Metal & Materials
Over the last two decades, countries in the Middle East region have strategically enhanced their metals, raw materials, and minerals trade sectors, focusing on self-sufficiency and exports. In more recent years, these policies have grown to produce better results than ever before, generating a lot of revenue for the MENA (Middle East and North Africa) nations, which could very well be the compound effect of continued policy and regulatory changes that are making it easier for businesses in the region to produce metals and materials related products and export them to other nations.
Since 2010, steel has been a particular area of focus for the Middle Eastern nations. Through supporting policies, decreased taxes, and infrastructure development, steel product and exports in the region have become robust and a valuable source of revenue. Players in this market are successfully producing and exporting various long and flat steel products of good quality. These products include, but are not limited to, ferrous scrap, billets, iron ore, CR coil, HR coil, DRI/HBI, slabs, wire rods, rebars, and sections.
Similarly, the region has seen immense development in its raw materials and minerals exporting capabilities, enhancing trade relationships with China, USA, India, Turkey, and many other nations of the world.
These nations previously focused on policy and export restrictions to meet their short- and long-term production and trade objectives for metals, mineral, and raw materials. However, they have more recently turned to other more effective means to derive results instead of enduring the detrimental side effects of export restrictions.
These nations’ focus on diversity of production and exports is a lesson for others. Instead of relying solely on oil, which they have done for decades, realising the potential in their metal and material capabilities is the way for future growth in the region.
A brief look into Middle East’s boost in Metal & Materials Trade