In recent years, affected by the international financial crisis, the global steel market has been filled with price fluctuations. According to data from the London Metal Exchange, global steel prices have continued to fall since the fourth quarter of 2011. By February 2012, billet prices had fallen from $700 per ton in August last year to less than $500, a drop of more than 30%, well below the $1,000 per ton peak in 2008. Merrill Lynch’s report released in December last year showed that steel prices will continue to decline this year. The report predicts that in 2012, the price of hot rolled steel coils will drop from $749 per ton last year to $709. However, from the perspective of the Gulf market, by the second half of 2011, although the steel prices in the region also fluctuated, the overall price remained relatively stable. According to Merrill Lynch, steel demand will rebound in 2012, and global production will increase by 4.4% compared with the same period last year, reaching a record high of 1.56 billion tons. Asia, Australia, the Middle East and southern Africa will all be the main markets driving demand for steel. To this end, BHP Billiton and Rio Tinto have announced new large-scale projects to meet demand growth, indicating that the industry is confident in the mid- to long-term market. Some analysts pointed out that the steel market in the Gulf region is still strong, the lucrative income from high oil prices, the continuous introduction of government infrastructure projects, the booming contract engineering market and the preparations for the 2022 World Cup in Qatar will promote regional steel demand. Growth and increase price levels in the medium to long term. Although the Gulf countries have limited mineral resources, the Gulf countries are located in the main steel market between Asia and Oceania, South America, Africa and other iron ore producing areas. They have unique geographical advantages, and they have sufficient energy, convenient port transportation, finance, Rich technology and labor resources make it an ideal place for steel processing and transshipment. In order to make full use of this advantage and achieve economic diversification, Saudi Arabia, the United Arab Emirates and other countries have already targeted the steel downstream industry and hope to develop into the main force of the industry in the next few years. Many local steel producers also have good expectations for demand growth, especially the emerging market countries in the Middle East and Asia as the development focus, and actively develop the steel processing industry. At present, the steel project market in the Gulf region is still in a recovery period. Relevant statistics show that the total investment in steel projects in the region is about 58.2 billion US dollars, of which 41% is currently in the implementation stage, 35% of the projects are still in the research or design stage, 24% of the projects are in suspension or have been cancelled. . According to industry insiders, the progress of project implementation depends largely on the contract issuance and the budget of governments. Judging from the current situation, most of the projects are working well, and the overall development of steel projects in the Gulf region is on the rise. From the development of the steel industry in the Gulf region, it is not difficult to see that many countries in the region have focused on the development of the steel industry in the downstream steel processing and production. In Saudi Arabia, the government issued a contract for the construction of a 500,000-tonne steel bar processing plant in Jizan at the end of 2011. Subsequently, in February 2012, Saudi Arabia issued a bidding document for the construction of a large steel plant with a total investment of 3 billion U.S. dollars in the King’s Economic City of Jeddah Abdullah. In Qatar, Siemens VAI, the largest steel company in Austria, received a construction contract for a steel plant with an annual output of 1.1 million tons in March 2011. At the same time, Qatar Steel has also finalized the list of final contractors for its expansion project at the Meseiide Steelworks. The UAE Steel Company is currently looking for contractors for the third phase of the Moussafa Steel Plant Expansion Project to build a flat steel processing plant with an annual capacity of 1.4 million tons. The second phase of the expansion project of Moussafa Steel Plant has invested 650 million US dollars. The project has been completed at the end of 2011, and the planned investment in the third phase totals 800 million US dollars. In addition, a new steel plant will be completed in Bahrain in September this year. If the progress is smooth, the development and construction of the above projects will coincide with the global demand for steel and the growth of steel demand in the Gulf region. Industry experts expect that Gulf countries are likely to accelerate their investment in the steel downstream industry as they become more confident about the economic recovery in their home countries and other steel markets around the world.
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