MENA: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in MENA

The MENA's steel and iron articles market reached $X in 2022, picking up by 4.3% against the previous year. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Production of Articles Of Iron Or Steel in MENA

In value terms, steel and iron articles production expanded remarkably to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.2% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 33% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports in MENA

In 2022, overseas shipments of articles of iron or steel increased by 8.6% to X tons, rising for the second year in a row after four years of decline. The total export volume increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 13%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, steel and iron articles exports expanded significantly to $X in 2022. The total export value increased at an average annual rate of +4.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 17%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Turkey was the largest exporter of articles of iron or steel in MENA, with the volume of exports amounting to X tons, which was approx. 66% of total exports in 2022. Morocco (X tons) ranks second in terms of the total exports with an 11% share, followed by the United Arab Emirates (7.8%). Tunisia (X tons), Israel (X tons), Saudi Arabia (X tons) and Egypt (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to steel and iron articles exports from Turkey stood at +4.1%. At the same time, Morocco (+23.8%), Tunisia (+11.8%) and the United Arab Emirates (+6.0%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing exporter exported in MENA, with a CAGR of +23.8% from 2012-2022. By contrast, Israel (-2.4%), Saudi Arabia (-7.4%) and Egypt (-17.7%) illustrated a downward trend over the same period. While the share of Morocco (+9.5 p.p.), Turkey (+8.6 p.p.), Tunisia (+2.5 p.p.) and the United Arab Emirates (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Israel (-2.5 p.p.), Saudi Arabia (-5.5 p.p.) and Egypt (-13.5 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest steel and iron articles supplier in MENA, comprising 64% of total exports. The second position in the ranking was taken by Israel ($X), with a 10% share of total exports. It was followed by Morocco, with a 7% share.

In Turkey, steel and iron articles exports expanded at an average annual rate of +6.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Israel (+0.5% per year) and Morocco (+12.5% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, surging by 4.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2020 when the export price increased by 14% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per ton), while Morocco ($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 (+13.7%), while the other leaders experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports in MENA

In 2022, supplies from abroad of articles of iron or steel was finally on the rise to reach X tons for the first time since 2015, thus ending a six-year declining trend. Over the period under review, imports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2015 with an increase of 19%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, steel and iron articles imports rose significantly to $X in 2022. Overall, imports, however, saw a mild curtailment. The growth pace was the most rapid in 2014 when imports increased by 13%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Turkey (X tons) represented the key importer of articles of iron or steel, committing 31% of total imports. The United Arab Emirates (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (10%), Egypt (9.1%), Israel (7%), Morocco (6.4%) and Iraq (5.6%).

Turkey was also the fastest-growing in terms of the articles of iron or steel imports, with a CAGR of +14.5% from 2012 to 2022. At the same time, Israel (+9.8%) and Morocco (+4.8%) displayed positive paces of growth. The United Arab Emirates and Saudi Arabia experienced a relatively flat trend pattern. By contrast, Iraq (-6.7%) and Egypt (-16.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, Israel, the United Arab Emirates, Morocco and Saudi Arabia increased by +25, +5, +4, +3.5 and +2.5 percentage points, respectively.

In value terms, the largest steel and iron articles importing markets in MENA were Turkey ($X), Egypt ($X) and the United Arab Emirates ($X), with a combined 52% share of total imports. Israel, Saudi Arabia, Morocco and Iraq lagged somewhat behind, together comprising a further 29%.

Israel, with a CAGR of +9.1%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in MENA amounted to $X per ton, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2018 an increase of 12% against the previous year. The level of import peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Egypt ($X per ton), while Turkey ($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 (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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