MENA: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in MENA

In 2023, after two years of growth, there was significant decline in the MENA's market for hot-rolled steel bars and rods, when its value decreased by X% to $X. Over the period under review, consumption saw a deep slump. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Production of Hot-Rolled Steel Bars and Rods in MENA

In value terms, hot-rolled steel bar and rod production fell remarkably to $X in 2023 estimated in export price. Over the period under review, production, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

Exports of Hot-Rolled Steel Bars and Rods

Exports in MENA

In 2023, the amount of hot-rolled steel bars and rods exported in MENA declined to X tons, dropping by X% on the year before. Overall, exports saw a mild descent. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, hot-rolled steel bar and rod exports reduced rapidly to $X in 2023. Over the period under review, exports continue to indicate a slight descent. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Turkey represented the major exporter of hot-rolled steel bars and rods in MENA, with the volume of exports amounting to X tons, which was near X% of total exports in 2023. 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 Egypt (X%), Algeria (X%) and Oman (X%). Iran (X tons) and Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to hot-rolled steel bar and rod exports from Turkey stood at X%. At the same time, Algeria (X%), Oman (X%), Iran (X%), Egypt (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. By contrast, Qatar (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Egypt, Algeria, the United Arab Emirates, Oman and Iran increased by X, X, X, X and X percentage points, respectively.

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

From 2012 to 2023, the average annual growth rate of value in Turkey totaled X%. In the other countries, the average annual rates were as follows: Egypt (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices attained the maximum at $X per ton in 2022, and then contracted in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Egypt ($X per ton) and Qatar ($X per ton), while Iran ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Qatar (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Hot-Rolled Steel Bars and Rods

Imports in MENA

In 2023, overseas purchases of hot-rolled steel bars and rods were finally on the rise to reach X tons after eight years of decline. In general, imports, however, continue to indicate a deep downturn. The volume of import peaked at X tons in 2014; however, from 2015 to 2023, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports rose significantly to $X in 2023. Over the period under review, imports, however, continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the twelve major importers of hot-rolled steel bars and rods, namely Israel, Turkey, Yemen, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Lebanon, Egypt, Palestine, Oman and Djibouti, represented more than two-thirds of total import.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Yemen (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in MENA were Israel ($X), Turkey ($X) and Yemen ($X), with a combined X% share of total imports.

Among the main importing countries, Yemen, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2022 to 2023, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Palestine ($X per ton), while Lebanon ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Palestine (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform