Singapore: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Singapore

In 2022, the Singaporean steel and iron articles market increased by 22% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +37.1% against 2020 indices. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Articles Of Iron Or Steel in Singapore

In value terms, steel and iron articles production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production showed resilient growth. The pace of growth was the most pronounced in 2015 with an increase of 773%. Steel and iron articles production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports from Singapore

For the third year in a row, Singapore recorded decline in overseas shipments of articles of iron or steel, which decreased by -3.4% to X tons in 2022. Overall, total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -41.4% against 2019 indices. The pace of growth was the most pronounced in 2013 when exports increased by 80% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, steel and iron articles exports expanded notably to $X in 2022. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +64.0% against 2017 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 67%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Malaysia (X tons) was the main destination for steel and iron articles exports from Singapore, accounting for a 50% share of total exports. Moreover, steel and iron articles exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. The third position in this ranking was held by Saudi Arabia (X tons), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia amounted to +1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-4.5% per year) and Saudi Arabia (+50.9% per year).

In value terms, the largest markets for steel and iron articles exported from Singapore were Malaysia ($X), Saudi Arabia ($X) and Indonesia ($X), with a combined 40% share of total exports. The United States, Thailand, China, the United Arab Emirates, Chile and Germany lagged somewhat behind, together accounting for a further 28%.

Chile, with a CAGR of +129.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average steel and iron articles export price amounted to $X per ton, jumping by 18% against the previous year. In general, the export price showed a remarkable increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 51% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Germany ($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 Thailand (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Singapore

In 2022, supplies from abroad of articles of iron or steel decreased by -2.4% to X tons, falling for the third year in a row after two years of growth. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 49%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, steel and iron articles imports surged to $X in 2022. In general, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +8.2% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 40% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Malaysia (X tons), China (X tons) and the United States (X tons) were the main suppliers of steel and iron articles imports to Singapore, together accounting for 74% of total imports. Japan, South Korea, Taiwan (Chinese), Vietnam, Germany, Indonesia, the UK and Italy lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +9.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest steel and iron articles suppliers to Singapore were China ($X), Malaysia ($X) and the United States ($X), with a combined 65% share of total imports. The UK, Japan, South Korea, Germany, Taiwan (Chinese), Indonesia, Vietnam and Italy lagged somewhat behind, together accounting for a further 24%.

Vietnam, with a CAGR of +19.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average steel and iron articles import price amounted to $X per ton, jumping by 20% against the previous year. Over the period under review, import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel and iron articles import price increased by +80.7% against 2019 indices. The growth pace was the most rapid in 2020 an increase of 30% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 the UK ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+15.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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