MENA: Market for Hot-Rolled Bars Of High Speed Steel 2024

Market Size for Hot-Rolled Bars Of High Speed Steel in MENA

The MENA's market for hot-rolled bars of high speed steel contracted modestly to $X in 2022, remaining constant against the previous year. Over the period under review, consumption showed a mild curtailment. The pace of growth appeared the most rapid in 2018 when the market value increased by 8.2% against the previous year. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Hot-Rolled Bars Of High Speed Steel in MENA

In value terms, hot-rolled high speed steel bar production fell to $X in 2022 estimated in export price. In general, production continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2018 when the production volume increased by 11%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Hot-Rolled Bars Of High Speed Steel

Exports in MENA

Hot-rolled high speed steel bar exports contracted rapidly to X tons in 2022, which is down by -15.3% against the previous year's figure. Overall, exports showed a noticeable curtailment. The pace of growth was the most pronounced in 2019 with an increase of 49% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled high speed steel bar exports surged to $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 51% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, finishing at X tons, which was near 85% of total exports in 2022. It was distantly followed by Turkey (X tons), generating a 9.5% share of total exports. Israel (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to hot-rolled high speed steel bar exports from the United Arab Emirates stood at -1.9%. At the same time, Turkey (+32.6%) and Israel (+24.7%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in MENA, with a CAGR of +32.6% from 2012-2022. While the share of the United Arab Emirates (+19 p.p.), Turkey (+9.1 p.p.) and Israel (+3.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest hot-rolled high speed steel bar supplier in MENA, comprising 53% of total exports. The second position in the ranking was taken by Turkey ($X), with a 24% share of total exports.

In the United Arab Emirates, hot-rolled high speed steel bar exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+31.5% per year) and Israel (+30.9% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, with an increase of 45% against the previous year. Overall, the export price continues to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2015 when the export price increased by 124% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

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 Israel ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Hot-Rolled Bars Of High Speed Steel

Imports in MENA

In 2022, hot-rolled high speed steel bar imports in MENA contracted sharply to X tons, waning by -16.3% against the previous year. Over the period under review, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2014 with an increase of 89% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, hot-rolled high speed steel bar imports reached $X in 2022. Overall, imports showed a pronounced contraction. The pace of growth was the most pronounced in 2017 with an increase of 39% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) represented the largest importer of hot-rolled bars of high speed steel, mixing up 54% of total imports. Oman (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Israel (6.9%), Qatar (6.1%) and Tunisia (4.9%). The following importers - the United Arab Emirates (X tons) and Egypt (X tons) - each resulted at a 6% share of total imports.

Turkey experienced a relatively flat trend pattern with regard to volume of imports of hot-rolled bars of high speed steel. At the same time, Oman (+12.2%) and Tunisia (+10.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in MENA, with a CAGR of +12.2% from 2012-2022. By contrast, Israel (-7.7%), the United Arab Emirates (-13.5%), Egypt (-16.8%) and Qatar (-20.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, Oman, Tunisia and Israel increased by +45, +14, +4.6 and +4.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported hot-rolled bars of high speed steel in MENA, comprising 75% of total imports. The second position in the ranking was held by Israel ($X), with an 8.4% share of total imports. It was followed by Egypt, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Israel (-6.1% per year) and Egypt (+0.3% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, picking up by 25% against the previous year. Over the period under review, the import price continues to indicate a buoyant increase. The pace of growth was the most pronounced in 2013 when the import price increased by 236% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

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 Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+20.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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