Singapore: Market for Hot-Rolled Bars Of High Speed Steel 2024

Market Size for Hot-Rolled Bars Of High Speed Steel in Singapore

The Singaporean market for hot-rolled bars of high speed steel dropped modestly to $X in 2022, which is down by -3.5% against the previous year. Overall, consumption showed a mild decline. Hot-rolled high speed steel bar consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Production of Hot-Rolled Bars Of High Speed Steel in Singapore

In value terms, hot-rolled high speed steel bar production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 39% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Hot-Rolled Bars Of High Speed Steel

Exports from Singapore

In 2022, overseas shipments of hot-rolled bars of high speed steel increased by 9.9% to X tons, rising for the third year in a row after two years of decline. Overall, exports, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2017 when exports increased by 320%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, hot-rolled high speed steel bar exports expanded significantly to $X in 2022. Over the period under review, exports, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2020 when exports increased by 133%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for hot-rolled high speed steel bar exports from Singapore, accounting for a 65% share of total exports. Moreover, hot-rolled high speed steel bar exports to China exceeded the volume sent to the second major destination, the Philippines (X tons), fourfold. The third position in this ranking was taken by Malaysia (X tons), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +66.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+32.3% per year) and Malaysia (-14.9% per year).

In value terms, the largest markets for hot-rolled high speed steel bar exported from Singapore were the Philippines ($X), China ($X) and Malaysia ($X), together accounting for 88% of total exports.

China, with a CAGR of +64.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for hot-rolled bars of high speed steel stood at $X per ton in 2022, approximately reflecting the previous year. Overall, the export price, however, continues to indicate a slight expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 53%. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Indonesia ($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 Papua New Guinea (+7.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Bars Of High Speed Steel

Imports into Singapore

Hot-rolled high speed steel bar imports into Singapore expanded sharply to X tons in 2022, picking up by 13% compared with 2021 figures. Over the period under review, imports, however, faced a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 73%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, hot-rolled high speed steel bar imports stood at $X in 2022. In general, imports, however, showed a abrupt descent. The pace of growth was the most pronounced in 2019 with an increase of 87% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

South Korea (X tons), Japan (X tons) and China (X tons) were the main suppliers of hot-rolled high speed steel bar imports to Singapore, with a combined 69% share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +155.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Japan ($X) and Sweden ($X) constituted the largest hot-rolled high speed steel bar suppliers to Singapore, with a combined 85% share of total imports.

The Philippines, with a CAGR of +181.8%, recorded the highest growth rate of the value of imports, among 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 import price for hot-rolled bars of high speed steel stood at $X per ton in 2022, waning by -5.7% against the previous year. Overall, the import price, however, continues to indicate a noticeable increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by 40% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 the Philippines ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+45.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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