Middle East: Hot-Rolled Free-Cutting Steel Market 2024

Hot-Rolled Free-Cutting Steel Market Size in the Middle East

In 2022, after two years of growth, there was decline in the Middle Eastern hot-rolled free-cutting steel market, when its value decreased by X% to $X. The total consumption indicated moderate growth 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, consumption increased by X% against 2019 indices. As a result, consumption attained the peak level of $X, and then declined slightly in the following year.

Hot-Rolled Free-Cutting Steel Production in the Middle East

In value terms, hot-rolled free-cutting steel production amounted to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

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Hot-Rolled Free-Cutting Steel Exports

Exports in the Middle East

In 2022, shipments abroad of hot-rolled bars in free-cutting steels increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports enjoyed a resilient increase. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled free-cutting steel exports skyrocketed to $X in 2022. In general, exports posted prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates dominates exports structure, finishing at X tons, which was near X% of total exports in 2022. Iran (X tons) held a relatively small share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the hot-rolled bars in free-cutting steels exports, with a CAGR of X% from 2012 to 2022. At the same time, Iran (X%) displayed positive paces of growth. The United Arab Emirates (X p.p.) and Iran (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to X%.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, dropping by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then contracted in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Hot-Rolled Free-Cutting Steel Imports

Imports in the Middle East

In 2022, overseas purchases of hot-rolled bars in free-cutting steels decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The volume of import peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, hot-rolled free-cutting steel imports contracted to $X in 2022. Overall, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then dropped slightly in the following year.

Imports by Country

Turkey (X tons) and Israel (X tons) dominates imports structure, together making up X% of total imports. Iran (X tons) ranks next in terms of the total imports with an X% share, followed by Kuwait (X%) and Bahrain (X%).

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

In value terms, the largest hot-rolled free-cutting steel importing markets in the Middle East were Turkey ($X), Israel ($X) and Iran ($X), with a combined X% share of total imports.

In terms of the main importing countries, Israel, with a CAGR of X%, saw 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

The import price in the Middle East stood at $X per ton in 2022, surging by X% against the previous year. Import price indicated tangible growth 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 free-cutting steel import price increased by X% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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