GCC: Market for Wire Rod Of Free-Cutting Steel 2024

Market Size for Wire Rod Of Free-Cutting Steel in GCC

In 2022, the GCC free-cutting steel wire rod market decreased by X% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption, however, posted a resilient increase. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Wire Rod Of Free-Cutting Steel in GCC

In value terms, free-cutting steel wire rod production amounted to $X in 2022 estimated in export price. Overall, production showed buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Wire Rod Of Free-Cutting Steel

Exports in GCC

In 2022, exports of wire rod of free-cutting steel in GCC dropped to X tons, declining by X% on the previous year. Overall, exports continue to indicate a noticeable contraction. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, free-cutting steel wire rod exports shrank dramatically to $X in 2022. Over the period under review, exports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2015 with an increase of X%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Oman represented the key exporting country with an export of around X tons, which amounted to X% of total exports. It was distantly followed by the United Arab Emirates (X tons) and Saudi Arabia (X tons), together creating a X% share of total exports.

Oman was also the fastest-growing in terms of the wire rod of free-cutting steel exports, with a CAGR of X% from 2012 to 2022. At the same time, Saudi Arabia (X%) displayed positive paces of growth. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. While the share of Oman (X p.p.) and Saudi Arabia (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, Oman ($X) remains the largest free-cutting steel wire rod supplier in GCC, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

In Oman, free-cutting steel wire rod exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the export price saw a slight decline. The pace of growth was the most pronounced in 2019 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2021, and then dropped in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Imports of Wire Rod Of Free-Cutting Steel

Imports in GCC

In 2022, after three years of growth, there was significant decline in supplies from abroad of wire rod of free-cutting steel, when their volume decreased by X% to X tons. Over the period under review, imports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, free-cutting steel wire rod imports shrank notably to $X in 2022. In general, imports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Oman represented the main importer of wire rod of free-cutting steel in GCC, with the volume of imports recording X tons, which was near X% of total imports in 2022. It was distantly followed by Bahrain (X tons) and the United Arab Emirates (X tons), together comprising a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to free-cutting steel wire rod imports into Oman stood at X%. At the same time, Bahrain (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported 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. While the share of Oman (X p.p.), Bahrain (X p.p.) and the United Arab Emirates (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Oman ($X) constitutes the largest market for imported wire rod of free-cutting steel in GCC, comprising X% of total imports. The second position in the ranking was taken by Bahrain ($X), with a X% share of total imports.

In Oman, free-cutting steel wire rod imports shrank by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was 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 a decline in the import price figures.

Source: IndexBox Platform

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