of total imports in 2023. Oman (X tons) held an X% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (X%). Qatar (X tons), Bahrain (X tons) and Kuwait (X tons) held a minor share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Oman (X%), Bahrain (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Qatar (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.), Oman (X p.p.) and Bahrain (X p.p.) significantly strengthened its position in terms of the total imports, while Qatar and Saudi Arabia saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported ferro-alloys in GCC, comprising X% of total imports. The second position in the ranking was taken by Oman ($X), with an X% share of total imports. It was followed by Saudi Arabia, with a X% share.

In the United Arab Emirates, ferro-alloys imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Oman (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, reducing by X% against the previous year. Import price indicated a tangible increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, ferro-alloys import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The level of import peaked at $X per ton in 2022, and then reduced in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Bahrain ($X per ton) and Saudi Arabia ($X per ton), while Qatar ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform