United Arab Emirates: Iron And Steel Market 2024

Iron And Steel Market Size in the United Arab Emirates

In 2021, the iron and steel market in the United Arab Emirates increased by 50% to $X, rising for the second consecutive year after two years of decline. Overall, consumption showed a notable increase. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Iron And Steel Exports

Exports from the United Arab Emirates

In 2021, the amount of iron and steel exported from the United Arab Emirates rose markedly to X tons, picking up by 7.9% against 2020. Overall, exports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2018 when exports increased by 434% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, iron and steel exports amounted to $X in 2021. In general, exports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 398%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for iron and steel exports from the United Arab Emirates, with a 163% share of total exports. Moreover, iron and steel exports to China exceeded the volume sent to the second major destination, Nigeria (X tons), twofold. The third position in this ranking was held by Saudi Arabia (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +22.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+22.7% per year) and Saudi Arabia (-30.0% per year).

In value terms, China ($X) remains the key foreign market for iron and steel exports from the United Arab Emirates, comprising 277% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 75% share of total exports. It was followed by India, with a 39% share.

From 2012 to 2021, the average annual growth rate of value to China totaled +44.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-22.5% per year) and India (-40.4% per year).

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2021, which is down by -6.7% against the previous year. In general, the export price continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2014 when the average export price increased by 24%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Nigeria ($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 Iran (+19.1%), while the prices for the other major destinations experienced more modest paces of growth.

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Iron And Steel Imports

Imports into the United Arab Emirates

In 2021, purchases abroad of iron and steel increased by 22% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports saw a remarkable increase. The growth pace was the most rapid in 2015 with an increase of 224% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, iron and steel imports skyrocketed to $X in 2021. Overall, imports recorded a noticeable expansion. The growth pace was the most rapid in 2015 with an increase of 164%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Ukraine (X tons) constituted the largest iron and steel supplier to the United Arab Emirates, with a 70% share of total imports. Moreover, iron and steel imports from Ukraine exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold. Saudi Arabia (X tons) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Ukraine stood at +18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+35.8% per year) and Saudi Arabia (-2.0% per year).

In value terms, Ukraine ($X) constituted the largest supplier of iron and steel to the United Arab Emirates, comprising 63% of total imports. The second position in the ranking was held by India ($X), with a 15% share of total imports. It was followed by Saudi Arabia, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value from Ukraine amounted to +20.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+32.4% per year) and Saudi Arabia (-10.2% per year).

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, growing by 42% against the previous year. Overall, the import price, however, saw a mild curtailment. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Oman ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+15.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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