Singapore: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Singapore

In 2021, the Singaporean market for hot-rolled steel bars and rods increased by 146% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, continues to indicate a slight descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Hot-Rolled Steel Bars and Rods in Singapore

In value terms, hot-rolled steel bar and rod production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2017 with an increase of 35% against the previous year. Hot-rolled steel bar and rod production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Singapore

For the third consecutive year, Singapore recorded decline in overseas shipments of hot-rolled steel bars and rods, which decreased by -3.2% to X tons in 2021. Over the period under review, exports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of 83%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled steel bar and rod exports soared to $X in 2021. In general, total exports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 63%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Australia (X tons), Malaysia (X tons) and Canada (X tons) were the main destinations of hot-rolled steel bar and rod exports from Singapore, together accounting for 65% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +277.3%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Malaysia ($X) and Indonesia ($X) appeared to be the largest markets for hot-rolled steel bar and rod exported from Singapore worldwide, together comprising 66% of total exports. Canada, New Zealand, Brunei Darussalam, India, China and Myanmar lagged somewhat behind, together comprising a further 23%.

In terms of the main countries of destination, Canada, with a CAGR of +216.8%, recorded the highest growth rate of 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 export price for hot-rolled steel bars and rods stood at $X per ton in 2021, jumping by 45% against the previous year. Overall, the export price, however, saw a perceptible shrinkage. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Canada ($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 Indonesia (+4.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Singapore

In 2021, purchases abroad of hot-rolled steel bars and rods was finally on the rise to reach X tons after five years of decline. Over the period under review, imports, however, showed a relatively flat trend pattern. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. Overall, imports showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X tons) constituted the largest hot-rolled steel bar and rod supplier to Singapore, with a 47% share of total imports. Moreover, hot-rolled steel bar and rod imports from Turkey exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was taken by China (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey stood at +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+99.9% per year) and China (-19.0% per year).

In value terms, Turkey ($X) constituted the largest supplier of hot-rolled steel bars and rods to Singapore, comprising 45% of total imports. The second position in the ranking was taken by India ($X), with an 18% share of total imports. It was followed by China, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey stood at +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+74.5% per year) and China (-17.5% per year).

Import Prices by Country

In 2021, the average import price for hot-rolled steel bars and rods amounted to $X per ton, surging by 40% against the previous year. Over the period under review, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 an increase of 49%. The import price peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+50.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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