Middle East: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in the Middle East

The Middle Eastern ferro-chromium market surged to $X in 2023, growing by X% against the previous year. Over the period under review, consumption saw a tangible increase. Over the period under review, the market hit record highs in 2023 and is expected to retain growth in years to come.

Ferro-Chromium Production in the Middle East

In value terms, ferro-chromium production amounted to $X in 2023 estimated in export price. The total production indicated a moderate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. The level of production peaked at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.

Ferro-Chromium Exports

Exports in the Middle East

Ferro-chromium exports shrank to X tons in 2023, dropping by X% on 2022 figures. Over the period under review, exports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, ferro-chromium exports fell notably to $X in 2023. Overall, exports, however, posted a strong expansion. The growth pace was the most rapid in 2021 with an increase of X%. The level of export peaked at $X in 2022, and then dropped markedly in the following year.

Exports by Country

Turkey (X tons) and Oman (X tons) represented the largest exporters of ferro-chromium in 2023, reaching approx. X% and X% of total exports, respectively. It was distantly followed by Iran (X tons), making up a X% share of total exports. The United Arab Emirates (X tons) held a little share of total exports.

From 2012 to 2023, the biggest increases were recorded for Oman (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) remains the largest ferro-chromium supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by Oman ($X), with a X% share of total exports. It was followed by Iran, with an X% share.

In Turkey, ferro-chromium exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (X% per year) and Iran (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2023, declining by X% against the previous year. Export price indicated a perceptible increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, ferro-chromium export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2022 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined rapidly 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 Turkey ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Ferro-Chromium Imports

Imports in the Middle East

In 2023, purchases abroad of ferro-chromium decreased by X% to X tons for the first time since 2015, thus ending a seven-year rising trend. Overall, imports, however, saw resilient growth. The pace of growth appeared the most rapid in 2022 when imports increased by X%. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, ferro-chromium imports contracted to $X in 2023. In general, imports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

The United Arab Emirates represented the major importer of ferro-chromium in the Middle East, with the volume of imports resulting at X tons, which was approx. X% of total imports in 2023. It was distantly followed by Turkey (X tons), committing a X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to ferro-chromium imports into the United Arab Emirates stood at X%. At the same time, Turkey (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. While the share of Turkey (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) and Turkey ($X) constituted the countries with the highest levels of imports in 2023.

In terms of the main importing countries, Turkey, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2023, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%).

Source: IndexBox Platform