Philippines: Market for Hot-Rolled Bars Of High Speed Steel 2022

Market Size for Hot-Rolled Bars Of High Speed Steel in the Philippines

In 2021, after two years of decline, there was significant growth in the Philippine market for hot-rolled bars of high speed steel, when its value increased by X% to $X. Overall, consumption continues to indicate a prominent expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Hot-Rolled Bars Of High Speed Steel in the Philippines

In value terms, hot-rolled high speed steel bar production dropped sharply to $X in 2021 estimated in export price. Over the period under review, production, however, saw a perceptible reduction. The growth pace was the most rapid in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X, and then shrank significantly in the following year.

Exports of Hot-Rolled Bars Of High Speed Steel

Exports from the Philippines

In 2021, overseas shipments of hot-rolled bars of high speed steel decreased by X% to X kg for the first time since 2015, thus ending a five-year rising trend. In general, exports faced a significant decline. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020, and then fell rapidly in the following year.

In value terms, hot-rolled high speed steel bar exports contracted sharply to $X in 2021. Over the period under review, exports continue to indicate a sharp contraction. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020, and then reduced rapidly in the following year.

Exports by Country

Switzerland (X kg) was the main destination for hot-rolled high speed steel bar exports from the Philippines, accounting for a approx. X% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Switzerland was relatively modest.

From 2012 to 2021, the average annual growth rate of value to Switzerland was relatively modest.

Export Prices by Country

In 2021, the average export price for hot-rolled bars of high speed steel amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price continues to indicate a significant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Switzerland.

From 2012 to 2021, the rate of growth in terms of prices for Switzerland amounted to X% per year.

Imports of Hot-Rolled Bars Of High Speed Steel

Imports into the Philippines

In 2021, supplies from abroad of hot-rolled bars of high speed steel increased by X% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by X%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, hot-rolled high speed steel bar imports soared to $X in 2021. Over the period under review, imports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of hot-rolled high speed steel bar to the Philippines, accounting for a X% share of total imports. Moreover, hot-rolled high speed steel bar imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold.

From 2012 to 2021, the average annual growth rate 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 hot-rolled high speed steel bar suppliers to the Philippines were Japan ($X), China ($X) and Taiwan (Chinese) ($X), with a combined X% share of total imports.

Among the main suppliers, Japan, with a CAGR of +X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for hot-rolled bars of high speed steel stood at $X per ton in 2021, shrinking by -X% against the previous year. Overall, the import price showed a deep contraction. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Japan (+X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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