Updated Nov 15, 2022 21:09

Market for Hot-Rolled Non-Alloy Steel Wire Rod in Kuwait

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
The Kuwaiti market for hot-rolled non-alloy steel wire rods soared to $ in , rising by % 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 strong growth. As a result, consumption attained the peak level of $. From to , the growth of the market remained at a somewhat lower figure.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
In , hot-rolled non-alloy steel wire rod consumption in Kuwait reached tons, approximately reflecting figures. In general, consumption posted a buoyant expansion. As a result, consumption attained the peak volume of tons. From to , the growth of the consumption remained at a lower figure.

The revenue of the market for hot-rolled non-alloy steel wire rods in Kuwait amounted to $ in , remaining relatively unchanged 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). Overall, consumption showed strong growth. As a result, consumption reached the peak level of $. From to , the growth of the market remained at a somewhat lower figure.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Driven by increasing demand for hot-rolled non-alloy steel wire rod in Kuwait, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

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


Market Structure
Please note: Annual data for 2022 are preliminary and subject to revision
Hot-rolled non-alloy steel wire rod market in Kuwait consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Please note: Annual data for 2022 are preliminary and subject to revision
Kuwait remains a net importer of hot-rolled non-alloy steel wire rod; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.