Price for Ferrous Waste and Scrap; of Stainless Steel in Singapore - 2023

Price for Ferrous Waste and Scrap; of Stainless Steel in Singapore (FOB) - 2022

In 2022, the average export price for ferrous waste and scrap; of stainless steels amounted to $2,921 per ton, surging by 29% against the previous year. In general, the export price saw prominent growth. The pace of growth appeared the most rapid in 2021 when the average export price increased by 69%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($7,255 per ton), while the average price for exports to Indonesia ($711 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 Malaysia (+24.2%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Ferrous Waste and Scrap; of Stainless Steel in Singapore (CIF) - 2022

In 2022, the average import price for ferrous waste and scrap; of stainless steels amounted to $2,234 per ton, approximately mirroring the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for ferrous waste and scrap; of stainless steels increased by +45.1% against 2018 indices. The pace of growth was the most pronounced in 2021 an increase of 52%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Bangladesh ($7,382 per ton), while the price for the Philippines ($914 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Timor-Leste (+21.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Ferrous Waste and Scrap; of Stainless Steel in Singapore

In 2022, exports of ferrous waste and scrap; of stainless steels from Singapore reduced to 40K tons, waning by -12.3% against 2021. The total export volume increased at an average annual rate of +1.2% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 with an increase of 27% against the previous year. As a result, the exports attained the peak of 45K tons, and then fell in the following year.

In value terms, exports of ferrous waste and scrap; of stainless steels rose rapidly to $116M in 2022. Overall, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 114%. Over the period under review, the exports of reached the peak figure in 2022 and are expected to retain growth in the near future.

Export of Ferrous Waste and Scrap; of Stainless Steel in Singapore (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
India	39.8	37.4	66.7	60.0	14.7%
South Korea	0.9	1.6	5.2	16.5	163.7%
Malaysia	1.9	2.9	10.9	14.6	97.3%
China	9.5	2.5	11.5	14.1	14.1%
Japan	1.7	0.8	5.3	4.1	34.1%
Indonesia	0.7	0.8	0.1	0.3	-24.6%
Others	2.9	2.1	3.4	6.9	33.5%
Total	57.4	48.2	103	116	26.4%

Top Export Markets for Ferrous Waste and Scrap; of Stainless Steel from Singapore in 2022:

India (28.6K tons)
Japan (2.8K tons)
China (2.4K tons)
South Korea (2.4K tons)
Malaysia (2.0K tons)
Indonesia (0.4K tons)

Imports of Ferrous Waste and Scrap; of Stainless Steel in Singapore

For the third consecutive year, Singapore recorded decline in supplies from abroad of ferrous waste and scrap; of stainless steels, which decreased by -1% to 8.8K tons in 2022. Over the period under review, imports saw a deep reduction.

In value terms, imports of ferrous waste and scrap; of stainless steels contracted to $20M in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 27% against the previous year.

Import of Ferrous Waste and Scrap; of Stainless Steel in Singapore (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Indonesia	8.2	9.4	12.9	6.8	-6.0%
Australia	0.2	0.1	0.1	3.4	157.1%
Canada	0.3	N/A	N/A	2.3	97.2%
Brunei Darussalam	4.5	0.6	0.5	1.6	-29.2%
Vietnam	0.4	0.3	0.8	0.7	20.5%
Timor-Leste	1.2	0.6	0.1	0.6	-20.6%
Mauritius	N/A	N/A	N/A	0.5	0%
Malaysia	0.4	1.7	2.3	0.5	7.7%
Philippines	0.3	0.2	0.3	0.3	0.0%
Thailand	0.6	0.3	0.4	0.3	-20.6%
United States	0.4	0.6	0.2	0.1	-37.0%
New Zealand	0.6	0.3	0.2	0.1	-45.0%
Others	2.7	1.3	2.0	2.5	-2.5%
Total	19.8	15.5	19.7	19.6	-0.3%