9,877.59 TRY BIST 100 BIST 100
36.17 USD USD USD
5.00 CNY CNY CNY
37.87 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
39.36 TRY Interest Interest
74.85 USD Fossil Oil Fossil Oil
32.23 USD Silver Silver
4.66 USD Copper Copper
106.26 USD Iron Ore Iron Ore
351.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,378.26 TRY Gold (gr) Gold (gr)

Oman surpasses expectations with surging steel exports and pioneering sustainability initiatives

In a surprising turn, Oman, despite lacking the internal capacity for corresponding slab production, has successfully expanded its export volume. This demonstrates the country's strategic positioning in the global steel trade, emphasizing its adaptability and ability to meet the rising global demand for steel products.

Oman surpasses expectations with surging steel exports and pioneering sustainability initiatives

Export Expansion Despite Production Constraints:

In a surprising turn, Oman, despite lacking the internal capacity for corresponding slab production, has successfully expanded its export volume. This demonstrates the country's strategic positioning in the global steel trade, emphasizing its adaptability and ability to meet the rising global demand for steel products. From January to October 2023, the country recorded a substantial increase, reaching 1.53 million tons, showcasing a remarkable uptrend from 2022's 1.33 million tons and 2021's 700 thousand tons. 

Key Importers and Market Share:

Oman's steel exports have found robust markets in key destinations, with China leading the charge in purchases totaling 609.1 thousand tons from January to October 2023. Indonesia closely follows with 410.4 thousand tons, and Thailand contributes significantly with 325.01 thousand tons. This underscores Oman's agility in capturing a diverse and competitive market share, solidifying its standing in the global steel export landscape.

Regional Dynamics:

In a broader regional context, the Middle East's steel industry dynamics are coming into focus. Oman's impressive export performance aligns with an overall regional upswing, exemplified by Iran's 3.5% year-on-year increase in steel production, reaching 3.1 million tons by the end of October 2023.

Vulcan Green Steel (VGS) Plant:

Oman's commitment to sustainable steel practices is further emphasized by the groundbreaking initiative—the Vulcan Green Steel (VGS) plant. This project marks Oman's pioneer entry into utilizing hydrogen as a raw material in direct reduced iron production.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Outokumpu cancels investments in the US and Finland due to poor market conditions

Monday, February 17, 2025

UK announces new strategies on the way for the steel industry

Monday, February 17, 2025

EMSTEEL takes groundbreaking steps towards net zero emissions by 2050

Monday, February 17, 2025

Kardemir and SMS group signed agreement for new casting plant

Monday, February 17, 2025

Dubai and Saudi Arabia exports hit by new US import tariffs

Monday, February 17, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now