Philippines: Market for Remelting Scrap Ingots Of Iron Or Steel 2025

Market Size for Remelting Scrap Ingots Of Iron Or Steel in the Philippines

In 2022, the Philippine metal remelting scrap ingots market decreased by X% to $X, falling for the second year in a row after two years of decline. Over the period under review, consumption saw a noticeable curtailment. The pace of growth appeared the most rapid in 2021 when the market value decreased by X%. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Remelting Scrap Ingots Of Iron Or Steel in the Philippines

In value terms, metal remelting scrap ingots production declined to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Remelting Scrap Ingots Of Iron Or Steel

Exports from the Philippines

In 2022, shipments abroad of remelting scrap ingots of iron or steel decreased by X% to X tons, falling for the second year in a row after two years of decline. In general, exports continue to indicate a sharp descent. The smallest decline of X% was in 2021. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, metal remelting scrap ingots exports stood at $X in 2022. Over the period under review, exports saw a sharp contraction. The smallest decline of X% was in 2021. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Singapore (X tons) was the main destination for metal remelting scrap ingots exports from the Philippines, accounting for a X% share of total exports. Moreover, metal remelting scrap ingots exports to Singapore exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. Vietnam (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and Vietnam (X% per year).

It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Singapore amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Indonesia (X% per year).

Export Prices by Country

In 2022, the average metal remelting scrap ingots export price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the export price recorded a perceptible setback. The most prominent rate of growth was recorded in 2021 when the average export price decreased by X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam ($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 Japan (X%), while the prices for the other major destinations experienced a decline.

Imports of Remelting Scrap Ingots Of Iron Or Steel

Imports into the Philippines

In 2022, after four years of growth, there was significant decline in supplies from abroad of remelting scrap ingots of iron or steel, when their volume decreased by X% to X tons. Over the period under review, imports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2016 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2021, and then declined dramatically in the following year.

In value terms, metal remelting scrap ingots imports shrank rapidly to $X in 2022. In general, imports, however, recorded a significant increase. The pace of growth was the most pronounced in 2016 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2021, and then contracted dramatically in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the main metal remelting scrap ingots supplier to the Philippines, with a X% share of total imports. Moreover, metal remelting scrap ingots imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold.

From 2015 to 2022, the average annual growth rate of volume from the United Arab Emirates was relatively modest.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of remelting scrap ingots of iron or steel to the Philippines, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports.

From 2015 to 2022, the average annual growth rate of value from the United Arab Emirates was relatively modest.

Import Prices by Country

In 2022, the average metal remelting scrap ingots import price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2017 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

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 the United Arab Emirates totaled $X per ton.

From 2015 to 2022, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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