Singapore: Market for Copper Bars, Rods and Profiles 2024

Market Size for Copper Bars, Rods and Profiles in Singapore

In 2022, the Singaporean market for copper bars, rods and profiles increased by 11% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, recorded a abrupt setback. Copper bar, rod and profile consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Exports of Copper Bars, Rods and Profiles

Exports from Singapore

In 2022, exports of copper bars, rods and profiles from Singapore shrank to X tons, dropping by -10.2% compared with 2021 figures. Overall, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2021 when exports increased by 42% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, copper bar, rod and profile exports dropped modestly to $X in 2022. In general, exports recorded a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 73% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for copper bar, rod and profile exports from Singapore, with a 29% share of total exports. Moreover, copper bar, rod and profile exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), twofold. The third position in this ranking was taken by Thailand (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia stood at -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-19.6% per year) and Thailand (-0.3% per year).

In value terms, Malaysia ($X) remains the key foreign market for copper bars, rods and profiles exports from Singapore, comprising 31% of total exports. The second position in the ranking was held by Thailand ($X), with a 15% share of total exports. It was followed by Indonesia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+6.5% per year) and Indonesia (-15.1% per year).

Export Prices by Country

The average export price for copper bars, rods and profiles stood at $X per ton in 2022, growing by 7.3% against the previous year. Over the period under review, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper bar, rod and profile export price increased by +60.8% against 2019 indices. The pace of growth was the most pronounced in 2020 when the average export price increased by 22% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to South Korea ($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 (+7.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Bars, Rods and Profiles

Imports into Singapore

In 2022, overseas purchases of copper bars, rods and profiles increased by 5.6% to X tons, rising for the second consecutive year after three years of decline. In general, imports, however, recorded a abrupt curtailment. The growth pace was the most rapid in 2021 when imports increased by 31%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, copper bar, rod and profile imports amounted to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2021 when imports increased by 80%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

South Korea (X tons), Malaysia (X tons) and Thailand (X tons) were the main suppliers of copper bar, rod and profile imports to Singapore, together accounting for 63% of total imports. Taiwan (Chinese), Japan, Indonesia, China and Australia lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +8.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest copper bar, rod and profile suppliers to Singapore were Malaysia ($X), South Korea ($X) and Thailand ($X), together accounting for 60% of total imports. Taiwan (Chinese), Japan, Indonesia, China and Australia lagged somewhat behind, together comprising a further 33%.

Among the main suppliers, Japan, with a CAGR of +11.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for copper bars, rods and profiles amounted to $X per ton, growing by 3% against the previous year. Overall, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper bar, rod and profile import price increased by +41.5% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 37%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Malaysia ($X per ton) and China ($X per ton), while the price for South Korea ($X per ton) and Australia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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