Singapore: Hot-Rolled Free-Cutting Steel Market 2024

Hot-Rolled Free-Cutting Steel Market Size in Singapore

In 2022, the Singaporean hot-rolled free-cutting steel market was finally on the rise to reach $X after four years of decline. Overall, consumption, however, recorded a sharp decline. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Hot-Rolled Free-Cutting Steel Production in Singapore

In value terms, hot-rolled free-cutting steel production expanded markedly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

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Hot-Rolled Free-Cutting Steel Exports

Exports from Singapore

In 2022, shipments abroad of hot-rolled bars in free-cutting steels increased by X% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled free-cutting steel exports skyrocketed to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Australia (X tons), South Korea (X tons) and Malaysia (X tons) were the main destinations of hot-rolled free-cutting steel exports from Singapore, with a combined X% share 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 Australia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), South Korea ($X) and Malaysia ($X) constituted the largest markets for hot-rolled free-cutting steel exported from Singapore worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Australia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, 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 hot-rolled free-cutting steel export price amounted to $X per ton, rising by X% against the previous year. In general, the export price recorded strong growth. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

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

Hot-Rolled Free-Cutting Steel Imports

Imports into Singapore

In 2022, purchases abroad of hot-rolled bars in free-cutting steels was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. In general, imports, however, recorded a dramatic curtailment. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, hot-rolled free-cutting steel imports surged to $X in 2022. Overall, imports, however, faced a precipitous decrease. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) was the main hot-rolled free-cutting steel supplier to Singapore, with a X% share of total imports. It was followed by China (X tons), with a X% share of total imports.

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

In value terms, Malaysia ($X) constituted the largest supplier of hot-rolled bars in free-cutting steels to Singapore, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Turkey (X% per year).

Import Prices by Country

In 2022, the average hot-rolled free-cutting steel import price amounted to $X per ton, declining by X% against the previous year. In general, the import price, however, recorded a slight expansion. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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