Middle East: Pig Iron Market 2024

Pig Iron Market Size in the Middle East

In 2023, after two years of growth, there was significant decline in the Middle Eastern pig iron market, when its value decreased by X% to $X. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2022, and then contracted rapidly in the following year.

Pig Iron Production in the Middle East

In value terms, pig iron production reduced to $X in 2023 estimated in export price. The total production indicated perceptible growth from 2012 to 2023: its value 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, production increased by X% against 2012 indices. The growth pace was the most rapid in 2022 when the production volume increased by X%. As a result, production reached the peak level of $X, and then contracted in the following year.

Pig Iron Exports

Exports in the Middle East

In 2023, pig iron exports in the Middle East declined to X tons, with a decrease of X% on the previous year. Total exports indicated a pronounced expansion from 2012 to 2023: its volume 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, exports increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons, and then declined in the following year.

In value terms, pig iron exports dropped remarkably to $X in 2023. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then dropped sharply in the following year.

Exports by Country

In 2023, Iran (X tons) was the major exporter of pig iron and spiegeleisen, comprising X% of total exports. Saudi Arabia (X tons) took the second position in the ranking, distantly followed by Qatar (X tons) and Turkey (X tons). All these countries together held approx. X% share of total exports. Oman (X tons) followed a long way behind the leaders.

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 the Middle East, with a CAGR of X% from 2012-2023. By contrast, Qatar (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Saudi Arabia, Qatar and Oman increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) remains the largest pig iron supplier in the Middle East, comprising X% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total exports. It was followed by Qatar, with a X% share.

In Iran, pig iron exports remained relatively stable over the period from 2012-2023. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Qatar (X% per year).

Export Prices by Country

In 2023, the export price in the Middle East amounted to $X per ton, with a decrease of X% against the previous year. Export price indicated a measured increase 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. The pace of growth appeared the most rapid in 2022 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then contracted rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, 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 Oman (X%), while the other leaders experienced mixed trends in the export price figures.

Pig Iron Imports

Imports in the Middle East

In 2023, purchases abroad of pig iron and spiegeleisen increased by X% to X tons, rising for the third year in a row after two years of decline. Total imports indicated a slight increase from 2012 to 2023: its volume 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, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports hit record highs in 2023 and are likely to see steady growth in the immediate term.

In value terms, pig iron imports fell dramatically to $X in 2023. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked at $X in 2022, and then shrank sharply in the following year.

Imports by Country

In 2023, Turkey (X tons) represented the main importer of pig iron and spiegeleisen, comprising X% of total imports. The United Arab Emirates (X tons) held the second position in the ranking, distantly followed by Oman (X tons). All these countries together held approx. X% share of total imports. Saudi Arabia (X tons) followed a long way behind the leaders.

Turkey experienced a relatively flat trend pattern with regard to volume of imports of pig iron and spiegeleisen. At the same time, Oman (X%), Saudi Arabia (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the Middle East, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of the United Arab Emirates, Oman and Saudi Arabia increased by X, X and X percentage points, respectively.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey was relatively modest. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, declining by X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 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 2022 to 2023, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform