Middle East countries register dynamic trade shifts
The Middle Eastern steel industry posted various multi-year records in 2017 in a dynamic year for the region. Saudi Arabia hiked long product exports, Iran grew iron ore production, and net scrap exporter UAE increased scrap imports.
Saudi Arabian longs exports surged 242% on-year in 2017 to 376,000 tonnes, according to newly-published worldsteel data. The kingdom removed in July 2017 a long-standing ban on billet and longs exports, giving mills the chance to offset sluggish domestic demand with shipments abroad.
Saudi exports of flats and tubular products, however, slumped -36% and -13% respectively from all-time highs in 2016 to 418,000t and 312,000t, worldsteel says in its Steel Statistical Yearbook 2018 monitored by Kallanish.
Iranian iron ore production grew 27% in 2017 to 55.09 million tonnes, an all-time high as the country commissioned and ramped up new direct reduced iron and steelmaking capacities. This was supported by a 22% rise in iron ore exports to 21.78mt as Iran took advantage of the removal of economic sanctions. Bahraini iron ore exports, meanwhile, surged to 6.73mt versus only 628,000t a year earlier, as pellet producer Bahrain Steel continued to ramp up output following earlier disruptions.
Qatari imports of iron ore surged 90% on-year in 2017 to 3.1mt, their highest since 2011, although crude steel output grew only 5% to 2.64mt. United Arab Emirates iron ore imports surged 71% to 3.9mt, an annual record, with crude steel output also growing by only 5% to 3.31mt. Bahrain iron ore imports rose 16% to 5.64mt and Saudi iron ore imports grew 1% to 6.69mt, their highest since 2011.
UAE scrap imports surged 140% to a record 125,000t in 2017, while scrap exports slipped -13% to 786,000t, their lowest level since 2009. Bahrain scrap exports surged 145% to a record 162,000t. Lebanese scrap exports surged 54% to 383,000t, their highest level since 2013.
UAE indirect exports of steel fell -9% in 2017 to 2.86mt, their lowest since 2011, while Saudi exports dropped -3% to 701,000t, their lowest since 2012. Indirect exports represent the amount of steel exported through trade in steel containing goods and are expressed in finished steel equivalent of products used.
Truly global, user-friendly coverage of the steel and related markets and industry that delivers the essential information quickly while delivering on most occasions just the right amount of between-the-lines comment and interpretation for a near real time news service of this kind.
Anonymous
Very good overview of the weekly steel market.
Anonymous