Updated Jan 12, 2023 00:31

Market for Hot-Rolled Wire Stainless Steel Rod in Kuwait

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
After two years of decline, the Kuwaiti market for hot-rolled wire rod in coil of stainless steel increased by % to $ in . Overall, consumption saw strong growth. Hot-rolled wire stainless steel rod consumption peaked at $ in 2016; however, from 2017 to , consumption stood at a somewhat lower figure.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
Hot-rolled wire stainless steel rod consumption in Kuwait rose remarkably to tons in , surging by % compared with . Overall, consumption posted a buoyant increase. Over the period under review, consumption attained the peak volume at tons in ; however, from to , consumption failed to regain momentum.

The value of the market for hot-rolled wire rod in coil of stainless steel in Kuwait rose rapidly to $ in , with an increase of % 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 saw a strong increase. Hot-rolled wire stainless steel rod consumption peaked at $ in 2016; however, from 2017 to , consumption failed to regain momentum.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
Driven by increasing demand for hot-rolled wire stainless steel rod in Kuwait, the market is expected to continue an upward consumption trend over the next eight-year period. 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 wire stainless steel 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 wire stainless steel 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.