Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines - 2023
Contents:
- Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines (CIF) - 2023
- Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines (FOB) - 2022
- Imports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines
- Exports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines
Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines (CIF) - 2023
In September 2023, the average import price for iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s amounted to $2,640 per ton, picking up by 84% against the previous month. In general, the import price saw a prominent increase. The most prominent rate of growth was recorded in November 2022 an increase of 638% against the previous month. Over the period under review, average import prices reached the peak figure at $8,088 per ton in April 2023; however, from May 2023 to September 2023, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In September 2023, the country with the highest price was South Korea ($29,010 per ton), while the price for Taiwan (Chinese) ($591 per ton) was amongst the lowest.
From October 2022 to September 2023, the most notable rate of growth in terms of prices was attained by South Korea (+23.6%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines (FOB) - 2022
The average export price for iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s stood at $3,000 per ton in 2022, stabilizing at the previous year. Overall, the export price continues to indicate a mild increase. The most prominent rate of growth was recorded in 2014 an increase of 173%. As a result, the export price reached the peak level of $6,592 per ton. From 2015 to 2022, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($4,200 per ton), while the average price for exports to China ($1,000 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 South Korea (+17.2%), while the prices for the other major destinations experienced a decline.
Imports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines
In 2022, imports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s into the Philippines dropped dramatically to 75 tons, reducing by -78.5% compared with 2021. Over the period under review, imports faced a significant decrease. The most prominent rate of growth was recorded in 2021 when imports increased by 153%. As a result, imports reached the peak of 348 tons, and then shrank sharply in the following year.
In value terms, imports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s declined to $591K in 2022. Overall, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2021 when imports increased by 139%. As a result, imports attained the peak of $660K, and then contracted in the following year.
| Import of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 15.2 | 3.9 | 11.8 | 499 | 220.2% |
| Taiwan (Chinese) | 7.6 | 1.1 | 2.4 | 87.3 | 125.6% |
| Iran | 482 | 270 | 645 | N/A | 15.7% |
| Others | 2.9 | 1.4 | 1.6 | 4.5 | 15.8% |
| Total | 508 | 276 | 660 | 591 | 5.2% |
Top Suppliers of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) to the Philippines in 2022:
- Japan (54.8 tons)
- Taiwan (Chinese) (19.6 tons)
Exports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines
In 2022, exports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s from the Philippines stood at 8 kg, approximately mirroring the previous year. Overall, exports continue to indicate a precipitous shrinkage. The smallest decline of 99.9% was in 2020.
In value terms, exports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s amounted to $24 in 2022. Over the period under review, exports saw a sharp decline. The smallest decline of 99.9% was in 2020.
| Export of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Korea | 331 | N/A | N/A | N/A | 0% |
| Japan | 0.4 | N/A | N/A | N/A | 0% |
| China | 4.3 | N/A | N/A | N/A | 0% |
| Taiwan (Chinese) | 0.3 | N/A | N/A | N/A | 0% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 336 | N/A | N/A | N/A | 0% |
Top Export Markets for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) from the Philippines in 2022:
- South Korea (5.0 kg)
- Japan (1.0 kg)
- China (1.0 kg)
- Taiwan (Chinese) (1.0 kg)
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