GCC: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in GCC

The GCC hot-rolled steel products market rose significantly to $X in 2022, increasing by X% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Hot-Rolled Steel Products Production in GCC

In value terms, hot-rolled steel products production reached $X in 2022 estimated in export price. Overall, production continues to indicate a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Hot-Rolled Steel Products Exports

Exports in GCC

In 2022, shipments abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) increased by X% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, hot-rolled steel products exports rose to $X in 2022. Overall, exports recorded a perceptible increase. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Saudi Arabia represented the main exporter of flat-rolled products of iron or steel (not further worked than hot-rolled) in GCC, with the volume of exports amounting to X tons, which was near X% of total exports in 2022. The United Arab Emirates (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Kuwait (X%) and Oman (X%).

Saudi Arabia experienced a relatively flat trend pattern with regard to volume of exports of flat-rolled products of iron or steel (not further worked than hot-rolled). At the same time, Kuwait (X%) and Oman (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Kuwait and Oman increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest hot-rolled steel products supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), with a combined X% share of total exports.

Oman, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, which is down by X% against the previous year. In general, the export price, however, recorded moderate growth. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined modestly 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 2022, 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.

Hot-Rolled Steel Products Imports

Imports in GCC

In 2022, purchases abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, hot-rolled steel products imports rose slightly to $X in 2022. Total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The United Arab Emirates dominates imports structure, resulting at X tons, which was near X% of total imports in 2022. It was distantly followed by Kuwait (X tons) and Oman (X tons), together comprising a X% share of total imports. Qatar (X tons) followed a long way behind the leaders.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2022. At the same time, Kuwait (X%) and Oman (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. Qatar experienced a relatively flat trend pattern. While the share of the United Arab Emirates (X p.p.), Kuwait (X p.p.) and Oman (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in GCC, comprising X% of total imports. The second position in the ranking was held by Kuwait ($X), with a X% share of total imports. It was followed by Oman, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at X%. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Oman (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, with an increase of X% against the previous year. Import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel products import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Kuwait ($X per ton) and Oman ($X per ton), while the United Arab Emirates ($X per ton) and Qatar ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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