Oman: Market for Hot-Rolled Bars Of High Speed Steel 2024

Market Size for Hot-Rolled Bars Of High Speed Steel in Oman

The Omani market for hot-rolled bars of high speed steel totaled $X in 2022, rising by 5.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a notable expansion. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Exports of Hot-Rolled Bars Of High Speed Steel

Exports from Oman

In 2022, shipments abroad of hot-rolled bars of high speed steel increased by 11% to X kg for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, showed a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 4,819%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled high speed steel bar exports expanded modestly to $X in 2022. Over the period under review, exports recorded a pronounced expansion. The most prominent rate of growth was recorded in 2017 with an increase of 7,828%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for hot-rolled high speed steel bar exports from Oman, with a 1.4% share of total exports. Moreover, hot-rolled high speed steel bar exports to the United Arab Emirates exceeded the volume sent to the second major destination, Qatar (X kg), sixfold.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates stood at -42.5%.

In value terms, the United Arab Emirates ($X) remains the key foreign market for hot-rolled bars of high speed steel exports from Oman, comprising 0.9% of total exports. The second position in the ranking was taken by Qatar ($X), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates stood at -31.7%.

Export Prices by Country

In 2022, the average export price for hot-rolled bars of high speed steel amounted to $X per ton, reducing by -7.6% against the previous year. Over the period under review, the export price, however, saw a strong increase. The most prominent rate of growth was recorded in 2016 an increase of 113% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Qatar stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+18.8%), while the prices for the other major destinations experienced a decline.

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Imports of Hot-Rolled Bars Of High Speed Steel

Imports into Oman

In 2022, supplies from abroad of hot-rolled bars of high speed steel increased by 5.5% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports posted prominent growth. The pace of growth appeared the most rapid in 2019 when imports increased by 164% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, hot-rolled high speed steel bar imports rose to $X in 2022. Overall, imports, however, recorded a noticeable curtailment. The pace of growth was the most pronounced in 2019 when imports increased by 179% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), the United Arab Emirates (X tons) and India (X tons) were the main suppliers of hot-rolled high speed steel bar imports to Oman, with a combined 100% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +41.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled high speed steel bar suppliers to Oman were the United Arab Emirates ($X), China ($X) and India ($X), together accounting for 98% of total imports.

Among the main suppliers, China, with a CAGR of +17.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for hot-rolled bars of high speed steel amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the import price faced a abrupt contraction. The growth pace was the most rapid in 2017 an increase of 8.4%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+21.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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