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

Mar 01, 2025

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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 see gradual growth in volume and value from 2024 to 2035, with a CAGR of +0.2% and +1.6% respectively. By 2035, the market volume is anticipated to reach 37M tons, and the market value is expected to hit $58.9B.

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, the amount of hot-rolled steel bars and rods consumed in the Middle East expanded slightly to 36M tons, increasing by 1.6% on the previous year's figure. 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 only minor fluctuations being observed throughout the analyzed period. The volume of consumption peaked in 2024 and is expected to retain growth in the near future.

The value of the market for hot-rolled steel bars and rods in the Middle East declined sharply to $49.5B in 2024, falling 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). In general, consumption continues to indicate a buoyant increase. 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), together accounting for 78% of total consumption.

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 +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 taken by Iran ($6.3B). It was followed by Saudi Arabia.

From 2013 to 2024, the average annual growth rate of value in Turkey totaled +16.1%. In the other countries, the average annual rates were as follows: 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 biggest increases were recorded for 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 modestly to 39M tons, increasing by 1.6% on 2023. The total output volume increased at an average annual rate of +2.2% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by 8.6% against the previous year. Over the period under review, production reached the peak volume at 39M tons in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod production dropped dramatically to $50.9B in 2024 estimated in export price. Overall, production recorded a strong increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 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), with a combined 83% share of total production. The United Arab Emirates, Qatar and Oman lagged somewhat behind, together comprising a further 16%.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Oman (with a CAGR of +572.8%), while production for the other leaders experienced more modest paces of growth.

After two years of decline, overseas purchases of hot-rolled steel bars and rods increased by 5.8% to 5.6M tons in 2024. Over the period under review, imports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 10% against the previous year. Over the period under review, imports hit record highs 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 fell modestly to $4.1B in 2024. In general, imports, however, recorded a noticeable setback. The pace of growth was the most pronounced in 2021 when imports increased by 56% against the previous year. Over the period under review, imports attained the maximum at $6.6B in 2013; however, from 2014 to 2024, imports stood at a somewhat lower figure.

In 2024, Israel (1,313K tons), Iraq (1,006K tons), Turkey (853K tons) and Yemen (748K tons) was the major importer of hot-rolled steel bars and rods in the Middle East, making up 71% of total import. The United Arab Emirates (455K tons) held the next position in the ranking, followed by Lebanon (270K tons). All these countries together took near 13% share of total imports. Saudi Arabia (195K tons) followed a long way behind the leaders.

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, Israel ($1B), Turkey ($677M) and Iraq ($612M) appeared to be the countries with the highest levels of imports in 2024, together accounting for 56% 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 rates of growth with regard to the value of imports, among 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 key type of hot-rolled steel bars and rods, achieving 59% of total imports. Iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (1.7M tons) ranks second in terms of the total imports with a 31% share, followed by hot-rolled bars in bearing steels (6.4%). 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 biggest increases were recorded for steel, stainless (with a CAGR of -1.8%), while purchases for the other products experienced a decline in the imports figures.

In value terms, the largest types of imported hot-rolled steel bars and rods were 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), with a combined 93% share 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 accounting for a further 7.1%.

Among the main imported products, hot-rolled wire rod in coil of stainless steel, with a CAGR of +2.2%, saw the highest growth rate of the value of imports, 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, with a decrease of -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 pace of growth was the most pronounced in 2021 an increase of 41%. The level of import peaked at $858 per ton in 2022; however, from 2023 to 2024, import prices remained at a 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, shrinking by -6% against the previous year. Import price indicated a modest expansion from 2013 to 2024: its price increased at an average annual rate of +1.2% over the last eleven years. 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 pace of growth appeared the most rapid in 2021 an increase of 41% against the previous year. Over the period under review, import prices hit record highs at $858 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

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, shipments abroad of hot-rolled steel bars and rods was finally on the rise to reach 8.2M tons for the first time since 2021, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2018 when exports increased by 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 expanded slightly to $5.4B in 2024. In general, exports, however, showed a perceptible curtailment. The pace of growth was the most pronounced in 2021 with an increase of 72%. As a result, the exports attained the peak of $8B. From 2022 to 2024, the growth of the exports remained at a somewhat lower figure.

Turkey was the largest exporter of hot-rolled steel bars and rods in the Middle East, with the volume of exports resulting at 4.5M tons, which was approx. 55% of total exports in 2024. The United Arab Emirates (1,121K tons) held 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 approx. 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. 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.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by -27.4% from 2013 to 2024, respectively.

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.

In Turkey, hot-rolled steel bar and rod exports plunged by an average annual rate of -5.9% over the period from 2013-2024. In the other countries, the average annual rates were as follows: the United Arab Emirates (+1.3% per year) and Oman (+66.8% per year).

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 (6.6M tons) was the largest type of hot-rolled steel bars and rods, comprising 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), committing 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. While the share of iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (+5.5 p.p.) and hot-rolled bars in bearing steels (+2.5 p.p.) increased significantly in terms of the total exports from 2013-2024, the share 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 (-8.7 p.p.) displayed negative dynamics.

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, almost unchanged from the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 45% against the previous year. The level of export peaked at $788 per ton in 2022; however, from 2023 to 2024, the export prices remained at a 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, stabilizing at the previous year. Over the period under review, 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% against the previous year. 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 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.

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