Singapore: Market for Tin Ores And Concentrates 2024

Market Size for Tin Ores And Concentrates in Singapore

The Singaporean tin ores and concentrates market reached $X in 2022, with an increase of 3.4% against the previous year. The market value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in years to come.

Production of Tin Ores And Concentrates in Singapore

In value terms, tin ores and concentrates production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the production volume increased by 11% against the previous year. Tin ores and concentrates production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

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Exports of Tin Ores And Concentrates

Exports from Singapore

In 2022, exports of tin ores and concentrateses from Singapore shrank sharply to X tons, which is down by -19.6% against 2021 figures. In general, exports recorded a sharp setback. The pace of growth was the most pronounced in 2014 when exports increased by 285% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, tin ores and concentrates exports dropped rapidly to $X in 2022. Overall, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 311% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Myanmar (X tons), Malaysia (X tons) and Indonesia (X tons) were the main destinations of tin ores and concentrates exports from Singapore, with a combined 88% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +25.9%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for tin ores and concentrates exported from Singapore were Malaysia ($X), Myanmar ($X) and Indonesia ($X), together accounting for 82% of total exports.

Myanmar, with a CAGR of +53.8%, 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 mixed trend patterns.

Export Prices by Country

The average tin ores and concentrates export price stood at $X per ton in 2022, waning by -8.5% against the previous year. Overall, the export price, however, enjoyed a modest expansion. The pace of growth appeared the most rapid in 2020 when the average export price increased by 119% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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 Thailand ($X per ton), while the average price for exports to Myanmar ($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 Myanmar (+22.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tin Ores And Concentrates

Imports into Singapore

After six years of decline, purchases abroad of tin ores and concentrateses increased by 51% to X tons in 2022. Over the period under review, imports, however, saw a dramatic setback. The pace of growth was the most pronounced in 2014 when imports increased by 54%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, tin ores and concentrates imports rose remarkably to $X in 2022. In general, imports, however, continue to indicate a sharp curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 113% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Rwanda (X tons) was the main tin ores and concentrates supplier to Singapore, with a 92% share of total imports. Moreover, tin ores and concentrates imports from Rwanda exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Rwanda stood at -12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-31.6% per year) and China (-42.0% per year).

In value terms, Rwanda ($X) constituted the largest supplier of tin ores and concentrateses to Singapore, comprising 94% of total imports. The second position in the ranking was held by Indonesia ($X), with a 4.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Rwanda amounted to -9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-34.1% per year) and China (-52.6% per year).

Import Prices by Country

In 2022, the average tin ores and concentrates import price amounted to $X per ton, declining by -27.6% against the previous year. Overall, the import price, however, saw a noticeable increase. The pace of growth appeared the most rapid in 2021 when the average import price increased by 69% against the previous year. As a result, import price attained the peak level of $X per ton, and then shrank sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+14.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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