Middle East: Iron And Steel Market 2024

Iron And Steel Market Size in the Middle East

The Middle Eastern iron and steel market rose significantly to $X in 2021, increasing by 13% against the previous year. The market value increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Iron And Steel Production in the Middle East

In value terms, iron and steel production surged to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when the production volume increased by 24%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Iron And Steel Exports

Exports in the Middle East

In 2021, the amount of iron and steel exported in the Middle East contracted notably to X tons, dropping by -20% against 2020. Over the period under review, exports faced a abrupt decline. The pace of growth appeared the most rapid in 2015 when exports increased by 23% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, iron and steel exports fell to $X in 2021. In general, exports saw a deep downturn. The growth pace was the most rapid in 2015 when exports increased by 22%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Iran (X tons) was the largest exporter of iron and steel, comprising 71% of total exports. It was distantly followed by Oman (X tons), Kuwait (X tons) and Saudi Arabia (X tons), together making up a 26% share of total exports. Turkey (X tons) took a minor share of total exports.

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 the Middle East, with a CAGR of +41.7% from 2012-2021. By contrast, Turkey (-9.3%) and Kuwait (-14.0%) illustrated a downward trend over the same period. While the share of Oman (+11 p.p.) and Saudi Arabia (+5.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Iran (-16.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) remains the largest iron and steel supplier in the Middle East, comprising 70% of total exports. The second position in the ranking was held by Oman ($X), with a 9.5% share of total exports. It was followed by Kuwait, with an 8.4% share.

In Iran, iron and steel exports declined by an average annual rate of -11.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (+30.1% per year) and Kuwait (-15.6% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, rising by 12% against the previous year. Over the last nine years, it increased at an average annual rate of +3.3%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Oman ($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 mixed trends in the export price figures.

Iron And Steel Imports

Imports in the Middle East

In 2021, overseas purchases of iron and steel increased by 2.1% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, saw a pronounced decline. The pace of growth appeared the most rapid in 2015 with an increase of 42% 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 surged to $X in 2021. Overall, imports, however, recorded a slight setback. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Turkey represented the largest importer of iron and steel in the Middle East, with the volume of imports accounting for X tons, which was near 69% of total imports in 2021. The United Arab Emirates (X tons) held the second position in the ranking, followed by Kuwait (X tons) and Saudi Arabia (X tons). All these countries together held approx. 28% share of total imports. Oman (X tons) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to iron and steel imports into Turkey stood at -1.6%. 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 the Middle East, 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 (+7.4 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 -5.7% and -5.8% from 2012 to 2021, respectively.

In value terms, Turkey ($X) constitutes the largest market for imported iron and steel in the Middle East, comprising 73% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 13% share of total imports. It was followed by Kuwait, with a 6% share.

In Turkey, iron and steel imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: the United Arab Emirates (+3.4% per year) and Kuwait (-9.8% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per ton, growing by 53% against the previous year. Over the period under review, the import price showed a slight expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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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