Stainless Steel Wire Price in the Philippines - 2023

Stainless Steel Wire Price in the Philippines (CIF) - 2022

In 2022, the average stainless steel wire import price amounted to $8,202 per ton, rising by 40% against the previous year. Overall, the import price showed buoyant growth. The pace of growth appeared the most rapid in 2021 when the average import price increased by 62%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($27,108 per ton), while the price for India ($5,398 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+20.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Stainless Steel Wire Price in the Philippines (FOB) - 2022

The average stainless steel wire export price stood at $44 per ton in 2022, picking up by 65% against the previous year. Overall, the export price, however, saw a precipitous decrease. The most prominent rate of growth was recorded in 2017 an increase of 1,678% against the previous year. As a result, the export price attained the peak level of $33,355 per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Japan.

From 2012 to 2022, the rate of growth in terms of prices for Japan amounted to -35.1% per year.

Stainless Steel Wire Imports in the Philippines

For the third consecutive year, the Philippines recorded decline in overseas purchases of stainless steel wire, which decreased by -18.5% to 2.2K tons in 2022. Overall, imports showed a abrupt curtailment. The smallest decline of -16% was in 2021.

In value terms, stainless steel wire imports reached $18M in 2022. In general, total imports indicated a noticeable increase from 2019 to 2022: its value increased at an average annual rate of +3.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.4% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 36% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in years to come.

Import of Stainless Steel Wire in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
India	1.8	2.3	3.4	4.4	34.7%
Thailand	1.7	0.7	1.4	3.7	29.6%
China	4.9	3.2	3.5	2.9	-16.0%
Japan	2.3	2.4	3.3	2.8	6.8%
Singapore	0.8	0.7	1.2	1.2	14.5%
Vietnam	0.6	0.9	1.0	1.2	26.0%
Hong Kong SAR	0.4	N/A	0.4	0.7	20.5%
South Korea	0.6	0.4	0.7	0.6	0.0%
Taiwan (Chinese)	1.9	0.8	0.6	0.5	-35.9%
Others	1.3	0.3	0.3	0.2	-46.4%
Total	16.4	11.7	15.9	18.2	3.5%

Top Suppliers of Stainless Steel Wire to the Philippines in 2022:

India (812.5 tons)
Japan (387.3 tons)
China (350.3 tons)
Vietnam (207.9 tons)
Thailand (137.1 tons)
Singapore (111.3 tons)
Hong Kong SAR (82.0 tons)
Taiwan (Chinese) (64.9 tons)
South Korea (52.5 tons)

Stainless Steel Wire Exports in the Philippines

In 2022, the amount of stainless steel wire exported from the Philippines fell remarkably to 399K tons, with a decrease of -31.6% on the previous year. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 300,659,777%. As a result, the exports attained the peak of 583K tons, and then shrank markedly in the following year.

In value terms, stainless steel wire exports rose notably to $18M in 2022. Over the period under review, exports, however, showed a significant increase. The growth pace was the most rapid in 2021 with an increase of 1,322,358%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.