Philippines: Hot-Rolled Steel Products Market 2025

Hot-Rolled Steel Products Market Size in the Philippines

After two years of decline, the Philippine hot-rolled steel products market increased by 42% to $X in 2021. In general, consumption saw a prominent expansion. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports from the Philippines

In 2021, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported from the Philippines shrank sharply to X tons, declining by -70.3% compared with 2020. Overall, exports faced a dramatic decline. The most prominent rate of growth was recorded in 2014 when exports increased by 468% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, hot-rolled steel products exports shrank markedly to $X in 2021. In general, exports showed a abrupt setback. The pace of growth was the most pronounced in 2014 with an increase of 214%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Mexico (X tons), Malaysia (X tons) and Hong Kong SAR (X tons) were the main destinations of hot-rolled steel products exports from the Philippines, with a combined 65% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +36.8%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Mexico ($X) emerged as the key foreign market for flat-rolled products of iron or steel (not further worked than hot-rolled) exports from the Philippines, comprising 41% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 11% share of total exports. It was followed by Cambodia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Mexico totaled -6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+11.8% per year) and Cambodia (-34.7% per year).

Export Prices by Country

The average hot-rolled steel products export price stood at $X per ton in 2021, waning by -8.6% against the previous year. Over the period under review, the export price, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 an increase of 103% against the previous year. The export price peaked at $X per ton in 2020, and then dropped in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to the United States ($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 China (+35.0%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into the Philippines

After two years of decline, supplies from abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) increased by 12% to X tons in 2021. In general, imports showed a buoyant expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 122%. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, hot-rolled steel products imports surged to $X in 2021. Overall, imports showed a strong expansion. The pace of growth was the most pronounced in 2016 when imports increased by 75% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of hot-rolled steel products to the Philippines, with a 53% share of total imports. Moreover, hot-rolled steel products imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was held by South Korea (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.7% per year) and South Korea (+6.3% per year).

In value terms, China ($X) constituted the largest supplier of flat-rolled products of iron or steel (not further worked than hot-rolled) to the Philippines, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 25% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.7% per year) and Taiwan (Chinese) (+10.7% per year).

Import Prices by Country

In 2021, the average hot-rolled steel products import price amounted to $X per ton, surging by 37% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and Japan ($X per ton), while the price for China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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