Middle East: Market for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) 2022

Market Size for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) in the Middle East

In 2020, the Middle Eastern iron and steel wire market decreased by -X% to $X, falling for the second consecutive year after two years of growth. The market value increased at an average annual rate of +X% from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2010 with an increase of X% year-to-year. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2020, consumption remained at a lower figure.

Production of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) in the Middle East

In value terms, iron and steel wire production reached $X in 2020 estimated in export prices. The total production indicated a tangible expansion from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, production decreased by -X% against 2018 indices. The most prominent rate of growth was recorded in 2010 with an increase of X% y-o-y. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2020, production failed to regain the momentum.

Production By Country in the Middle East

Turkey (X tons) constituted the country with the largest volume of iron and steel wire production, comprising approx. X% of total volume. Moreover, iron and steel wire production in Turkey exceeded the figures recorded by the second-largest producer, Saudi Arabia (X tons), twofold.

In Turkey, iron and steel wire production increased at an average annual rate of +X% over the period from 2007-2020. The remaining producing countries recorded the following average annual rates of production growth: Saudi Arabia (+X% per year) and Qatar (+X% per year).

Exports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Exports in the Middle East

In 2020, the amount of wire of iron or non-alloy steel (stainless steel or other alloy steel) exported in the Middle East skyrocketed to X tons, increasing by X% against the previous year's figure. Overall, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2008 when exports increased by X% y-o-y. Over the period under review, exports reached the peak figure in 2020 and are expected to retain growth in the immediate term.

In value terms, iron and steel wire exports expanded notably to $X in 2020. In general, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2008 with an increase of X% year-to-year. Over the period under review, exports hit record highs at $X in 2018; however, from 2019 to 2020, exports stood at a somewhat lower figure.

Exports by Country

Turkey was the key exporting country with an export of around X tons, which finished at X% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with a X% share, followed by the United Arab Emirates (X%). Oman (X tons) occupied a relatively small share of total exports.

Exports from Turkey increased at an average annual rate of +X% from 2007 to 2020. At the same time, Oman (+X%), Saudi Arabia (+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 2007-2020. Turkey (+X p.p.), Saudi Arabia (+X p.p.) and Oman (+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, Turkey ($X) remains the largest iron and steel wire supplier in the Middle East, comprising X% of total exports. The second position in the ranking was occupied by Saudi Arabia ($X), with a X% share of total exports. It was followed by the United Arab Emirates, with a X% share.

In Turkey, iron and steel wire exports increased at an average annual rate of +X% over the period from 2007-2020. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+X% per year) and the United Arab Emirates (+X% per year).

Export Prices by Country

In 2020, the iron and steel wire export price in the Middle East amounted to $X per ton, dropping by -X% against the previous year. Over the period under review, the export price recorded a pronounced setback. The most prominent rate of growth was recorded in 2011 an increase of X% year-to-year. As a result, export price reached the peak level of $X per ton. from 2012 to 2020, the growth in terms of the export prices failed to regain the momentum.

Prices varied noticeably by the country of origin; the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by the United Arab Emirates, while the other leaders experienced mixed trends in the export price figures.

Imports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Imports in the Middle East

Iron and steel wire imports dropped slightly to X tons in 2020, shrinking by -X% compared with the previous year. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 with an increase of X% y-o-y. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2020, imports stood at a somewhat lower figure.

In value terms, iron and steel wire imports shrank to $X in 2020. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2008 with an increase of X% year-to-year. As a result, imports reached the peak of $X. from 2009 to 2020, the growth imports failed to regain the momentum.

Imports by Country

The United Arab Emirates represented the largest importer of wire of iron or non-alloy steel (stainless steel or other alloy steel) in the Middle East, with the volume of imports recording X tons, which was approx. X% of total imports in 2020. Turkey (X tons) held a X% share (based on tons) of total imports, which put it in second place, followed by Iraq (X%), Oman (X%) and Israel (X%). The following importers - Kuwait (X tons) and Iran (X tons) - together made up X% of total imports.

From 2007 to 2020, average annual rates of growth with regard to iron and steel wire imports into the United Arab Emirates stood at +X%. At the same time, Iraq (+X%), Oman (+X%), Israel (+X%) and Turkey (+X%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +X% from 2007-2020. By contrast, Kuwait (-X%) and Iran (-X%) illustrated a downward trend over the same period. From 2007 to 2020, the share of the United Arab Emirates, Iraq, Oman, Israel and Turkey increased by +X%, +X%, +X%, +X% and +X% percentage points, while Kuwait (-X p.p.) and Iran (-X p.p.) saw their share reduced.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Iraq ($X) appeared to be the countries with the highest levels of imports in 2020, with a combined X% share of total imports.

Iraq saw the highest rates of growth with regard to 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

The iron and steel wire import price in the Middle East stood at $X per ton in 2020, which is down by -X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2008 an increase of X% y-o-y. As a result, import price attained the peak level of $X per ton. from 2009 to 2020, the growth in terms of the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Iran, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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