Middle East's Hot-Rolled Steel Bars and Rods Market to See Slow Growth with 0.2% CAGR by 2035 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

IndexBox has just published a new report: Middle East - Hot-Rolled Steel Bars and Rods - Market Analysis, Forecast, Size, Trends and Insights.

The Middle East hot-rolled steel bars and rods market is projected to experience steady growth in both volume and value from 2024 to 2035. With a forecasted CAGR of +0.2% in volume and +1.6% in value, the market is expected to reach 37M tons and $58.9B by the end of 2035, driven by increasing demand in the region.

Driven by increasing demand for hot-rolled steel bars and rods in the Middle East, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.2% for the period from 2024 to 2035, which is projected to bring the market volume to 37M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market value to $58.9B (in nominal wholesale prices) by the end of 2035.

In 2024, approx. 36M tons of hot-rolled steel bars and rods were consumed in the Middle East; picking up by 1.6% against 2023. The total consumption volume increased at an average annual rate of +1.9% over the period from 2013 to 2024; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, consumption reached the maximum volume in 2024 and is expected to retain growth in years to come.

The revenue of the market for hot-rolled steel bars and rods in the Middle East dropped notably to $49.5B in 2024, declining by -32.6% 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). Over the period under review, consumption continues to indicate resilient growth. The level of consumption peaked at $119.8B in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.

The countries with the highest volumes of consumption in 2024 were Turkey (15M tons), Iran (9.3M tons) and Saudi Arabia (3.6M tons), with a combined 78% share of total consumption.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Iran (with a CAGR of +3.8%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($34.8B) led the market, alone. The second position in the ranking was held by Iran ($6.3B). It was followed by Saudi Arabia.

In Turkey, the hot-rolled steel bar and rod market increased at an average annual rate of +16.1% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: Iran (+3.1% per year) and Saudi Arabia (+2.1% per year).

The countries with the highest levels of hot-rolled steel bar and rod per capita consumption in 2024 were Qatar (336 kg per person), the United Arab Emirates (231 kg per person) and Turkey (175 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Iran (with a CAGR of +2.5%), while consumption for the other leaders experienced more modest paces of growth.

In 2024, production of hot-rolled steel bars and rods in the Middle East expanded to 39M tons, increasing by 1.6% on 2023 figures. The total output volume increased at an average annual rate of +2.2% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the production volume increased by 8.6%. Over the period under review, production reached the peak volume at 39M tons in 2022; however, from 2023 to 2024, production remained at a lower figure.

In value terms, hot-rolled steel bar and rod production fell remarkably to $50.9B in 2024 estimated in export price. Over the period under review, production recorded a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 240% against the previous year. The level of production peaked at $122B in 2021; however, from 2022 to 2024, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2024 were Turkey (19M tons), Iran (9.7M tons) and Saudi Arabia (3.7M tons), together comprising 83% of total production. The United Arab Emirates, Qatar and Oman lagged somewhat behind, together accounting for a further 16%.

From 2013 to 2024, the biggest increases were recorded for Oman (with a CAGR of +572.8%), while production for the other leaders experienced more modest paces of growth.

In 2024, overseas purchases of hot-rolled steel bars and rods were finally on the rise to reach 5.6M tons after two years of decline. In general, imports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of 10%. The volume of import peaked at 10M tons in 2013; however, from 2014 to 2024, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports shrank slightly to $4.1B in 2024. Overall, imports, however, continue to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 56%. Over the period under review, imports reached the maximum at $6.6B in 2013; however, from 2014 to 2024, imports failed to regain momentum.

Israel (1,313K tons), Iraq (1,006K tons), Turkey (853K tons) and Yemen (748K tons) represented roughly 71% of total imports in 2024. It was distantly followed by the United Arab Emirates (455K tons) and Lebanon (270K tons), together achieving a 13% share of total imports. Saudi Arabia (195K tons) took a relatively small share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Yemen (with a CAGR of +8.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in the Middle East were Israel ($1B), Turkey ($677M) and Iraq ($612M), with a combined 56% share of total imports. Yemen, the United Arab Emirates, Lebanon and Saudi Arabia lagged somewhat behind, together comprising a further 29%.

Yemen, with a CAGR of +9.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

In 2024, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (3.3M tons) was the major type of hot-rolled steel bars and rods, generating 59% of total imports. It was distantly followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (1.7M tons) and hot-rolled bars in bearing steels (0.4M tons), together mixing up a 37% share of total imports. Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (219K tons) followed a long way behind the leaders.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading imported products, was attained by steel, stainless (with a CAGR of -1.8%), while imports for the other products experienced a decline in the imports figures.

In value terms, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($2.1B), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($1.2B) and hot-rolled bars in bearing steels ($438M) were the products with the highest levels of imports in 2024, together comprising 93% of total imports. Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils, hot-rolled round bars of stainless steel, hot-rolled wire rod in coil of stainless steel and steel, stainless lagged somewhat behind, together comprising a further 7.1%.

Hot-rolled wire rod in coil of stainless steel, with a CAGR of +2.2%, saw the highest rates of growth with regard to the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

In 2024, the import price in the Middle East amounted to $745 per ton, reducing by -6% against the previous year. Import price indicated modest growth from 2013 to 2024: its price increased at an average annual rate of +1.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled steel bar and rod import price decreased by -13.2% against 2022 indices. The growth pace was the most rapid in 2021 when the import price increased by 41% against the previous year. The level of import peaked at $858 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was hot-rolled round bars of stainless steel ($3,666 per ton), while the price for iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($652 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by hot-rolled wire stainless steel rod (+7.3%), while the other products experienced more modest paces of growth.

The import price in the Middle East stood at $745 per ton in 2024, declining by -6% against the previous year. Import price indicated slight growth from 2013 to 2024: its price increased at an average annual rate of +1.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled steel bar and rod import price decreased by -13.2% against 2022 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 41% against the previous year. The level of import peaked at $858 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in the United Arab Emirates ($901 per ton) and Turkey ($794 per ton), while Iraq ($609 per ton) and Yemen ($640 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.5%), while the other leaders experienced more modest paces of growth.

In 2024, after two years of decline, there was growth in overseas shipments of hot-rolled steel bars and rods, when their volume increased by 4.3% to 8.2M tons. Overall, exports, however, continue to indicate a pronounced descent. The pace of growth was the most pronounced in 2018 with an increase of 23% against the previous year. The volume of export peaked at 12M tons in 2021; however, from 2022 to 2024, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports amounted to $5.4B in 2024. In general, exports, however, recorded a perceptible decline. The pace of growth appeared the most rapid in 2021 with an increase of 72%. As a result, the exports reached the peak of $8B. From 2022 to 2024, the growth of the exports remained at a somewhat lower figure.

Turkey was the major exporter of hot-rolled steel bars and rods in the Middle East, with the volume of exports reaching 4.5M tons, which was approx. 55% of total exports in 2024. The United Arab Emirates (1,121K tons) took the second position in the ranking, followed by Oman (875K tons), Qatar (857K tons), Iran (414K tons) and Saudi Arabia (382K tons). All these countries together held near 44% share of total exports.

Exports from Turkey decreased at an average annual rate of -6.4% from 2013 to 2024. At the same time, Oman (+73.9%), Saudi Arabia (+45.5%) and Iran (+19.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +73.9% from 2013-2024. The United Arab Emirates and Qatar experienced a relatively flat trend pattern. While the share of Oman (+11 p.p.), Saudi Arabia (+4.6 p.p.), Iran (+4.5 p.p.), the United Arab Emirates (+4.2 p.p.) and Qatar (+2.9 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of Turkey (-27.4 p.p.) displayed negative dynamics.

In value terms, Turkey ($2.8B) remains the largest hot-rolled steel bar and rod supplier in the Middle East, comprising 52% of total exports. The second position in the ranking was taken by the United Arab Emirates ($968M), with an 18% share of total exports. It was followed by Oman, with an 11% share.

From 2013 to 2024, the average annual growth rate of value in Turkey stood at -5.9%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (+1.3% per year) and Oman (+66.8% per year).

Iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling was the major exported product with an export of around 6.6M tons, which amounted to 76% of total exports. It was distantly followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (1.7M tons), achieving a 19% share of total exports. Hot-rolled bars in bearing steels (345K tons) followed a long way behind the leaders.

From 2013 to 2024, average annual rates of growth with regard to iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling exports of stood at -3.3%. At the same time, hot-rolled bars in bearing steels (+7.0%) displayed positive paces of growth. Moreover, hot-rolled bars in bearing steels emerged as the fastest-growing type exported in the Middle East, with a CAGR of +7.0% from 2013-2024. Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils experienced a relatively flat trend pattern. From 2013 to 2024, the share of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils and hot-rolled bars in bearing steels increased by +5.5 and +2.5 percentage points, respectively.

In value terms, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($4B) remains the largest type of hot-rolled steel bars and rods supplied in the Middle East, comprising 73% of total exports. The second position in the ranking was held by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($1.1B), with a 20% share of total exports. It was followed by hot-rolled bars in bearing steels, with a 4.8% share.

For iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling, exports declined by an average annual rate of -3.5% over the period from 2013-2024. For the other products, the average annual rates were as follows: iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (+0.7% per year) and hot-rolled bars in bearing steels (+6.3% per year).

In 2024, the export price in the Middle East amounted to $654 per ton, leveling off at the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 45%. The level of export peaked at $788 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was hot-rolled round bars of stainless steel ($4,535 per ton), while the average price for exports of iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($600 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by hot-rolled round stainless steel (+14.7%), while the other products experienced more modest paces of growth.

The export price in the Middle East stood at $654 per ton in 2024, approximately mirroring the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 45%. Over the period under review, the export prices reached the peak figure at $788 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($863 per ton), while Qatar ($482 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.9%), while the other leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in the Middle East. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles