Philippines: Cold-Rolled Steel Products Market 2024

Cold-Rolled Steel Products Market Size in the Philippines

The Philippine cold-rolled steel products market reduced to $X in 2022, waning by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a strong increase. As a result, consumption attained the peak level of $X, and then fell in the following year.

Cold-Rolled Steel Products Exports

Exports from the Philippines

In 2022, shipments abroad of flat-rolled products of iron or steel (not further worked than cold-rolled) decreased by X% to X tons, falling for the second consecutive year after two years of growth. In general, exports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, cold-rolled steel products exports contracted rapidly to $X in 2022. Over the period under review, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

India (X tons), Singapore (X tons) and South Korea (X tons) were the main destinations of cold-rolled steel products exports from the Philippines, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of X%), while the other leaders experienced a decline.

In value terms, India ($X) emerged as the key foreign market for flat-rolled products of iron or steel (not further worked than cold-rolled) exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Singapore, with a X% share.

From 2012 to 2022, the average annual growth rate of value to India totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (X% per year) and Singapore (X% per year).

Export Prices by Country

In 2022, the average cold-rolled steel products export price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price posted a prominent increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Vietnam ($X per ton), while the average price for exports to Singapore ($X 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 Indonesia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cold-Rolled Steel Products Imports

Imports into the Philippines

After two years of growth, purchases abroad of flat-rolled products of iron or steel (not further worked than cold-rolled) decreased by X% to X tons in 2022. Over the period under review, imports, however, showed a remarkable increase. The growth pace was the most rapid in 2016 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced in the following year.

In value terms, cold-rolled steel products imports contracted to $X in 2022. In general, imports, however, saw prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest cold-rolled steel products supplier to the Philippines, accounting for a X% share of total imports. Moreover, cold-rolled steel products imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, the largest cold-rolled steel products suppliers to the Philippines were China ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined X% share of total imports.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average cold-rolled steel products import price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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