Singapore: Market for Hot-Rolled Bars In Bearing Steels 2024

Market Size for Hot-Rolled Bars In Bearing Steels in Singapore

The Singaporean hot-rolled bearing steel bar market fell rapidly to $X in 2022, with a decrease of -16.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a buoyant increase. Hot-rolled bearing steel bar consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Singapore

In 2022, approx. X tons of hot-rolled bars in bearing steels were exported from Singapore; waning by -26.2% compared with the year before. In general, exports showed a deep contraction. The pace of growth was the most pronounced in 2016 with an increase of 104% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, hot-rolled bearing steel bar exports rose rapidly to $X in 2022. Over the period under review, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of 34% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for hot-rolled bearing steel bar exports from Singapore, accounting for a 59% share of total exports. Moreover, hot-rolled bearing steel bar exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), fivefold. Thailand (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+0.6% per year) and Thailand (-3.1% per year).

In value terms, Malaysia ($X) remains the key foreign market for hot-rolled bars in bearing steels exports from Singapore, comprising 50% of total exports. The second position in the ranking was taken by China ($X), with a 12% share of total exports. It was followed by Thailand, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia stood at -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-27.7% per year) and Thailand (-7.1% per year).

Export Prices by Country

The average hot-rolled bearing steel bar export price stood at $X per ton in 2022, growing by 44% against the previous year. Over the period under review, the export price, however, saw a abrupt shrinkage. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Brunei Darussalam ($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 Myanmar (+34.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Singapore

In 2022, imports of hot-rolled bars in bearing steels into Singapore shrank dramatically to X tons, with a decrease of -20.6% compared with the year before. Over the period under review, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 352% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, hot-rolled bearing steel bar imports expanded slightly to $X in 2022. Overall, imports, however, continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2017 with an increase of 72%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Oman (X tons), China (X tons) and Qatar (X tons) were the main suppliers of hot-rolled bearing steel bar imports to Singapore, together comprising 90% of total imports. Turkey, Malaysia and Sweden lagged somewhat behind, together accounting for a further 5%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +55.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Oman ($X), China ($X) and Qatar ($X) were the largest hot-rolled bearing steel bar suppliers to Singapore, together accounting for 72% of total imports. Malaysia, Sweden and Turkey lagged somewhat behind, together comprising a further 10%.

Malaysia, with a CAGR of +56.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average hot-rolled bearing steel bar import price stood at $X per ton in 2022, jumping by 28% against the previous year. Overall, the import price, however, showed a abrupt slump. The pace of growth was the most pronounced in 2016 when the average import price increased by 91%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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 Sweden ($X per ton), while the price for Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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