Philippines: Market for Flat-Rolled Products Of Silicon-Electrical Steel 2025

Market Size for Flat-Rolled Products Of Silicon-Electrical Steel in the Philippines

The Philippine silicon-electrical steel flat-rolled product market shrank slightly to $X in 2021, reducing by -4.9% 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, consumption saw a resilient expansion. Over the period under review, the market attained the peak level at $X in 2020, and then reduced modestly in the following year.

Exports of Flat-Rolled Products Of Silicon-Electrical Steel

Exports from the Philippines

After four years of growth, shipments abroad of flat-rolled products of silicon-electrical steel decreased by -17.1% to X tons in 2021. Over the period under review, exports, however, recorded a significant increase. The growth pace was the most rapid in 2018 with an increase of 133% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020, and then plummeted in the following year.

In value terms, silicon-electrical steel flat-rolled product exports skyrocketed to $X in 2021. In general, exports, however, saw resilient growth. The pace of growth was the most pronounced in 2019 when exports increased by 194% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

China (X tons) was the main destination for silicon-electrical steel flat-rolled product exports from the Philippines, accounting for a 58% share of total exports. Moreover, silicon-electrical steel flat-rolled product exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), twofold. The third position in this ranking was held by Thailand (X tons), with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +33.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+25.0% per year) and Thailand (+18.5% per year).

In value terms, the largest markets for silicon-electrical steel flat-rolled product exported from the Philippines were China ($X), Thailand ($X) and Malaysia ($X), together comprising 88% of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of +36.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average silicon-electrical steel flat-rolled product export price stood at $X per ton in 2021, surging by 42% against the previous year. Over the period under review, the export price, however, showed a abrupt descent. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Singapore ($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 Thailand (+15.6%), while the prices for the other major destinations experienced a decline.

Imports of Flat-Rolled Products Of Silicon-Electrical Steel

Imports into the Philippines

In 2021, the amount of flat-rolled products of silicon-electrical steel imported into the Philippines rose sharply to X tons, increasing by 14% compared with the previous year's figure. In general, imports enjoyed prominent growth. The pace of growth appeared the most rapid in 2014 when imports increased by 81% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, silicon-electrical steel flat-rolled product imports shrank dramatically to $X in 2021. Over the period under review, imports enjoyed a resilient increase. The pace of growth was the most pronounced in 2014 when imports increased by 84% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then dropped markedly in the following year.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of silicon-electrical steel flat-rolled product to the Philippines, accounting for a 78% share of total imports. Moreover, silicon-electrical steel flat-rolled product imports from Japan exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), eightfold. The third position in this ranking was taken by China (X tons), with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at +23.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+11.8% per year) and China (+15.3% per year).

In value terms, Japan ($X) constituted the largest supplier of flat-rolled products of silicon-electrical steel to the Philippines, comprising 74% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 6.7% share of total imports. It was followed by China, with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled +21.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+11.9% per year) and China (+15.5% per year).

Import Prices by Country

In 2021, the average silicon-electrical steel flat-rolled product import price amounted to $X per ton, reducing by -27.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average import price increased by 31%. The import price peaked at $X per ton in 2020, and then declined remarkably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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