Report Update: Apr 1, 2024

Philippines - Flat-Rolled Products Of Iron Or Steel (Not Further Worked Than Hot-Rolled) - Market Analysis, Forecast, Size, Trends and Insights

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Hot-Rolled Steel Products Price in the Philippines - 2023

Hot-Rolled Steel Products Price in the Philippines (CIF) - 2022

The average hot-rolled steel products import price stood at $846 per ton in 2022, surging by 8.9% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 37% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($1,217 per ton), while the price for China ($729 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Hot-Rolled Steel Products Price in the Philippines (FOB) - 2022

In 2022, the average hot-rolled steel products export price amounted to $4,144 per ton, with a decrease of -12.7% against the previous year. Overall, the export price, however, continues to indicate a buoyant increase. The growth pace was the most rapid in 2018 an increase of 103% against the previous year. The export price peaked at $5,195 per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($30,714 per ton), while the average price for exports to Papua New Guinea ($497 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+38.2%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports in the Philippines

In 2022, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) imported into the Philippines reached 699K tons, growing by 2.4% compared with 2021. Over the period under review, imports, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2021 when imports increased by 12%.

In value terms, hot-rolled steel products imports expanded notably to $591M in 2022. Overall, total imports indicated a tangible expansion from 2019 to 2022: its value increased at an average annual rate of +4.2% 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 +70.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 53% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Import of Hot-Rolled Steel Products in the Philippines (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	300	157	262	283	-1.9%
Japan	104	105	130	127	6.9%
Taiwan (Chinese)	81.9	43.6	61.4	99.5	6.7%
South Korea	21.2	28.5	58.2	44.7	28.2%
Vietnam	3.2	4.1	8.1	29.2	109.0%
Others	13.1	8.0	10.5	7.7	-16.2%
Total	523	346	530	591	4.2%

Top Suppliers of Hot-Rolled Steel Products to the Philippines in 2022:

China (388.3K tons)
Taiwan (Chinese) (120.6K tons)
Japan (104.6K tons)
South Korea (43.9K tons)
Vietnam (35.3K tons)

Hot-Rolled Steel Products Exports in the Philippines

In 2022, shipments abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by -40.5% to 54 tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a dramatic setback. The most prominent rate of growth was recorded in 2020 with an increase of 86% against the previous year. As a result, the exports reached the peak of 308 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, hot-rolled steel products exports declined markedly to $226K in 2022. In general, exports saw a sharp setback. The growth pace was the most rapid in 2020 when exports increased by 129% against the previous year. As a result, the exports reached the peak of $1.6M. From 2021 to 2022, the growth of the exports remained at a lower figure.

Export of Hot-Rolled Steel Products in the Philippines (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Mexico	164	165	178	98.0	-15.8%
Japan	135	695	43.1	69.0	-20.0%
Taiwan (Chinese)	17.5	0.6	37.6	16.3	-2.3%
Singapore	93.4	N/A	N/A	14.6	-46.1%
Hong Kong SAR	32.2	617	47.2	9.2	-34.1%
China	71.8	26.1	8.5	6.8	-54.4%
Micronesia	N/A	N/A	0.9	1.7	88.9%
Papua New Guinea	N/A	10.4	1.0	0.5	-78.1%
Cambodia	N/A	69.9	45.6	N/A	-34.8%
Thailand	157	12.3	27.4	N/A	-58.2%
Others	27.1	1.8	45.6	9.5	-29.5%
Total	698	1,598	434	226	-31.3%

Top Export Markets for Hot-Rolled Steel Products from the Philippines in 2022:

Singapore (24.7 tons)
Mexico (9.5 tons)
Japan (6.8 tons)
Taiwan (Chinese) (5.7 tons)
Hong Kong SAR (2.8 tons)
Micronesia (2.7 tons)
Papua New Guinea (0.9 tons)
China (0.4 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the hot-rolled steel products market in the Philippines. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24103110 - Flat-rolled products of iron or non-alloy steel, of a width . .600 mm, simply hot-rolled, not clad, plated or coated, in coils
Prodcom 24103130 - Flat-rolled products of iron or non-alloy steel, of a width . .600 mm, not in coils, simply hot-rolled, not clad, plated or coated, w ith patterns in relief directly due to the rolling process and products of a thickness < 4,75 mm, without patterns in relief
Prodcom 24103150 - Flat-rolled products, of iron or non-alloy steel, of a width . .600 mm (excluding
Prodcom 24103210 - Flat-rolled products of iron or non-alloy steel, simply hot-rolled on four faces or in a closed box pass, not clad, plated or coated, of a width of > .150 mm but < .600 mm and a thickness of . 4 mm, not in coils, without patterns in relief, commonly
Prodcom 24103230 - Flat-rolled products of iron or non-alloy steel, of a width < .600 mm, simply hot-rolled, not clad, plated or coated (excluding
Prodcom 24103330 - Plates and sheets produced by cutting from hot-rolled wide strip of a width of .600 mm or more, of stainless steel
Prodcom 24103340 - Plates and sheets produced on a reversing mill (quarto) of a width of .600 mm or more and wide flats, of stainless steel
Prodcom 241033Z0 - Hot-rolled flat products in coil of a width . .600 mm, of stainless steel
Prodcom 241034Z0 - Hot-rolled flat products in coil of a width < .600 mm, of stainless steel
Prodcom 24103510 - Flat-rolled products, of tool steel or alloy steel other than stainless steel, of a width . .600 mm, not further worked than hot-rolled, in coils (excluding products of high-speed or siliconelectrical steel)
Prodcom 24103520 - Flat-rolled products of high-speed steel, of a width . .600 mm, h ot-rolled or cold-rolled
Prodcom 24103530 - Flat-rolled products, of tool steel or alloy steel other than stainless steel, of a width . .600 mm, not further worked than hot-rolled, not in coils (excluding organic coated products, p roducts of a thickness < 4,75 mm and products of high-
Prodcom 24103540 - Flat-rolled products of alloy steel other than stainless, of a width . .600 mm, not further worked than hot-rolled, not in coils, of a thickness of < 4,75 mm (excluding products of tool steel, high-speed steel or silicon-electrical steel)
Prodcom 24103600 - Flat-rolled products of alloy steel other than stainless, of a width of < .600 mm, not further worked than hot-rolled (excluding products of high-speed steel or silicon-electrical steel)

Country coverage:

Philippines

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the Philippines
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023