Singapore: Non-Alloy Steel H-Sections Market 2024

Non-Alloy Steel H-Sections Market Size in Singapore

In 2022, the Singaporean non-alloy steel h-sections market increased by 86% to $X for the first time since 2015, thus ending a six-year declining trend. In general, consumption, however, saw a abrupt curtailment. Non-alloy steel h-sections consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Non-Alloy Steel H-Sections Production in Singapore

In value terms, non-alloy steel h-sections production surged to $X in 2022 estimated in export price. In general, production, however, saw a deep contraction. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Non-Alloy Steel H-Sections Exports

Exports from Singapore

In 2022, approx. X tons of h-sections of of non-alloy steel were exported from Singapore; with an increase of 115% on 2021. Over the period under review, exports showed a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-alloy steel h-sections exports surged to $X in 2022. Overall, exports recorded a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X tons) was the main destination for non-alloy steel h-sections exports from Singapore, with a 87% share of total exports. Moreover, non-alloy steel h-sections exports to Indonesia exceeded the volume sent to the second major destination, Malaysia (X tons), ninefold.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at +15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-2.5% per year) and Vietnam (+42.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for h-sections of of non-alloy steel exports from Singapore, comprising 85% of total exports. The second position in the ranking was held by Malaysia ($X), with a 9.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Indonesia totaled +16.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-2.3% per year) and Vietnam (+44.2% per year).

Export Prices by Country

In 2022, the average non-alloy steel h-sections export price amounted to $X per ton, picking up by 2.7% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 28% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Malaysia ($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 Vietnam (+1.3%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Alloy Steel H-Sections Imports

Imports into Singapore

In 2022, purchases abroad of h-sections of of non-alloy steel was finally on the rise to reach X tons for the first time since 2015, thus ending a six-year declining trend. Over the period under review, imports, however, continue to indicate a deep downturn. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, non-alloy steel h-sections imports soared to $X in 2022. Overall, imports, however, saw a abrupt contraction. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest non-alloy steel h-sections supplier to Singapore, with a 64% share of total imports. Moreover, non-alloy steel h-sections imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fivefold. South Korea (X tons) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-18.1% per year) and South Korea (-14.6% per year).

In value terms, China ($X) constituted the largest supplier of h-sections of of non-alloy steel to Singapore, comprising 58% of total imports. The second position in the ranking was held by Thailand ($X), with a 12% share of total imports. It was followed by South Korea, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-17.8% per year) and South Korea (-12.5% per year).

Import Prices by Country

In 2022, the average non-alloy steel h-sections import price amounted to $X per ton, surging by 7.4% against the previous year. In general, import price indicated a modest increase 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, non-alloy steel h-sections import price increased by +79.4% against 2016 indices. The pace of growth was the most pronounced in 2021 an increase of 30% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Luxembourg ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Luxembourg (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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