Saudi Arabia: Iron And Steel Market 2024

Iron And Steel Market Size in Saudi Arabia

The Saudi iron and steel market contracted slightly to $X in 2021, with a decrease of -1.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption faced a deep contraction. Iron and steel consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Iron And Steel Exports

Exports from Saudi Arabia

After two years of growth, shipments abroad of iron and steel decreased by -33.4% to X tons in 2021. In general, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 172% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020, and then contracted notably in the following year.

In value terms, iron and steel exports expanded rapidly to $X in 2021. Overall, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 206% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Taiwan (Chinese) (X tons) was the main destination for iron and steel exports from Saudi Arabia, accounting for a 453% share of total exports. Moreover, iron and steel exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, China (X tons), threefold. The United Arab Emirates (X tons) ranked third in terms of total exports with a 100% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Taiwan (Chinese) was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+566.4% per year) and the United Arab Emirates (+81.9% per year).

In value terms, Taiwan (Chinese) ($X) emerged as the key foreign market for iron and steel exports from Saudi Arabia, comprising 490% of total exports. The second position in the ranking was taken by China ($X), with a 145% share of total exports. It was followed by the United Arab Emirates, with a 134% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Taiwan (Chinese) was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+471.3% per year) and the United Arab Emirates (+78.6% per year).

Export Prices by Country

In 2021, the average iron and steel export price amounted to $X per ton, rising by 58% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (-1.8%), while the prices for the other major destinations experienced a decline.

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Iron And Steel Imports

Imports into Saudi Arabia

Iron and steel imports into Saudi Arabia fell notably to X tons in 2021, declining by -16.3% against 2020 figures. Overall, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2019 when imports increased by 42%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, iron and steel imports expanded to $X in 2021. In general, imports continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2019 when imports increased by 27% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Ukraine (X tons), Turkey (X tons) and Egypt (X tons) were the main suppliers of iron and steel imports to Saudi Arabia, together comprising 64% of total imports. These countries were followed by Russia, South Africa, Kuwait, Bahrain, Brazil and China, which together accounted for a further 19%.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +30.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ukraine ($X), Egypt ($X) and Turkey ($X) were the largest iron and steel suppliers to Saudi Arabia, with a combined 57% share of total imports. These countries were followed by Russia, South Africa, Kuwait, Bahrain, Brazil and China, which together accounted for a further 19%.

In terms of the main suppliers, South Africa, with a CAGR of +36.4%, 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

In 2021, the average iron and steel import price amounted to $X per ton, with an increase of 23% against the previous year. Overall, the import price, however, continues to indicate a mild descent. The growth pace was the most rapid in 2017 when the average import price increased by 36%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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