GCC: Iron And Steel Market 2024

Iron And Steel Market Size in GCC

The GCC iron and steel market reached $X in 2023, picking up by X% against the previous year. Over the period under review, consumption, however, continues to indicate a remarkable increase. The level of consumption peaked in 2023 and is likely to continue growth in years to come.

Iron And Steel Production in GCC

In value terms, iron and steel production declined to $X in 2023 estimated in export price. Over the period under review, production, however, posted a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2022, and then shrank in the following year.

Iron And Steel Exports

Exports in GCC

In 2023, overseas shipments of iron and steel decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. Over the period under review, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, iron and steel exports declined dramatically to $X in 2023. In general, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2022 with an increase of X%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Saudi Arabia was the major exporting country with an export of about X tons, which reached X% of total exports. Kuwait (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Oman (X%). The United Arab Emirates (X tons) took a relatively small share of total exports.

From 2012 to 2023, the biggest increases were recorded for Oman (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Kuwait ($X) and Oman ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Oman, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, rising by X% against the previous year. Export price indicated a modest expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, iron and steel export price decreased by X% against 2021 indices. The growth pace was the most rapid in 2018 an increase of X%. The level of export peaked at $X per ton in 2021; however, from 2022 to 2023, the export prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced a decline in the export price figures.

Iron And Steel Imports

Imports in GCC

In 2023, overseas purchases of iron and steel increased by X% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2019 when imports increased by X%. The volume of import peaked at X tons in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

In value terms, iron and steel imports expanded rapidly to $X in 2023. Over the period under review, imports, however, showed a deep setback. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

Oman was the main importing country with an import of about X tons, which accounted for X% of total imports. The United Arab Emirates (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (X%).

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Oman (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest iron and steel importing markets in GCC were Oman ($X), the United Arab Emirates ($X) and Saudi Arabia ($X), together accounting for X% of total imports.

Among the main importing countries, Oman, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, standing approx. at the previous year. Overall, the import price, however, showed a mild setback. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform