GCC: Market for Remelting Scrap Ingots Of Iron Or Steel 2024

Market Size for Remelting Scrap Ingots Of Iron Or Steel in GCC

In 2022, the GCC metal remelting scrap ingots market decreased by X% to $X, falling for the fourth year in a row after seven years of growth. In general, consumption continues to indicate a abrupt curtailment. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Production of Remelting Scrap Ingots Of Iron Or Steel in GCC

In value terms, metal remelting scrap ingots production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Remelting Scrap Ingots Of Iron Or Steel

Exports in GCC

In 2022, approx. X tons of remelting scrap ingots of iron or steel were exported in GCC; with a decrease of X% compared with the previous year. Over the period under review, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, metal remelting scrap ingots exports contracted significantly to $X in 2022. In general, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank significantly in the following year.

Exports by Country

Oman prevails in exports structure, amounting to X tons, which was approx. X% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), mixing up an X% share of total exports.

Oman was also the fastest-growing in terms of the remelting scrap ingots of iron or steel exports, with a CAGR of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. Oman (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Oman ($X) emerged as the largest metal remelting scrap ingots supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

In Oman, metal remelting scrap ingots exports expanded at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the export price showed a deep reduction. The most prominent rate of growth was recorded in 2016 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman amounted to $X per ton.

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

Imports of Remelting Scrap Ingots Of Iron Or Steel

Imports in GCC

Metal remelting scrap ingots imports contracted dramatically to X tons in 2022, which is down by X% on 2021 figures. Over the period under review, imports, however, posted a pronounced increase. The growth pace was the most rapid in 2015 when imports increased by X%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, metal remelting scrap ingots imports contracted significantly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Kuwait prevails in imports structure, amounting to X tons, which was near X% of total imports in 2022. Oman (X tons) followed a long way behind the leaders.

Imports into Kuwait increased at an average annual rate of X% from 2012 to 2022. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. While the share of Oman (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Kuwait (X p.p.) displayed negative dynamics.

In value terms, Kuwait ($X) constitutes the largest market for imported remelting scrap ingots of iron or steel in GCC, comprising X% of total imports. The second position in the ranking was held by Oman ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Kuwait was relatively modest.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, waning by X% against the previous year. Overall, the import price recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2021 an increase of X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Oman ($X per ton), while Kuwait stood at $X per ton.

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

Source: IndexBox Platform

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