Singapore: Flat-Rolled Steel Products Market 2024

Flat-Rolled Steel Products Market Size in Singapore

In 2021, the Singaporean flat-rolled steel products market increased by 13% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the near future.

Flat-Rolled Steel Products Production in Singapore

In value terms, flat-rolled steel products production reduced remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a strong expansion. The growth pace was the most rapid in 2015 with an increase of 248% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then reduced sharply in the following year.

Flat-Rolled Steel Products Exports

Exports from Singapore

In 2021, flat-rolled steel products exports from Singapore surged to X tons, jumping by 32% on the year before. In general, exports, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2019 with an increase of 86% 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, flat-rolled steel products exports surged to $X in 2021. Over the period under review, exports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 50% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons), New Zealand (X tons) and Nigeria (X tons) were the main destinations of flat-rolled steel products exports from Singapore, with a combined 57% share of total exports. Thailand, Indonesia, India, Malta, South Africa and Vietnam lagged somewhat behind, together comprising a further 39%.

From 2012 to 2021, the biggest increases were recorded for Malta (with a CAGR of +233.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for flat-rolled steel products exported from Singapore were New Zealand ($X), Malaysia ($X) and Indonesia ($X), with a combined 63% share of total exports. These countries were followed by Nigeria, Thailand, India, Malta, South Africa and Vietnam, which together accounted for a further 31%.

In terms of the main countries of destination, Malta, with a CAGR of +205.2%, 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 flat-rolled steel products export price stood at $X per ton in 2021, declining by -3.2% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 42%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Malta ($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 Egypt (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Flat-Rolled Steel Products Imports

Imports into Singapore

After two years of decline, overseas purchases of flat-rolled products of iron or non-alloy steel increased by 16% to X tons in 2021. Overall, imports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 19%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, flat-rolled steel products imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt shrinkage. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest flat-rolled steel products supplier to Singapore, with a 67% share of total imports. Moreover, flat-rolled steel products imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The third position in this ranking was held by South Korea (X tons), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.1% per year) and South Korea (-5.6% per year).

In value terms, China ($X) constituted the largest supplier of flat-rolled products of iron or non-alloy steel to Singapore, comprising 67% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by South Korea, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value from China stood at -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.2% per year) and South Korea (-4.8% per year).

Import Prices by Country

In 2021, the average flat-rolled steel products import price amounted to $X per ton, surging by 36% against the previous year. Overall, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, 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 ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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