Singapore: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Singapore

In 2023, the Singaporean steel and iron articles market increased by X% to $X, rising for the third year in a row after two years of decline. In general, consumption continues to indicate a strong expansion. Steel and iron articles consumption peaked in 2023 and is expected to retain growth in the near future.

Production of Articles Of Iron Or Steel in Singapore

In value terms, steel and iron articles production skyrocketed to $X in 2023 estimated in export price. In general, production recorded a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Steel and iron articles production peaked at $X in 2017; however, from 2018 to 2023, production remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports from Singapore

Steel and iron articles exports from Singapore contracted to X tons in 2023, dropping by X% compared with 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X%. The exports peaked at X tons in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, steel and iron articles exports stood at $X in 2023. Over the period under review, total exports indicated a strong increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports attained the peak figure in 2023 and are expected to retain growth in the near future.

Exports by Country

Malaysia (X tons) was the main destination for steel and iron articles exports from Singapore, accounting for a X% 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. China (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and China (X% per year).

In value terms, Malaysia ($X), Indonesia ($X) and the United States ($X) appeared to be the largest markets for steel and iron articles exported from Singapore worldwide, with a combined X% share of total exports. China, Saudi Arabia, Thailand and the UK lagged somewhat behind, together accounting for a further X%.

Saudi Arabia, with a CAGR of X%, 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 2023, the average steel and iron articles export price amounted to $X per ton, increasing by X% against the previous year. Overall, the export price saw a prominent increase. The pace of growth appeared the most rapid in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs in 2023 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (X%), 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 2023, supplies from abroad of articles of iron or steel decreased by X% to X tons, falling for the fourth consecutive year after two years of growth. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, steel and iron articles imports totaled $X in 2023. Over the period under review, total imports indicated buoyant growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Imports peaked in 2023 and are expected to retain growth in the immediate term.

Imports by Country

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

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), 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 Malaysia ($X), China ($X) and the United States ($X), together comprising X% of total imports. Germany, the UK, Japan, Thailand, South Korea, Italy, Indonesia and Vietnam lagged somewhat behind, together comprising a further X%.

Thailand, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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 2023, the average steel and iron articles import price amounted to $X per ton, with an increase of X% against the previous year. Overall, import price indicated a strong increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, steel and iron articles import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by X%. The import price peaked in 2023 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform