Middle East: Market for Remelting Scrap Ingots Of Iron Or Steel 2024

Market Size for Remelting Scrap Ingots Of Iron Or Steel in the Middle East

The Middle Eastern metal remelting scrap ingots market soared to $X in 2022, increasing by X% against the previous year. Over the period under review, consumption, however, posted resilient growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Remelting Scrap Ingots Of Iron Or Steel in the Middle East

In value terms, metal remelting scrap ingots production dropped significantly to $X in 2022 estimated in export price. In general, production, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Remelting Scrap Ingots Of Iron Or Steel

Exports in the Middle East

After ten years of growth, shipments abroad of remelting scrap ingots of iron or steel decreased by X% to X tons in 2022. Overall, exports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped in the following year.

In value terms, metal remelting scrap ingots exports reduced to $X in 2022. In general, exports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The level of export peaked at $X in 2021, and then reduced in the following year.

Exports by Country

The biggest shipments were from Palestine (X tons), together finishing at X% of total export.

Palestine 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. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Palestine ($X) also remains the largest metal remelting scrap ingots supplier in the Middle East.

From 2012 to 2022, the average annual rate of growth in terms of value in Palestine totaled X%.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, which is down by X% against the previous year. In general, the export price recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Palestine.

From 2012 to 2022, the rate of growth in terms of prices for Palestine amounted to X% per year.

Imports of Remelting Scrap Ingots Of Iron Or Steel

Imports in the Middle East

In 2022, approx. X tons of remelting scrap ingots of iron or steel were imported in the Middle East; which is down by X% on the previous year's figure. In general, imports, however, showed notable growth. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, metal remelting scrap ingots imports contracted significantly to $X in 2022. Over the period under review, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Kuwait prevails in imports structure, resulting at X tons, which was near X% of total imports in 2022. It was distantly followed by Turkey (X tons), achieving an X% share of total imports. Oman (X tons) held a relatively small share of total imports.

Imports into Kuwait increased at an average annual rate of X% from 2012 to 2022. At the same time, Turkey (X%) and Oman (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2022. While the share of Turkey (X p.p.) and 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 ($X) constitutes the largest market for imported remelting scrap ingots of iron or steel in the Middle East, comprising X% of total imports. The second position in the ranking was taken by Turkey ($X), with a X% share of total imports.

In Kuwait, metal remelting scrap ingots imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (X% per year) and Oman (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, rising by X% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal remelting scrap ingots import price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :