Singapore: Non-Alloy Steel I-Sections Market 2024

Non-Alloy Steel I-Sections Market Size in Singapore

The Singaporean non-alloy steel i-sections market soared to $X in 2021, surging by 19% 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). The market value increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Non-alloy steel i-sections consumption peaked in 2021 and is likely to continue growth in years to come.

Non-Alloy Steel I-Sections Exports

Exports from Singapore

In 2021, shipments abroad of i-sections of non-alloy steel was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, saw a abrupt curtailment. The growth pace was the most rapid in 2016 when exports increased by 215%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, non-alloy steel i-sections exports surged to $X in 2021. In general, exports, however, saw a pronounced decline. The pace of growth appeared the most rapid in 2016 with an increase of 111%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for non-alloy steel i-sections exports from Singapore, with a 64% share of total exports. Moreover, non-alloy steel i-sections exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. The third position in this ranking was taken by Thailand (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia totaled +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-19.3% per year) and Thailand (+20.1% per year).

In value terms, Malaysia ($X) remains the key foreign market for i-sections of non-alloy steel exports from Singapore, comprising 61% of total exports. The second position in the ranking was held by Indonesia ($X), with a 20% share of total exports. It was followed by Thailand, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Malaysia totaled +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-15.6% per year) and Thailand (+19.1% per year).

Export Prices by Country

In 2021, the average non-alloy steel i-sections export price amounted to $X per ton, jumping by 38% against the previous year. Over the period under review, export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, non-alloy steel i-sections export price increased by +142.8% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 53%. Over the period under review, the average export prices attained the maximum in 2021 and is likely to continue growth in the near future.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Vietnam ($X per ton), while the average price for exports to Thailand ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Alloy Steel I-Sections Imports

Imports into Singapore

Non-alloy steel i-sections imports into Singapore rose remarkably to X tons in 2021, with an increase of 8% against 2020. Over the period under review, imports, however, continue to indicate a noticeable descent. The pace of growth was the most pronounced in 2016 with an increase of 127%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, non-alloy steel i-sections imports skyrocketed to $X in 2021. In general, total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +13.1% against 2016 indices. The pace of growth was the most pronounced in 2016 when imports increased by 68%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

South Korea (X tons), Thailand (X tons) and China (X tons) were the main suppliers of non-alloy steel i-sections imports to Singapore, together accounting for 68% of total imports. These countries were followed by Japan, Luxembourg, the United Arab Emirates, Belgium, Malaysia, Germany and Taiwan (Chinese), which together accounted for a further 28%.

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 +110.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), South Korea ($X) and China ($X) constituted the largest non-alloy steel i-sections suppliers to Singapore, together comprising 62% of total imports. These countries were followed by Japan, Luxembourg, Belgium, Germany, Malaysia, the United Arab Emirates and Taiwan (Chinese), which together accounted for a further 33%.

The United Arab Emirates, with a CAGR of +119.6%, saw the highest rates of growth with regard to 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

In 2021, the average non-alloy steel i-sections import price amounted to $X per ton, surging by 35% against the previous year. In general, import price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the average import price increased by 39%. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Luxembourg (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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