MENA: Market for Iron and Non-Alloy Steel in Ingots 2024

Market Size for Iron and Non-Alloy Steel in Ingots in MENA

The MENA's market for iron and non-alloy steel in ingots rose notably to $X in 2023, with an increase of X% against the previous year. In general, consumption continues to indicate significant growth. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Iron and Non-Alloy Steel in Ingots in MENA

In value terms, production of iron and non-alloy steel in ingots expanded remarkably to $X in 2023 estimated in export price. Over the period under review, production showed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, production of attained the maximum level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Exports of Iron and Non-Alloy Steel in Ingots

Exports in MENA

In 2023, the amount of iron and non-alloy steel in ingots exported in MENA fell notably to X tons, which is down by X% against 2022. In general, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

In value terms, exports of iron and non-alloy steel in ingots fell notably to $X in 2023. Overall, exports recorded a deep reduction. The growth pace was the most rapid in 2022 when exports increased by X%. The level of export peaked at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

Iran was the major exporting country with an export of around X tons, which recorded X% of total exports. Kuwait (X tons) held the second position in the ranking, distantly followed by Oman (X tons). All these countries together took approx. X% share of total exports. Algeria (X tons) took a relatively small share of total exports.

Exports from Iran decreased at an average annual rate of X% from 2012 to 2023. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. By contrast, Kuwait (X%) and Algeria (X%) illustrated a downward trend over the same period. While the share of Kuwait (X p.p.), Oman (X p.p.) and Algeria (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Iran (X p.p.) displayed negative dynamics.

In value terms, Iran ($X) remains the largest iron and non-alloy steel in ingot supplier in MENA, comprising X% of total exports. The second position in the ranking was held by Kuwait ($X), with a X% share of total exports. It was followed by Oman, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Iran stood at X%. In the other countries, the average annual rates were as follows: Kuwait (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2023, waning by X% against the previous year. In general, the export price, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2022 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Iran ($X per ton), while Algeria ($X per ton) was amongst the lowest.

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

Imports of Iron and Non-Alloy Steel in Ingots

Imports in MENA

In 2023, the amount of iron and non-alloy steel in ingots imported in MENA dropped markedly to X tons, with a decrease of X% compared with the previous year. Overall, imports continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2022 when imports increased by X%. Over the period under review, imports of reached the maximum at X tons in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, imports of iron and non-alloy steel in ingots reduced dramatically to $X in 2023. Over the period under review, imports showed a pronounced decline. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

Oman dominates ingots structure, amounting to X tons, which was near X% of total imports in 2023. It was distantly followed by Jordan (X tons) and Saudi Arabia (X tons), together generating a X% share of total imports. The following importers - the United Arab Emirates (X tons) and Iran (X tons) - together made up X% of total imports.

Oman was also the fastest-growing in terms of the iron and non-alloy steel in ingots imports, with a CAGR of X% from 2012 to 2023. At the same time, Iran (X%) displayed positive paces of growth. By contrast, Jordan (X%), the United Arab Emirates (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Oman increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Oman ($X) constitutes the largest market for imported iron and non-alloy steel in ingots in MENA, comprising X% of total imports. The second position in the ranking was taken by Jordan ($X), with a X% share of total imports. It was followed by Saudi Arabia, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Oman amounted to X%. In the other countries, the average annual rates were as follows: Jordan (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, remaining constant against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of X%. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

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 Jordan ($X per ton), while Iran ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform