As a major economy in the Middle East, Saudi Arabia’s substantial investments in infrastructure development and housing projects in recent years have driven the continuous growth in steel demand.

In December 2024, China exported 9.727 million tons of steel, a month-on-month increase of 4.8%, bringing the total steel exports for the year to 110.716 million tons, a year-on-year growth of 22.7%. Among this, from January to November 2024, China exported 4.26 million tons of steel to Saudi Arabia, a 42% increase compared to 3 million tons during the same period in 2023, highlighting the strong demand in the Saudi market.

In recent years, Saudi Arabia’s economy has become more diversified, with rapid development in non-oil industries, particularly in construction, financial services and tourism. Saudi Arabia’s GDP in 2024 is estimated to be around $1.1 trillion. This economic diversification is expected to further drive the demand for steel.