Oman: Steel Railway Material Market 2024

Steel Railway Material Market Size in Oman

The Omani steel railway material market was finally on the rise to reach $X in 2023, after three years of decline. Over the period under review, consumption, however, saw a pronounced downturn. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Steel Railway Material Exports

Exports from Oman

In 2023, steel railway material exports from Oman shrank to X tons, which is down by X% on the year before. Overall, exports faced a abrupt decline. The pace of growth appeared the most rapid in 2020 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

In value terms, steel railway material exports shrank rapidly to $X in 2023. Over the period under review, exports showed a deep contraction. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Qatar (X tons), Bahrain (X tons) and the United Arab Emirates (X tons) were the main destinations of steel railway material exports from Oman, together comprising X% of total exports. Yemen, Saudi Arabia and Kuwait lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Yemen (with a CAGR of X%), while the other leaders experienced a decline.

In value terms, the largest markets for steel railway material exported from Oman were Bahrain ($X), the United Arab Emirates ($X) and Qatar ($X), together comprising X% of total exports. Saudi Arabia, Yemen and Kuwait lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Yemen, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2023, the average steel railway material export price amounted to $X per ton, dropping by X% against the previous year. In general, the export price continues to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2014; however, from 2015 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Railway Material Imports

Imports into Oman

In 2023, supplies from abroad of railway or tramway track construction material of iron or steel increased by X% to X tons for the first time since 2019, thus ending a three-year declining trend. Overall, imports, however, showed a deep downturn. The growth pace was the most rapid in 2014 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, steel railway material imports surged to $X in 2023. Over the period under review, imports, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at $X in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia (X tons), South Korea (X tons) and China (X tons) were the main suppliers of steel railway material imports to Oman, with a combined X% share of total imports. The United Arab Emirates, the United States, the UK, Belgium, Pakistan, Italy and Spain lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Pakistan (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and South Korea ($X) were the largest steel railway material suppliers to Oman, together comprising X% of total imports. China, the United States, Belgium, the UK, Italy, Spain and Pakistan lagged somewhat behind, together comprising a further X%.

Pakistan, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average steel railway material import price stood at $X per ton in 2023, waning by X% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, steel railway material import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of X%. The import price peaked at $X per ton in 2022, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform