Price for Iron and Non-Alloy Steel in Ingot in the Philippines - 2023
Contents:
- Price for Iron and Non-Alloy Steel in Ingot in the Philippines (CIF) - 2022
- Price for Iron and Non-Alloy Steel in Ingot in the Philippines (FOB) - 2022
- Imports of Iron and Non-Alloy Steel in Ingot in the Philippines
- Exports of Iron and Non-Alloy Steel in Ingot in the Philippines
Price for Iron and Non-Alloy Steel in Ingot in the Philippines (CIF) - 2022
The average import price for iron and non-alloy steel in ingots stood at $2,540 per ton in 2022, growing by 5.3% against the previous year. Overall, the import price posted noticeable growth. The most prominent rate of growth was recorded in 2016 when the average import price increased by 97% against the previous year. The import price peaked at $3,190 per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($14,269 per ton), while the price for South Korea ($3,446 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+19.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Iron and Non-Alloy Steel in Ingot in the Philippines (FOB) - 2022
The average export price for iron and non-alloy steel in ingots stood at $8.1 per ton in 2022, shrinking by -99.7% against the previous year. In general, the export price continues to indicate a dramatic decrease. The growth pace was the most rapid in 2017 when the average export price increased by 171%. Over the period under review, the average export prices hit record highs at $3,251 per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.
As there is only one major export destination, the average price level is determined by prices for Singapore.
From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +43.6% per year.
Imports of Iron and Non-Alloy Steel in Ingot in the Philippines
In 2022, imports of iron and non-alloy steel in ingots into the Philippines stood at 565 tons, picking up by 3.6% against the previous year. Overall, imports saw a prominent expansion. The pace of growth was the most pronounced in 2021 when imports increased by 132% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, imports of iron and non-alloy steel in ingots stood at $1.4M in 2022. Over the period under review, imports saw buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 75% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
| Import of Iron and Non-Alloy Steel in Ingot in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 39.1 | 28.3 | 42.5 | 1,258 | 218.1% |
| Taiwan (Chinese) | 18.9 | 5.1 | 4.5 | 87.3 | 66.5% |
| South Korea | 2.4 | 3.0 | 7.9 | 77.9 | 219.0% |
| Iran | 803 | 707 | 1,208 | N/A | 22.7% |
| Others | 10.1 | 6.4 | 52.7 | 11.9 | 5.6% |
| Total | 874 | 750 | 1,315 | 1,435 | 18.0% |
Top Suppliers of Iron and Non-Alloy Steel in Ingot to the Philippines in 2022:
- Japan (88.1 tons)
- South Korea (22.6 tons)
- Taiwan (Chinese) (14.9 tons)
Exports of Iron and Non-Alloy Steel in Ingot in the Philippines
In 2022, approx. 9.3 tons of iron and non-alloy steel in ingots were exported from the Philippines; with a decrease of -86.6% against the previous year's figure. Overall, exports faced a precipitous decrease. The smallest decline of -23.9% was in 2020.
In value terms, exports of iron and non-alloy steel in ingots declined notably to $75 in 2022. Over the period under review, exports continue to indicate a sharp downturn. The smallest decline of -24% was in 2021.
| Export of Iron and Non-Alloy Steel in Ingot in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Singapore | 0.2 | 0.2 | 0.2 | 0.1 | -20.6% |
| Hong Kong SAR | 2.8 | 2.9 | 3.5 | N/A | 11.8% |
| South Korea | 323 | 245 | 177 | N/A | -26.0% |
| Others | 9.6 | 7.1 | 13.8 | N/A | 19.9% |
| Total | 336 | 256 | 194 | 0.1 | -93.3% |
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