Singapore: Pig Iron Articles Market 2023

Pig Iron Articles Market Size in Singapore

In 2022, the Singaporean pig iron articles market increased by X% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Pig iron articles consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Pig Iron Articles Production in Singapore

In value terms, pig iron articles production reached $X in 2022 estimated in export price. In general, production posted a remarkable increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. Pig iron articles production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Pig Iron Articles Exports

Exports from Singapore

After four years of growth, shipments abroad of granules and powders of pig iron decreased by X% to X tons in 2022. Over the period under review, exports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then dropped significantly in the following year.

In value terms, pig iron articles exports fell significantly to $X in 2022. In general, exports, however, saw resilient growth. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then contracted notably in the following year.

Exports by Country

Indonesia (X tons) was the main destination for pig iron articles exports from Singapore, with a X% share of total exports. Moreover, pig iron articles exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. The third position in this ranking was held by Sri Lanka (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Sri Lanka (X% per year).

In value terms, the largest markets for pig iron articles exported from Singapore were Indonesia ($X), Malaysia ($X) and China ($X), with a combined X% share of total exports. The Philippines and Sri Lanka lagged somewhat behind, together accounting for a further X%.

The Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among 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 pig iron articles export price amounted to $X per ton, growing by X% against the previous year. In general, the export price recorded a strong increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Sri Lanka ($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 Malaysia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Articles Imports

Imports into Singapore

Pig iron articles imports into Singapore declined markedly to X tons in 2022, reducing by X% on 2021. In general, imports showed a noticeable reduction. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, pig iron articles imports shrank to $X in 2022. Overall, imports recorded a mild decrease. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X tons), Thailand (X tons) and China (X tons) were the main suppliers of pig iron articles imports to Singapore, together accounting for X% of total imports. Sweden, Germany, Sri Lanka, Taiwan (Chinese) and the United States lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Sri Lanka (with a CAGR of X.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X) constituted the largest supplier of granules and powders of pig iron to Singapore, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and China (X% per year).

Import Prices by Country

The average pig iron articles import price stood at $X per ton in 2022, rising by X% against the previous year. Overall, the import price showed a moderate expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($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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