Singapore: Market for Iron or Steel Wire Products 2025

Market Size for Iron or Steel Wire Products in Singapore

In 2022, the Singaporean market for iron or steel wire products decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption continues to indicate a drastic downturn. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Production of Iron or Steel Wire Products in Singapore

In value terms, iron or steel wire product production stood at $X in 2022 estimated in export price. Over the period under review, production recorded significant growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. Iron or steel wire product production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Iron or Steel Wire Products

Exports from Singapore

In 2022, iron or steel wire product exports from Singapore soared to X tons, increasing by X% against the previous year. In general, exports showed a prominent expansion. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, iron or steel wire product exports reduced to $X in 2022. Overall, exports continue to indicate strong growth. The growth pace was the most rapid in 2014 with an increase of X%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X tons), Australia (X tons) and Indonesia (X tons) were the main destinations of iron or steel wire product exports from Singapore, with a combined X% share of total exports. China, Malaysia, Thailand, New Zealand and South Korea lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel wire product exported from Singapore were Japan ($X), Malaysia ($X) and Indonesia ($X), with a combined X% share of total exports. China, Australia, Thailand, New Zealand and South Korea lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, New Zealand, with a CAGR of X%, saw the highest rates of growth with regard to 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 iron or steel wire products stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the export price showed a perceptible curtailment. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. The export price peaked at $X per ton in 2021, and then fell remarkably in the following year.

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

Imports of Iron or Steel Wire Products

Imports into Singapore

In 2022, iron or steel wire product imports into Singapore dropped to X tons, shrinking by X% against the previous year. Overall, imports continue to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, iron or steel wire product imports declined to $X in 2022. Over the period under review, imports, however, enjoyed a measured increase. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest iron or steel wire product supplier to Singapore, accounting for a X% share of total imports. Moreover, iron or steel wire product imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. The third position in this ranking was taken by Japan (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel wire products to Singapore, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Malaysia (X% per year).

Import Prices by Country

The average import price for iron or steel wire products stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel wire product import price decreased by X% against 2018 indices. The growth pace was the most rapid in 2016 when the average import price increased by X%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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