Middle East: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in the Middle East

After two years of growth, the Middle Eastern market for hot-rolled steel bars and rods decreased by X% to $X in 2023. Over the period under review, consumption recorded a abrupt contraction. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Production of Hot-Rolled Steel Bars and Rods in the Middle East

In value terms, hot-rolled steel bar and rod production reduced sharply to $X in 2023 estimated in export price. In general, production, however, showed a strong expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports in the Middle East

In 2023, the amount of hot-rolled steel bars and rods exported in the Middle East shrank significantly to X tons, waning by X% on the previous year. Overall, exports showed a noticeable reduction. The most prominent rate of growth was recorded in 2018 when exports increased by X%. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports shrank dramatically to $X in 2023. Over the period under review, exports showed a perceptible curtailment. The growth pace was the most rapid in 2021 when exports increased by X%. 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 largest exporter of hot-rolled steel bars and rods in the Middle East, with the volume of exports reaching X tons, which was near X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), Oman (X tons) and Iran (X tons), together achieving a X% share of total exports. The following exporters - Qatar (X tons) and Saudi Arabia (X tons) - each reached a X% share of total exports.

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

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

From 2012 to 2023, the average annual growth rate of value in Turkey stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Oman (X% per year).

Export Prices by Country

In 2023, the export price in the Middle East amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while Saudi Arabia ($X per ton) was 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 the Middle East

In 2023, the amount of hot-rolled steel bars and rods imported in the Middle East skyrocketed to X tons, growing by X% compared with the year before. Overall, imports, however, recorded a perceptible contraction. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports rose markedly to $X in 2023. Over the period under review, imports, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Israel (X tons), Turkey (X tons), Yemen (X tons), Saudi Arabia (X tons), the United Arab Emirates (X tons), Iraq (X tons), Kuwait (X tons) and Lebanon (X tons) represented roughly X% of total imports in 2023. Palestine (X tons) followed a long way behind the leaders.

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 the Middle East 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 rates of growth with regard to 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 the Middle East amounted to $X per ton, dropping by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2022 to 2023, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: 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