Kuwait: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in Kuwait

The Kuwaiti market for raw steel and steel semi-finished products contracted to $X in 2022, which is down by X% against the previous year. Overall, consumption, however, posted a resilient expansion. Over the period under review, the market attained the peak level at $X in 2021, and then reduced in the following year.

Production of Raw Steel And Steel Semi-Finished Products in Kuwait

In value terms, production of raw steel and steel semi-finished products fell slightly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, production of hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

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Exports of Raw Steel And Steel Semi-Finished Products

Exports from Kuwait

Exports of raw steel and steel semi-finished products from Kuwait expanded notably to X tons in 2022, rising by X% compared with the year before. In general, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of raw steel and steel semi-finished products dropped to $X in 2022. Over the period under review, exports enjoyed a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports of attained the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

Saudi Arabia (X tons), China (X tons) and Turkey (X tons) were the main destinations of exports of raw steel and steel semi-finished products from Kuwait, together comprising X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of X,736.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Saudi Arabia ($X) and Turkey ($X) were the largest markets for raw steel and steel semi-finished products exported from Kuwait worldwide, with a combined X% share of total exports.

Turkey, with a CAGR of X,525.0%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for raw steel and steel semi-finished products stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price saw a mild slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 China ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Kuwait

In 2022, overseas purchases of raw steel and steel semi-finished products were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports of hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of raw steel and steel semi-finished products reached $X in 2022. Overall, imports, however, showed a abrupt decline. The pace of growth was the most pronounced in 2018 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest raw steel and steel semi-finished products supplier to Kuwait, accounting for a X% share of total imports. Moreover, imports of raw steel and steel semi-finished products from the United States exceeded the figures recorded by the second-largest supplier, Iran (X tons), sevenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (X% per year) and Oman (X% per year).

In value terms, the United States ($X) constituted the largest supplier of raw steel and steel semi-finished products to Kuwait, comprising X% of total imports. The second position in the ranking was held by Iran ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (X% per year) and Oman (X% per year).

Import Prices by Country

In 2022, the average import price for raw steel and steel semi-finished products amounted to $X per ton, rising by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Oman ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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