Asia: Ferro-Silicon Market 2024

Ferro-Silicon Market Size in Asia

The Asian ferro-silicon market declined to $X in 2022, waning by -8.7% against the previous year. Over the period under review, consumption saw a deep slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Ferro-Silicon Production in Asia

In value terms, ferro-silicon production shrank slightly to $X in 2022 estimated in export price. In general, production showed a abrupt descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 17% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Ferro-Silicon Exports

Exports in Asia

In 2022, overseas shipments of ferro-silicon increased by 33% to X tons, rising for the second consecutive year after two years of decline. Total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +106.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 56% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, ferro-silicon exports surged to $X in 2022. In general, exports posted strong growth. The pace of growth was the most pronounced in 2021 when exports increased by 144%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

China represented the major exporter of ferro-silicon in Asia, with the volume of exports accounting for X tons, which was approx. 67% of total exports in 2022. Malaysia (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Bhutan (7.8%). Iran (X tons) and India (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to ferro-silicon exports from China stood at +2.9%. At the same time, Malaysia (+94.6%), Iran (+16.9%), Bhutan (+3.2%) and India (+1.3%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +94.6% from 2012-2022. While the share of Malaysia (+13 p.p.) and Iran (+4.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Bhutan (-1.5 p.p.) and China (-15 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest ferro-silicon supplier in Asia, comprising 72% of total exports. The second position in the ranking was held by Malaysia ($X), with a 9.1% share of total exports. It was followed by Iran, with a 4.8% share.

In China, ferro-silicon exports expanded at an average annual rate of +5.0% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+96.1% per year) and Iran (+27.1% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, picking up by 2.1% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-silicon export price increased by +59.7% against 2020 indices. The growth pace was the most rapid in 2021 when the export price increased by 56% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while Bhutan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+8.8%), while the other leaders experienced more modest paces of growth.

Ferro-Silicon Imports

Imports in Asia

In 2022, approx. X tons of ferro-silicon were imported in Asia; shrinking by -2.7% on the previous year. The total import volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 49%. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, ferro-silicon imports rose sharply to $X in 2022. Total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +129.9% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 106%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Japan represented the major importer of ferro-silicon in Asia, with the volume of imports finishing at X tons, which was near 35% of total imports in 2022. South Korea (X tons) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (12%), India (9.5%), Indonesia (8.1%) and Taiwan (Chinese) (6.9%). Vietnam (X tons) followed a long way behind the leaders.

Imports into Japan decreased at an average annual rate of -1.1% from 2012 to 2022. At the same time, Indonesia (+31.3%), Turkey (+4.6%), South Korea (+2.1%) and Vietnam (+1.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia, with a CAGR of +31.3% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, India (-1.7%) illustrated a downward trend over the same period. While the share of Indonesia (+7.5 p.p.) and Turkey (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of India (-3.2 p.p.) and Japan (-9.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported ferro-silicon in Asia, comprising 44% of total imports. The second position in the ranking was taken by Turkey ($X), with a 14% share of total imports. It was followed by South Korea, with a 12% share.

In Japan, ferro-silicon imports increased at an average annual rate of +3.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Turkey (+9.4% per year) and South Korea (+1.4% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, rising by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2021 an increase of 39% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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