Middle East: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in the Middle East

The Middle Eastern hot-rolled steel products market reached $X in 2022, increasing by X% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Hot-Rolled Steel Products Production in the Middle East

In value terms, hot-rolled steel products production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a abrupt curtailment. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Hot-Rolled Steel Products Exports

Exports in the Middle East

In 2022, hot-rolled steel products exports in the Middle East reduced sharply to X tons, with a decrease of X% on the previous year. Total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel products exports declined remarkably to $X in 2022. Overall, exports, however, recorded strong growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then contracted notably in the following year.

Exports by Country

In 2022, Turkey (X tons) represented the major exporter of flat-rolled products of iron or steel (not further worked than hot-rolled), committing X% of total exports. Iran (X tons) ranks second in terms of the total exports with a X% share, followed by Saudi Arabia (X%) and the United Arab Emirates (X%).

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Turkey ($X) remains the largest hot-rolled steel products supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by Iran ($X), with a X% share of total exports. It was followed by Saudi Arabia, with a X% share.

In Turkey, hot-rolled steel products exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Iran (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, surging by X% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel products export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports in the Middle East

In 2022, overseas purchases of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, hot-rolled steel products imports rose to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Turkey was the main importer of flat-rolled products of iron or steel (not further worked than hot-rolled) in the Middle East, with the volume of imports amounting to X tons, which was near X% of total imports in 2022. It was distantly followed by the United Arab Emirates (X tons), mixing up a X% share of total imports. Kuwait (X tons), Oman (X tons), Iraq (X tons), Israel (X tons) and Jordan (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kuwait (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in the Middle East, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Kuwait (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, with an increase of X% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled steel products import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Kuwait ($X per ton) and Israel ($X per ton), while Iraq ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2022, 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.

Source: IndexBox Platform

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