Updated Oct 7, 2022 10:11

Hot-Rolled Free-Cutting Steel Market in Kuwait

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
In , after three years of decline, there was significant growth in the Kuwaiti hot-rolled free-cutting steel market, when its value increased by % to $. Over the period under review, consumption, however, saw a significant decline. Over the period under review, the market reached the peak level at $ in 2008; however, from 2009 to , consumption remained at a lower figure.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
In , the amount of hot-rolled bars in free-cutting steels consumed in Kuwait fell to tons, with a decrease of -% on . In general, consumption showed a significant curtailment. Hot-rolled free-cutting steel consumption peaked at tons in 2007; however, from 2008 to , consumption stood at a somewhat lower figure.

The value of the hot-rolled free-cutting steel market in Kuwait contracted to $ in , shrinking 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). Over the period under review, consumption continues to indicate a sharp downturn. Over the period under review, the market attained the peak level at $ in 2008; however, from 2009 to , consumption failed to regain momentum.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Depressed by shrinking demand for hot-rolled free-cutting steel in Kuwait, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract 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 free-cutting steel 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 free-cutting steel; 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.