Singapore: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Singapore

The Singaporean market for hot-rolled non-alloy steel wire rods soared to $X in 2021, increasing by 2,120% 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 continues to indicate mild growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Singapore

Hot-rolled non-alloy steel wire rod exports from Singapore dropped modestly to X tons in 2021, which is down by -3.5% on the previous year. Overall, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 320%. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports soared to $X in 2021. Over the period under review, exports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2014 when exports increased by 253%. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

Australia (X tons), Malaysia (X tons) and China (X tons) were the main destinations of hot-rolled non-alloy steel wire rod exports from Singapore, with a combined 75% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +236.6%), while the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Malaysia ($X) and China ($X) constituted the largest markets for hot-rolled non-alloy steel wire rod exported from Singapore worldwide, together accounting for 75% of total exports. These countries were followed by Canada, Indonesia, Thailand, Hong Kong SAR and New Zealand, which together accounted for a further 18%.

In terms of the main countries of destination, Canada, with a CAGR of +160.4%, recorded the highest rates of growth with regard to 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 export price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, jumping by 44% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 46% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 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 Hong Kong SAR ($X per ton), while the average price for exports to Canada ($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 (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into Singapore

In 2021, approx. X tons of hot-rolled non-alloy steel wire rods were imported into Singapore; with an increase of 374% against the previous year's figure. In general, imports saw temperate growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a temperate expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey (X tons), India (X tons) and China (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to Singapore, together comprising 75% of total imports. These countries were followed by Oman, the United Arab Emirates, Algeria, Malaysia and Spain, which together accounted for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +413.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), India ($X) and China ($X) appeared to be the largest hot-rolled non-alloy steel wire rod suppliers to Singapore, together comprising 72% of total imports. The United Arab Emirates, Oman, Algeria, Malaysia and Spain lagged somewhat behind, together accounting for a further 23%.

Among the main suppliers, the United Arab Emirates, with a CAGR of +218.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for hot-rolled non-alloy steel wire rods amounted to $X per ton, picking up by 38% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by 42% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were the United Arab Emirates ($X per ton) and Malaysia ($X per ton), while the price for China ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform