Singapore: Pig Iron Articles Market 2024

Pig Iron Articles Market Size in Singapore

In 2021, after two years of decline, there was significant growth in the Singaporean pig iron articles market, when its value increased by 6% to $X. The market value increased at an average annual rate of +4.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Pig Iron Articles Production in Singapore

In value terms, pig iron articles production shrank to $X in 2021 estimated in export price. Over the period under review, production, however, posted buoyant growth. The pace of growth appeared the most rapid in 2013 with an increase of 133% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Pig Iron Articles Exports

Exports from Singapore

In 2021, shipments abroad of granules and powders of pig iron increased by 38% to X tons, rising for the fourth consecutive year after four years of decline. In general, exports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 65% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, pig iron articles exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons), the Philippines (X tons) and Malaysia (X tons) were the main destinations of pig iron articles exports from Singapore, with a combined 93% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +199.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for pig iron articles exported from Singapore were Indonesia ($X), the Philippines ($X) and Malaysia ($X), together comprising 86% of total exports.

The Philippines, with a CAGR of +198.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average pig iron articles export price amounted to $X per ton, rising by 27% against the previous year. Over the period under review, the export price recorded a buoyant increase. The most prominent rate of growth was recorded in 2014 an increase of 53%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Sri Lanka ($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 (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Articles Imports

Imports into Singapore

In 2021, pig iron articles imports into Singapore soared to X tons, increasing by 66% compared with the previous year. Over the period under review, imports, however, showed a mild curtailment. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, pig iron articles imports soared to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), Thailand (X tons) and China (X tons) were the main suppliers of pig iron articles imports to Singapore, together accounting for 69% of total imports. These countries were followed by Sweden, Germany, Malaysia, the Netherlands, the United States and South Korea, which together accounted for a further 27%.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +29.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of granules and powders of pig iron to Singapore, comprising 61% of total imports. The second position in the ranking was held by Sweden ($X), with an 8.2% share of total imports. It was followed by Thailand, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+0.1% per year) and Thailand (-8.2% per year).

Import Prices by Country

The average pig iron articles import price stood at $X per ton in 2021, increasing by 7.1% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 24% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform