MENA: Market for Hot-Rolled Wire Rod In Coil Of Stainless Steel 2024

Market Size for Hot-Rolled Wire Rod In Coil Of Stainless Steel in MENA

In 2023, after seven years of growth, there was decline in the MENA's market for hot-rolled wire rod in coil of stainless steel, when its value decreased by X% to $X. Overall, consumption posted a strong increase. Over the period under review, the market reached the maximum level at $X in 2022, and then reduced slightly in the following year.

Production of Hot-Rolled Wire Rod In Coil Of Stainless Steel in MENA

In value terms, hot-rolled wire stainless steel rod production reduced to $X in 2023 estimated in export price. Over the period under review, production, however, posted buoyant growth. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2023, production stood at a somewhat lower figure.

Exports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Exports in MENA

Hot-rolled wire stainless steel rod exports dropped dramatically to X tons in 2023, waning by X% on 2022. In general, exports faced a abrupt slump. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, hot-rolled wire stainless steel rod exports shrank to $X in 2023. Overall, exports continue to indicate a deep contraction. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates was the major exporter of hot-rolled wire rod in coil of stainless steel in MENA, with the volume of exports amounting to X tons, which was near X% of total exports in 2023. Saudi Arabia (X tons) ranks second in terms of the total exports with a X% share, followed by Iran (X%) and Oman (X%).

From 2012 to 2023, average annual rates of growth with regard to hot-rolled wire stainless steel rod exports from the United Arab Emirates stood at X%. At the same time, Oman (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, Saudi Arabia (X%) and Iran (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Saudi Arabia and Oman increased by X and X percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest hot-rolled wire stainless steel rod supplier in MENA, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total exports. It was followed by Iran, with a X% share.

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

Export Prices by Country

In 2023, the export price in MENA amounted to $X per ton, surging by X% against the previous year. In general, the export price, however, recorded a pronounced decline. The growth pace was the most rapid in 2014 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in the United Arab Emirates ($X per ton) and Oman ($X per ton), while Iran ($X per ton) and Saudi Arabia ($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 a decline in the export price figures.

Imports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Imports in MENA

In 2023, imports of hot-rolled wire rod in coil of stainless steel in MENA expanded sharply to X tons, growing by X% on 2022. Over the period under review, imports, however, recorded a perceptible slump. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2023, imports failed to regain momentum.

In value terms, hot-rolled wire stainless steel rod imports skyrocketed to $X in 2023. Overall, imports, however, showed a mild slump. The pace of growth was the most pronounced in 2020 with an increase of X%. The level of import peaked at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the major importing country with an import of about X tons, which resulted at X% of total imports. It was distantly followed by Turkey (X tons) and Kuwait (X tons), together generating a X% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Kuwait (X%) and Turkey (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of the United Arab Emirates, Turkey and Kuwait increased by X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported hot-rolled wire rod in coil of stainless steel in MENA, comprising X% of total imports. The second position in the ranking was held by Turkey ($X), with a X% share of total imports.

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

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, increasing by X% against the previous year. Import price indicated a temperate 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, hot-rolled wire stainless steel rod import price increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2023, the import prices remained at a lower figure.

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 Turkey ($X per ton), while Kuwait ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform