MENA: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in MENA

After two years of growth, the MENA's hot-rolled steel products market decreased by X% to $X in 2023. Overall, consumption, however, showed a slight descent. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Hot-Rolled Steel Products Production in MENA

In value terms, hot-rolled steel products production amounted to $X in 2023 estimated in export price. Overall, production, however, showed a noticeable descent. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Hot-Rolled Steel Products Exports

Exports in MENA

In 2023, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were exported in MENA; increasing by X% on the previous year. Total exports indicated a buoyant 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 decreased by X% against 2021 indices. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel products exports reduced to $X in 2023. Total exports indicated a strong 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, exports decreased by X% against 2021 indices. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Turkey (X tons), Egypt (X tons) and Iran (X tons), together reaching X% of total export. It was distantly followed by Saudi Arabia (X tons), creating a X% share of total exports. The United Arab Emirates (X tons) held a minor share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Egypt (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel products supplying countries in MENA were Turkey ($X), Egypt ($X) and Iran ($X), together accounting for X% of total exports.

Egypt, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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 MENA stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2022, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($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 more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports in MENA

After two years of decline, overseas purchases of flat-rolled products of iron or steel (not further worked than hot-rolled) increased by X% to X tons in 2023. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2023, the growth of imports remained at a lower figure.

In value terms, hot-rolled steel products imports contracted to $X in 2023. The total import 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 imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Turkey (X tons) was the major importer of flat-rolled products of iron or steel (not further worked than hot-rolled), making up X% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a X% share, followed by Egypt (X%) and Saudi Arabia (X%). Oman (X tons), Tunisia (X tons) and Algeria (X tons) held a little share of total imports.

Imports into Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, Egypt (X%), Tunisia (X%) and Oman (X%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. The United Arab Emirates experienced a relatively flat trend pattern. By contrast, Algeria (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Turkey, Egypt and the United Arab Emirates 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, Turkey ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in MENA, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Egypt, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Egypt (X% per year).

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, declining by X% against the previous year. Import price indicated a slight 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 was the most pronounced in 2021 an increase of X%. Over the period under review, import prices reached the maximum at $X per ton in 2022, and then dropped in the following year.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Oman ($X per ton) and Saudi Arabia ($X per ton), while Tunisia ($X per ton) and the United Arab Emirates ($X per ton) were 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 more modest paces of growth.

Source: IndexBox Platform