Philippines: Market for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel 2024

Market Size for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in the Philippines

In 2021, after five years of growth, there was significant decline in the Philippine market for ribbed or other deformed wire rod of non-alloy steel, when its value decreased by -10.5% to $X. Overall, consumption, however, showed strong growth. Deformed non-alloy steel wire rod consumption peaked at $X in 2020, and then declined in the following year.

Production of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in the Philippines

In value terms, deformed non-alloy steel wire rod production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded resilient growth. The pace of growth appeared the most rapid in 2013 when the production volume increased by 70% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then fell in the following year.

Exports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Exports from the Philippines

Deformed non-alloy steel wire rod exports from the Philippines contracted to X tons in 2021, which is down by -12.1% on the previous year. Overall, exports faced a precipitous curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 85% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, deformed non-alloy steel wire rod exports expanded markedly to $X in 2021. In general, exports saw a deep downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 98%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Palau (X tons) was the main destination for deformed non-alloy steel wire rod exports from the Philippines, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Palau amounted to -22.6%.

In value terms, Palau ($X) also remains the key foreign market for ribbed or other deformed wire rod of non-alloy steel exports from the Philippines.

From 2012 to 2021, the average annual rate of growth in terms of value to Palau stood at -9.4%.

Export Prices by Country

The average export price for ribbed or other deformed wire rod of non-alloy steel stood at $X per ton in 2021, picking up by 27% against the previous year. Overall, the export price recorded a significant increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 124% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Palau.

From 2012 to 2021, the rate of growth in terms of prices for Palau amounted to +17.0% per year.

Imports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Imports into the Philippines

In 2021, purchases abroad of ribbed or other deformed wire rod of non-alloy steel decreased by -12.8% to X tons, falling for the second year in a row after three years of growth. Overall, imports saw a deep setback. The pace of growth appeared the most rapid in 2018 with an increase of 528%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, deformed non-alloy steel wire rod imports shrank to $X in 2021. In general, imports continue to indicate a slight downturn. The growth pace was the most rapid in 2018 with an increase of 919% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Spain (X tons) was the main deformed non-alloy steel wire rod supplier to the Philippines, accounting for a 91% share of total imports. Moreover, deformed non-alloy steel wire rod imports from Spain exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain totaled +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-20.9% per year) and China (-37.4% per year).

In value terms, Spain ($X) constituted the largest supplier of ribbed or other deformed wire rod of non-alloy steel to the Philippines, comprising 84% of total imports. The second position in the ranking was taken by Japan ($X), with a 13% share of total imports. It was followed by China, with a 1.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain stood at +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-10.6% per year) and China (-30.9% per year).

Import Prices by Country

The average import price for ribbed or other deformed wire rod of non-alloy steel stood at $X per ton in 2021, increasing by 1.6% against the previous year. In general, the import price continues to indicate resilient growth. The growth pace was the most rapid in 2018 an increase of 62% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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