MENA: Iron And Steel Market 2024

Iron And Steel Market Size in MENA

The MENA's iron and steel market contracted to $X in 2023, with a decrease of X% against the previous year. The total consumption indicated a modest expansion from 2012 to 2023: its value 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, consumption increased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2020 to 2023, the growth of the market failed to regain momentum.

Iron And Steel Production in MENA

In value terms, iron and steel production contracted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Iron And Steel Exports

Exports in MENA

After two years of growth, shipments abroad of iron and steel decreased by X% to X tons in 2023. In general, exports faced a abrupt contraction. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. The volume of export peaked 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 notably to $X in 2023. Overall, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2022 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Iran (X tons) was the key exporter of iron and steel, making up X% of total exports. Saudi Arabia (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Kuwait (X%), Algeria (X%), Oman (X%) and Turkey (X%).

Exports from Iran decreased at an average annual rate of X% from 2012 to 2023. At the same time, Oman (X%), Saudi Arabia (X%) and Turkey (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. By contrast, Algeria (X%) and Kuwait (X%) illustrated a downward trend over the same period. While the share of Iran (X p.p.), Saudi Arabia (X p.p.), Algeria (X p.p.), Oman (X p.p.), Kuwait (X p.p.) and Turkey (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) remains the largest iron and steel supplier in MENA, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total exports. It was followed by Kuwait, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Iran stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Kuwait (X% per year).

Export Prices by Country

In 2023, the export price in MENA amounted to $X per ton, increasing by X% against the previous year. Export price indicated a measured expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, iron and steel export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs in 2023 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Iran (X%), while the other leaders experienced more modest paces of growth.

Iron And Steel Imports

Imports in MENA

In 2023, supplies from abroad of iron and steel increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports, however, showed a perceptible downturn. The pace of growth was the most pronounced in 2018 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, iron and steel imports fell markedly to $X in 2023. Overall, imports, however, continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when imports increased by X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

Turkey was the key importing country with an import of about X tons, which accounted for X% of total imports. Oman (X tons) took the second position in the ranking, distantly followed by the United Arab Emirates (X tons). All these countries together took near X% share of total imports. The following importers - Saudi Arabia (X tons) and Jordan (X tons) - together made up X% of total imports.

Turkey experienced a relatively flat trend pattern with regard to volume of imports of iron and steel. At the same time, Oman (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. By contrast, Jordan (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of Oman (X p.p.), Turkey (X p.p.) and the United Arab Emirates (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Jordan (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics.

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

In Turkey, iron and steel imports remained relatively stable over the period from 2012-2023. In the other countries, the average annual rates were as follows: Oman (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2023, which is down by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2022, and then shrank notably in the following year.

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

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

Source: IndexBox Platform