Price for Iron and Non-Alloy Steel in Ingot in Saudi Arabia - 2022

Price for Iron and Non-Alloy Steel in Ingot in Saudi Arabia (CIF) - 2022

The average import price for iron and non-alloy steel in ingots stood at $566 per ton in 2022, dropping by -37.6% against the previous year. Over the period under review, the import price showed a mild curtailment. The most prominent rate of growth was recorded in 2021 an increase of 90%. As a result, import price reached the peak level of $907 per ton, and then declined dramatically in the following year.

As there is only one major supplying country, the average price level is determined by prices for Kuwait.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +44.2% per year.

Price for Iron and Non-Alloy Steel in Ingot in Saudi Arabia (FOB) - 2022

In 2022, the average export price for iron and non-alloy steel in ingots amounted to $418 per ton, falling by -10.1% against the previous year. In general, the export price recorded a deep reduction. The export price peaked at $465 per ton in 2021, and then reduced in the following year.

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 ($718 per ton), while the average price for exports to Kuwait amounted to $419 per ton.

From 2021 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (-9.9%).

Imports of Iron and Non-Alloy Steel in Ingot in Saudi Arabia

In 2022, purchases abroad of iron and non-alloy steel in ingots increased by 146% to 37K tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a dramatic shrinkage.

In value terms, imports of iron and non-alloy steel in ingots soared to $21M in 2022. Overall, imports, however, faced a deep setback.

Import of Iron and Non-Alloy Steel in Ingot in Saudi Arabia (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Kuwait	38.4	24.5	7.0	17.3	-23.3%
Others	1.7	4.0	6.8	3.8	30.8%
Total	40.0	28.5	13.8	21.1	-19.2%

Top Suppliers of Iron and Non-Alloy Steel in Ingot to Saudi Arabia in 2022:

Kuwait (36.4K tons)

Exports of Iron and Non-Alloy Steel in Ingot in Saudi Arabia

In 2022, overseas shipments of iron and non-alloy steel in ingots decreased by -3.6% to 859 tons for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +2.6% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 7.9%. As a result, the exports reached the peak of 891 tons, and then declined slightly in the following year.

In value terms, exports of iron and non-alloy steel in ingots shrank to $359K in 2022. Over the period under review, total exports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +11.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +38.4% against 2019 indices. The pace of growth was the most pronounced in 2021 when exports increased by 37% against the previous year. As a result, the exports attained the peak of $414K, and then contracted in the following year.