Price for Wire of Other Alloy Steel in the Philippines - 2023
Contents:
- Price for Wire of Other Alloy Steel in the Philippines (CIF) - 2022
- Price for Wire of Other Alloy Steel in the Philippines (FOB) - 2023
- Imports of Wire of Other Alloy Steel in the Philippines
- Exports of Wire of Other Alloy Steel in the Philippines
Price for Wire of Other Alloy Steel in the Philippines (CIF) - 2022
The average import price for wire of other alloy steels stood at $1,157 per ton in 2022, increasing by 1.6% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 28%. Over the period under review, average import prices attained the peak figure at $1,322 per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.
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 ($7,559 per ton), while the price for China ($714 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+29.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Wire of Other Alloy Steel in the Philippines (FOB) - 2023
The average export price for wire of other alloy steels stood at $54,664 per ton in June 2023, rising by 6.5% against the previous month. Over the last seven months, it increased at an average monthly rate of +2.0%. The pace of growth was the most pronounced in January 2023 when the average export price increased by 17% m-o-m. The export price peaked in June 2023.
Prices varied noticeably by the country of destination: the country with the highest price was Singapore ($55,050 per ton), while the average price for exports to Japan amounted to $36,063 per ton.
From November 2022 to June 2023, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+9.2%).
Imports of Wire of Other Alloy Steel in the Philippines
Wire of other alloy steel imports into the Philippines expanded modestly to 5.8K tons in 2022, picking up by 1.9% against the year before. Overall, total imports indicated measured growth from 2019 to 2022: its volume increased at an average annual rate of +3.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 49% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.
In value terms, wire of other alloy steel imports stood at $6.7M in 2022. Over the period under review, total imports indicated slight growth from 2019 to 2022: its value increased at an average annual rate of +1.3% 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 +91.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 84% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.
| Import of Wire of Other Alloy Steel in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 3.1 | 2.0 | 3.2 | 3.1 | 0.0% |
| Taiwan (Chinese) | 2.1 | 0.9 | 1.8 | 2.2 | 1.6% |
| Japan | 0.3 | 0.3 | 0.8 | 0.8 | 38.7% |
| Thailand | 0.1 | N/A | N/A | 0.3 | 44.2% |
| Others | 0.8 | 0.3 | 0.7 | 0.3 | -27.9% |
| Total | 6.5 | 3.5 | 6.5 | 6.7 | 1.0% |
Top Suppliers of Wire of Other Alloy Steel to the Philippines in 2022:
- China (4.3K tons)
- Taiwan (Chinese) (1.1K tons)
- Thailand (0.2K tons)
- Japan (0.1K tons)
Exports of Wire of Other Alloy Steel in the Philippines
In 2022, exports of wire of other alloy steels from the Philippines was estimated at 93 tons, growing by 4.1% compared with 2021. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 118%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.
In value terms, wire of other alloy steel exports rose notably to $4.9M in 2022. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 111% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.
| Export of Wire of Other Alloy Steel in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2020 | 2021 | 2022 | CAGR, 2020-2022 | |
| Singapore | 2.1 | 4.4 | 4.8 | 51.2% | |
| Poland | N/A | N/A | 0.1 | 0% | |
| Japan | N/A | N/A | N/A | 0% | |
| Italy | N/A | 0.1 | N/A | 0% | |
| Others | N/A | N/A | N/A | 0% | |
| Total | 2.1 | 4.5 | 4.9 | 52.8% | |
Top Export Markets for Wire of Other Alloy Steel from the Philippines in 2022:
- Singapore (88.8 tons)
- Japan (2.7 tons)
- Poland (1.7 tons)
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