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Large-scale construction projects in Middle East to drive steel demand-The 20th China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition
12/4/2018 压铸展-铸造展- Die-casting expo-foundry expo |
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It was reported that the UAE will host Expo 2020 Dubai, and the 2022 Football World Cup will be held in Qatar. Besides, Syria and Iraq''s reconstruction needed after military conflict, mentioned issues will boost growth of steel demand in Middle East for next five years.
The analysis showed that steel demand reached 54.5 million tons in 2018, increasing by 1.2 million tons year-on-year. In 2019, steel demand was expected to reach around 55 million tons. Saudi Arabia was the second largest steel consumer in Middle East, with a current annual consumption at about 6.5 million tons, while local steel mills'' capacity was 13 million tons.
Iran increased the export volume of steel plate and rebar to the UAE, Iraq and Afghanistan, growing by 2.5 times at 1.6 million tons from March to October. However, the export volume of semi-finished steel declined, of which 1.3 million tons of slab, decreasing by 24% year-on-year, and billet was steady at 1.8 million tons. During this period, consumption of finished steel in Iran amounted to around 11.3 million tons, dropping by 4% year-on-year.
As per industry analysts, the steel exports of China and Turkey were affected by the US'' 232 import tariffs, which in turn will compete in Middle East. It might lead to oversupply in this market, also the biggest challenge against Middle East steel mills in next five years.
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