Middle East: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in the Middle East

The Middle Eastern flat-rolled steel products market rose significantly to $X in 2023, growing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X; afterwards, it flattened through to 2023.

Flat-Rolled Steel Products Production in the Middle East

In value terms, flat-rolled steel products production totaled $X in 2023 estimated in export price. Over the period under review, production, however, saw a resilient increase. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

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Flat-Rolled Steel Products Exports

Exports in the Middle East

After seven years of growth, overseas shipments of flat-rolled products of iron or non-alloy steel decreased by X% to X tons in 2023. In general, exports, however, showed a temperate increase. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2022, and then reduced remarkably in the following year.

In value terms, flat-rolled steel products exports declined markedly to $X in 2023. Overall, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then dropped sharply in the following year.

Exports by Country

Turkey prevails in exports structure, accounting for X tons, which was approx. X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), creating a X% share of total exports.

Turkey was also the fastest-growing in terms of the flat-rolled products of iron or non-alloy steel exports, with a CAGR of X% from 2012 to 2023. The United Arab Emirates (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Turkey increased by X percentage points.

In value terms, Turkey ($X) remains the largest flat-rolled steel products supplier in the Middle East, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Turkey stood at X%.

Export Prices by Country

In 2023, the export price in the Middle East amounted to $X per ton, declining by X% against the previous year. Export price indicated a moderate expansion from 2012 to 2023: its price 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. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2022, and then dropped remarkably in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey amounted to $X per ton.

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

Flat-Rolled Steel Products Imports

Imports in the Middle East

In 2023, after three years of decline, there was significant growth in overseas purchases of flat-rolled products of iron or non-alloy steel, when their volume increased by X% to X tons. Over the period under review, imports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, flat-rolled steel products imports dropped slightly to $X in 2023. In general, imports, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons) and Turkey (X tons) were the largest importers of flat-rolled products of iron or non-alloy steel in 2023, finishing at near X% and X% of total imports, respectively. It was distantly followed by Saudi Arabia (X tons), Iran (X tons) and Jordan (X tons), together constituting a X% share of total imports. Oman (X tons) and Yemen (X tons) held a little share of total imports.

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

In value terms, the largest flat-rolled steel products importing markets in the Middle East were the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X), together comprising X% of total imports. Iran, Jordan, Oman and Yemen lagged somewhat behind, together comprising a further X%.

Oman, with a CAGR of X%, recorded 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 2023, the import price in the Middle East amounted to $X per ton, reducing by X% against the previous year. Import price indicated a modest expansion from 2012 to 2023: its price 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, flat-rolled steel products import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2022, and then reduced in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Yemen ($X per ton) and Iran ($X per ton), while Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform