Price for Chain and Parts Thereof, of Iron or Steel in the Philippines - 2024

Contents:

1. Price for Chain and Parts Thereof, of Iron or Steel in the Philippines (CIF) - 2022
2. Price for Chain and Parts Thereof, of Iron or Steel in the Philippines (FOB) - 2022
3. Imports of Chain and Parts Thereof, of Iron or Steel in the Philippines
4. Exports of Chain and Parts Thereof, of Iron or Steel in the Philippines

Price for Chain and Parts Thereof, of Iron or Steel in the Philippines (CIF) - 2022

In 2022, the average import price for chain and parts thereof, of iron or steel amounted to $1,703 per ton, falling by -16.2% against the previous year. Overall, the import price recorded a mild descent. The growth pace was the most rapid in 2017 when the average import price increased by 24% against the previous year. Over the period under review, average import prices attained the maximum at $2,551 per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($11,438 per ton), while the price for China ($916 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Chain and Parts Thereof, of Iron or Steel in the Philippines (FOB) - 2022

The average export price for chain and parts thereof, of iron or steel stood at $2,990 per ton in 2022, with a decrease of -63% against the previous year. Over the period under review, the export price continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2020 when the average export price increased by 266% against the previous year. Over the period under review, the average export prices attained the maximum at $8,919 per ton in 2017; however, from 2018 to 2022, the export prices remained at a 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 Japan ($5,832 per ton), while the average price for exports to Singapore ($2,741 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 Singapore (+7.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Chain and Parts Thereof, of Iron or Steel in the Philippines

In 2022, the amount of chain and parts thereof, of iron or steel imported into the Philippines expanded rapidly to 14K tons, rising by 14% against the previous year's figure. Overall, total imports indicated a resilient expansion from 2019 to 2022: its volume increased at an average annual rate of +11.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 34% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, imports of chain and parts thereof, of iron or steel contracted slightly to $24M in 2022. In general, imports, however, saw a perceptible contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 17%.

Top Suppliers of Chain and Parts Thereof, of Iron or Steel to the Philippines in 2022:

1. China (12.1K tons)
2. Malaysia (0.7K tons)
3. United States (0.2K tons)
4. Japan (0.2K tons)
5. Thailand (0.2K tons)
6. Singapore (0.1K tons)

Exports of Chain and Parts Thereof, of Iron or Steel in the Philippines

For the fourth year in a row, the Philippines recorded growth in shipments abroad of chain and parts thereof, of iron or steel, which increased by 820% to 692 tons in 2022. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 1,199%. Over the period under review, the exports of attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, exports of chain and parts thereof, of iron or steel surged to $2.1M in 2022. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 354% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Top Export Markets for Chain and Parts Thereof, of Iron or Steel from the Philippines in 2022:

1. Singapore (608.8 tons)
2. Japan (59.4 tons)
3. United States (3.4 tons)
4. Malaysia (0.2 tons)

Source: IndexBox Market Intelligence Platform