Philippines: Steel Plaited Band Market 2025

Steel Plaited Band Market Size in the Philippines

The Philippine steel plaited band market reduced to $X in 2022, dropping by -14% against the previous year. Overall, consumption saw a relatively flat trend pattern. Steel plaited band consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Steel Plaited Band Production in the Philippines

In value terms, steel plaited band production totaled $X in 2022 estimated in export price. Overall, production recorded a prominent increase. The growth pace was the most rapid in 2013 with an increase of 283% against the previous year. Steel plaited band production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Steel Plaited Band Exports

Exports from the Philippines

In 2022, overseas shipments of iron or steel plaited bands and slings decreased by -28.1% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 520% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, steel plaited band exports fell remarkably to $X in 2022. Over the period under review, exports, however, showed strong growth. The pace of growth was the most pronounced in 2013 with an increase of 764% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for steel plaited band exports from the Philippines, accounting for a 52% share of total exports. Moreover, steel plaited band exports to Japan exceeded the volume sent to the second major destination, Indonesia (X tons), twofold. The third position in this ranking was taken by South Korea (X tons), with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at +15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+5.8% per year) and South Korea (+30.4% per year).

In value terms, Japan ($X) emerged as the key foreign market for iron or steel plaited bands and slings exports from the Philippines, comprising 54% of total exports. The second position in the ranking was taken by South Korea ($X), with a 21% share of total exports. It was followed by Indonesia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at +7.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+40.6% per year) and Indonesia (+9.4% per year).

Export Prices by Country

The average steel plaited band export price stood at $X per ton in 2022, growing by 2.8% against the previous year. Overall, the export price recorded a measured increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by 68%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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 China ($X per ton), while the average price for exports to Indonesia ($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 China (+33.1%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Plaited Band Imports

Imports into the Philippines

Steel plaited band imports into the Philippines dropped modestly to X tons in 2022, waning by -4.2% against 2021 figures. In general, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 92%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, steel plaited band imports reduced markedly to $X in 2022. Overall, imports recorded a pronounced reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 117% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest steel plaited band supplier to the Philippines, accounting for a 76% share of total imports. Moreover, steel plaited band imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), more than tenfold. Japan (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+0.3% per year) and Japan (+4.8% per year).

In value terms, the largest steel plaited band suppliers to the Philippines were China ($X), Australia ($X) and Japan ($X), together comprising 66% of total imports. Thailand, Poland, Singapore and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 17%.

In terms of the main suppliers, Thailand, with a CAGR of +8.2%, saw 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 steel plaited band import price amounted to $X per ton, dropping by -29.2% against the previous year. Overall, the import price, however, recorded a perceptible expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 70%. Over the period under review, average import prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 Poland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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