MENA: Iron And Steel Market 2024

Iron And Steel Market Size in MENA

The MENA's iron and steel market rose notably to $X in 2021, surging by 13% against the previous year. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Iron And Steel Production in MENA

In value terms, iron and steel production soared to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 23%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Iron And Steel Exports

Exports in MENA

In 2021, shipments abroad of iron and steel decreased by -21.9% to X tons, falling for the sixth year in a row after four years of growth. Overall, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2013 with an increase of 18%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron and steel exports reduced to $X in 2021. Over the period under review, exports saw a abrupt setback. The growth pace was the most rapid in 2013 with an increase of 21%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Iran represented the main exporter of iron and steel in MENA, with the volume of exports reaching X tons, which was near 57% of total exports in 2021. Egypt (X tons) took a 14% share (based on physical terms) of total exports, which put it in second place, followed by Oman (9.2%), Kuwait (6.9%), Algeria (6%) and Saudi Arabia (4.8%). Turkey (X tons) followed a long way behind the leaders.

Exports from Iran decreased at an average annual rate of -14.6% from 2012 to 2021. At the same time, Oman (+41.7%) and Saudi Arabia (+38.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of +41.7% from 2012-2021. By contrast, Egypt (-3.6%), Turkey (-9.3%), Algeria (-11.5%) and Kuwait (-14.0%) illustrated a downward trend over the same period. Oman (+9.1 p.p.), Egypt (+7.4 p.p.) and Saudi Arabia (+4.7 p.p.) significantly strengthened its position in terms of the total exports, while Kuwait and Iran saw its share reduced by -1.8% and -20% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) remains the largest iron and steel supplier in MENA, comprising 57% of total exports. The second position in the ranking was held by Egypt ($X), with a 14% share of total exports. It was followed by Oman, with a 7.6% share.

In Iran, iron and steel exports shrank by an average annual rate of -11.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Egypt (-4.7% per year) and Oman (+30.1% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2021, with an increase of 9.1% against the previous year. Over the last nine years, it increased at an average annual rate of +2.8%. The growth pace was the most rapid in 2018 when the export price increased by 11% against the previous year. Over the period under review, the export prices attained the maximum in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Algeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iran (+4.1%), while the other leaders experienced more modest paces of growth.

Iron And Steel Imports

Imports in MENA

After two years of decline, supplies from abroad of iron and steel increased by 1.9% to X tons in 2021. In general, imports, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2015 when imports increased by 41% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, iron and steel imports skyrocketed to $X in 2021. Overall, imports, however, saw a pronounced contraction. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Turkey was the largest importer of iron and steel in MENA, with the volume of imports reaching X tons, which was near 69% of total imports in 2021. The United Arab Emirates (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (9%) and Saudi Arabia (4.8%). Oman (X tons) followed a long way behind the leaders.

Imports into Turkey decreased at an average annual rate of -1.6% from 2012 to 2021. At the same time, Oman (+22.8%) and the United Arab Emirates (+5.1%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in MENA, with a CAGR of +22.8% from 2012-2021. By contrast, Kuwait (-8.0%) and Saudi Arabia (-11.0%) illustrated a downward trend over the same period. Turkey (+7.6 p.p.), the United Arab Emirates (+7.1 p.p.) and Oman (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Kuwait and Saudi Arabia saw its share reduced by -5.6% and -5.7% from 2012 to 2021, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported iron and steel in MENA, comprising 73% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 12% share of total imports. It was followed by Kuwait, with a 5.9% share.

In Turkey, iron and steel imports remained relatively stable over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+3.4% per year) and Kuwait (-9.8% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per ton, growing by 53% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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