Philippines: Flat-Rolled Steel Products Market 2025

Flat-Rolled Steel Products Market Size in the Philippines

The Philippine flat-rolled steel products market rose significantly to $X in 2021, growing by 13% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +68.6% against 2015 indices. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Flat-Rolled Steel Products Exports

Exports from the Philippines

In 2021, approx. X tons of flat-rolled products of iron or non-alloy steel were exported from the Philippines; reducing by -31.8% compared with 2020. Over the period under review, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 90% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, flat-rolled steel products exports fell remarkably to $X in 2021. Overall, exports, however, showed a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 104%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Papua New Guinea (X tons), Singapore (X tons) and China (X tons) were the main destinations of flat-rolled steel products exports from the Philippines, with a combined 100% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +93.5%), while the other leaders experienced more modest paces of growth.

In value terms, Papua New Guinea ($X) remains the key foreign market for flat-rolled products of iron or non-alloy steel exports from the Philippines, comprising 80% of total exports. The second position in the ranking was taken by Singapore ($X), with a 16% share of total exports. It was followed by China, with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Papua New Guinea amounted to +4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+17.6% per year) and China (+52.4% per year).

Export Prices by Country

The average flat-rolled steel products export price stood at $X per ton in 2021, falling by -10% against the previous year. In general, the export price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 36% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+16.2%), while the prices for the other major destinations experienced mixed trend patterns.

Flat-Rolled Steel Products Imports

Imports into the Philippines

In 2021, overseas purchases of flat-rolled products of iron or non-alloy steel decreased by -3.9% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 43%. Imports peaked at X tons in 2020, and then reduced in the following year.

In value terms, flat-rolled steel products imports skyrocketed to $X in 2021. Overall, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +74.5% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 26%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of flat-rolled steel products to the Philippines, accounting for a 52% share of total imports. Moreover, flat-rolled steel products imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. South Korea (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.2% per year) and South Korea (+5.7% per year).

In value terms, Japan ($X) constituted the largest supplier of flat-rolled products of iron or non-alloy steel to the Philippines, comprising 56% of total imports. The second position in the ranking was taken by China ($X), with a 19% share of total imports. It was followed by South Korea, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from Japan amounted to +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.9% per year) and South Korea (+6.8% per year).

Import Prices by Country

In 2021, the average flat-rolled steel products import price amounted to $X per ton, growing by 22% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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