Philippines: Market for Hot-Rolled Wire Rod In Coil Of Stainless Steel 2024

Market Size for Hot-Rolled Wire Rod In Coil Of Stainless Steel in the Philippines

The Philippine market for hot-rolled wire rod in coil of stainless steel fell dramatically to $X in 2022, with a decrease of -61% 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). In general, consumption saw a deep downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Exports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Exports from the Philippines

In 2022, exports of hot-rolled wire rod in coil of stainless steel from the Philippines totaled X kg, stabilizing at the year before. In general, exports showed a dramatic shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 3,130%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled wire stainless steel rod exports stood at $X in 2022. Over the period under review, exports continue to indicate a sharp curtailment. The growth pace was the most rapid in 2020 when exports increased by 4,537% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X kg) was the main destination for hot-rolled wire stainless steel rod exports from the Philippines, accounting for a 54% share of total exports. Moreover, hot-rolled wire stainless steel rod exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, India (X kg), threefold. Papua New Guinea (X kg) ranked third in terms of total exports with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Taiwan (Chinese) stood at -14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-35.0% per year) and Papua New Guinea (-19.1% per year).

In value terms, Palau ($X), Taiwan (Chinese) ($X) and Papua New Guinea ($X) constituted the largest markets for hot-rolled wire stainless steel rod exported from the Philippines worldwide, with a combined 87% share of total exports.

Papua New Guinea, with a CAGR of -6.0%, 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 a decline.

Export Prices by Country

In 2022, the average export price for hot-rolled wire rod in coil of stainless steel amounted to $X per ton, stabilizing at the previous year. Overall, the export price showed a tangible increase. The pace of growth appeared the most rapid in 2019 when the average export price increased by 1,469%. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Palau ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Papua New Guinea (+16.2%), while the prices for the other major destinations experienced a decline.

Imports of Hot-Rolled Wire Rod In Coil Of Stainless Steel

Imports into the Philippines

In 2022, imports of hot-rolled wire rod in coil of stainless steel into the Philippines shrank notably to X tons, declining by -67.6% on 2021. Over the period under review, imports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 168% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, hot-rolled wire stainless steel rod imports dropped rapidly to $X in 2022. In general, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 163% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), China (X tons) and Japan (X tons) were the main suppliers of hot-rolled wire stainless steel rod imports to the Philippines, together comprising 92% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +30.6%), while purchases for the other leaders experienced a decline.

In value terms, the largest hot-rolled wire stainless steel rod suppliers to the Philippines were India ($X), Japan ($X) and China ($X), with a combined 93% share of total imports.

In terms of the main suppliers, India, with a CAGR of +33.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average import price for hot-rolled wire rod in coil of stainless steel amounted to $X per ton, picking up by 29% against the previous year. Over the last decade, it increased at an average annual rate of +3.9%. 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 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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