Saudi Arabia: Market for Flat-Rolled Products Of Silicon-Electrical Steel 2024

Market Size for Flat-Rolled Products Of Silicon-Electrical Steel in Saudi Arabia

The Saudi silicon-electrical steel flat-rolled product market soared to $X in 2023, with an increase of X% against the previous year. In general, the total consumption indicated a notable expansion from 2012 to 2023: its value 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, consumption decreased by X% against 2021 indices. Silicon-electrical steel flat-rolled product consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Production of Flat-Rolled Products Of Silicon-Electrical Steel in Saudi Arabia

In value terms, silicon-electrical steel flat-rolled product production fell to $X in 2023 estimated in export price. Over the period under review, production, however, recorded a modest increase. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2023, production growth remained at a somewhat lower figure.

Exports of Flat-Rolled Products Of Silicon-Electrical Steel

Exports from Saudi Arabia

In 2023, the amount of flat-rolled products of silicon-electrical steel exported from Saudi Arabia fell markedly to X tons, dropping by X% against 2022. Overall, exports saw a deep reduction. The growth pace was the most rapid in 2022 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, silicon-electrical steel flat-rolled product exports dropped significantly to $X in 2023. Over the period under review, exports, however, saw a tangible increase. The most prominent rate of growth was recorded in 2022 when exports increased by X%. As a result, the exports attained the peak of $X, and then contracted dramatically in the following year.

Exports by Country

China (X tons) and the United Arab Emirates (X tons) were the main destinations of silicon-electrical steel flat-rolled product exports from Saudi Arabia.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of X%).

In value terms, the largest markets for silicon-electrical steel flat-rolled product exported from Saudi Arabia were China ($X) and the United Arab Emirates ($X).

Among the main countries of destination, the United Arab Emirates, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2023, the average silicon-electrical steel flat-rolled product export price amounted to $X per ton, declining by X% against the previous year. Over the period under review, the export price, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2022 when the average export price increased by 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 noticeably for the major export markets. In 2023, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United Arab Emirates stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flat-Rolled Products Of Silicon-Electrical Steel

Imports into Saudi Arabia

In 2023, overseas purchases of flat-rolled products of silicon-electrical steel decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, imports recorded a abrupt shrinkage. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2023, imports remained at a lower figure.

In value terms, silicon-electrical steel flat-rolled product imports amounted to $X in 2023. Overall, imports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

China (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of silicon-electrical steel flat-rolled product imports to Saudi Arabia, with a combined X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, China ($X) constituted the largest supplier of flat-rolled products of silicon-electrical steel to Saudi Arabia, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The average silicon-electrical steel flat-rolled product import price stood at $X per ton in 2023, approximately mirroring the previous year. In general, the import price showed a noticeable downturn. The growth pace was the most rapid in 2020 when the average import price increased by X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform