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

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

The MENA's market for raw steel and steel semi-finished products totaled $X in 2022, with an increase of X% against the previous year. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

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

In value terms, production of raw steel and steel semi-finished products dropped to $X in 2022 estimated in export price. The total production indicated a pronounced expansion 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, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports in MENA

In 2022, the amount of raw steel and steel semi-finished products exported in MENA declined significantly to X tons, reducing by X% compared with the previous year. Overall, exports, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of X%. The volume of export peaked at X tons in 2021, and then contracted remarkably in the following year.

In value terms, exports of raw steel and steel semi-finished products shrank rapidly to $X in 2022. Over the period under review, exports, however, posted a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The level of export peaked at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

Iran represented the main exporter of raw steel and steel semi-finished products in MENA, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2022. Oman (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (X%). Bahrain (X tons), the United Arab Emirates (X tons), Kuwait (X tons) and Algeria (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to raw steel and steel semi-finished products exports from Iran stood at X%. At the same time, Bahrain (X%), Oman (X%), Algeria (X%), Kuwait (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2022. By contrast, Turkey (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Iran, Oman and Bahrain increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) remains the largest raw steel and steel semi-finished products supplier in MENA, comprising X% of total exports. The second position in the ranking was held by Oman ($X), with a X% share of total exports. It was followed by Turkey, with an X% share.

In Iran, exports of raw steel and steel semi-finished products increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (X% per year) and Turkey (X% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, shrinking by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X%. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Algeria ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

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

Imports of Raw Steel And Steel Semi-Finished Products

Imports in MENA

For the third year in a row, MENA recorded growth in purchases abroad of raw steel and steel semi-finished products, which increased by X% to X tons in 2022. Over the period under review, imports, however, continue to indicate a noticeable setback. The most prominent rate of growth was recorded in 2020 with an increase of 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 rose sharply to $X in 2022. In general, imports, however, showed a pronounced slump. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Turkey represented the major importing country with an import of about X tons, which accounted for X% of total imports. It was distantly followed by the United Arab Emirates (X tons), Saudi Arabia (X tons), Tunisia (X tons), Morocco (X tons) and Algeria (X tons), together achieving a X% share of total imports. Egypt (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to raw steel and steel semi-finished products imports into Turkey stood at X%. At the same time, Algeria (X%), the United Arab Emirates (X%) and Tunisia (X%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2022. By contrast, Morocco (X%), Saudi Arabia (X%) and Egypt (X%) illustrated a downward trend over the same period. Turkey (X p.p.), the United Arab Emirates (X p.p.), Tunisia (X p.p.) and Algeria (X p.p.) significantly strengthened its position in terms of the total imports, while Egypt and Saudi Arabia saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported raw steel and steel semi-finished products in MENA, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an X% share of total imports. It was followed by Egypt, with an X% share.

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

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, surging by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Egypt ($X per ton), while Algeria ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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