GCC: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in GCC

The GCC flat-rolled steel products market expanded markedly to $X in 2023, growing by X% against the previous year. In general, consumption, however, recorded a noticeable curtailment. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Flat-Rolled Steel Products Production in GCC

In value terms, flat-rolled steel products production expanded slightly to $X in 2023 estimated in export price. Overall, production recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Flat-Rolled Steel Products Exports

Exports in GCC

In 2023, shipments abroad of flat-rolled products of iron or non-alloy steel increased by X% to X tons for the first time since 2017, thus ending a five-year declining trend. In general, exports, however, saw a abrupt contraction. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, flat-rolled steel products exports stood at $X in 2023. Overall, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the largest exporting country with an export of about X tons, which amounted to X% of total exports. It was distantly followed by Saudi Arabia (X tons), mixing up a X% share of total exports. The following exporters - Kuwait (X tons) and Oman (X tons) - together made up X% of total exports.

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

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

In the United Arab Emirates, flat-rolled steel products exports contracted by an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, shrinking by X% against the previous year. Export price indicated temperate growth 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, flat-rolled steel products export price increased by X% against 2016 indices. The most prominent rate of growth was recorded 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 reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

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

Flat-Rolled Steel Products Imports

Imports in GCC

In 2023, approx. X tons of flat-rolled products of iron or non-alloy steel were imported in GCC; jumping by X% on the previous year. Over the period under review, imports, however, saw a noticeable descent. The volume of import peaked at X tons in 2013; however, from 2014 to 2023, imports failed to regain momentum.

In value terms, flat-rolled steel products imports skyrocketed to $X in 2023. Overall, imports, however, showed a mild setback. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the major importing country with an import of around X tons, which resulted at X% of total imports. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by Oman (X tons). All these countries together held near X% share of total imports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of flat-rolled products of iron or non-alloy steel. At the same time, Oman (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, Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Oman (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Saudi Arabia (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported flat-rolled products of iron or non-alloy steel in GCC, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports.

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

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, declining by X% against the previous year. Import price indicated slight growth 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, flat-rolled steel products import price increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when the import price increased by X%. Over the period under review, import prices reached the maximum at $X per ton in 2022, and then dropped in the following year.

Average prices varied noticeably amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Oman ($X per ton), while Saudi Arabia ($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 more modest paces of growth.

Source: IndexBox Platform