Singapore: Steel Stranded Wire Market 2025

Steel Stranded Wire Market Size in Singapore

The Singaporean steel stranded wire market surged to $X in 2022, jumping by 31% 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). In general, consumption, however, continues to indicate a abrupt descent. Steel stranded wire consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Steel Stranded Wire Exports

Exports from Singapore

In 2022, after two years of growth, there was significant decline in overseas shipments of iron or steel stranded wire, ropes and cables, when their volume decreased by -21.6% to X tons. Overall, exports showed a deep reduction. The pace of growth was the most pronounced in 2018 with an increase of 65%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, steel stranded wire exports contracted to $X in 2022. Over the period under review, exports recorded a abrupt descent. The most prominent rate of growth was recorded in 2018 when exports increased by 65%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and Vietnam (X tons) were the main destinations of steel stranded wire exports from Singapore, with a combined 66% share of total exports. China, India, the Netherlands, Thailand, Australia, Belgium and South Korea lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +53.3%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for steel stranded wire exported from Singapore were Indonesia ($X), Malaysia ($X) and India ($X), together accounting for 61% of total exports. China, Australia, the Netherlands, Thailand, Vietnam, Belgium and South Korea lagged somewhat behind, together accounting for a further 21%.

Belgium, with a CAGR of +56.4%, saw the highest rates of growth with regard to the value of exports, among 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 steel stranded wire export price stood at $X per ton in 2022, growing by 17% against the previous year. Over the period under review, the export price, however, showed a mild shrinkage. The pace of growth appeared the most rapid in 2021 an increase of 31%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, 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 Australia ($X per ton), while the average price for exports to Vietnam ($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 Australia (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Stranded Wire Imports

Imports into Singapore

In 2022, overseas purchases of iron or steel stranded wire, ropes and cables increased by 6.3% to X tons, rising for the second consecutive year after seven years of decline. Over the period under review, imports, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2021 when imports increased by 23%. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, steel stranded wire imports expanded sharply to $X in 2022. In general, imports, however, showed a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Malaysia (X tons) and India (X tons) were the main suppliers of steel stranded wire imports to Singapore, together accounting for 74% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of -0.8%), while purchases for the other leaders experienced a decline.

In value terms, Malaysia ($X), China ($X) and South Korea ($X) constituted the largest steel stranded wire suppliers to Singapore, with a combined 67% share of total imports. India and Thailand lagged somewhat behind, together comprising a further 15%.

India, with a CAGR of -1.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average steel stranded wire import price amounted to $X per ton, growing by 7.7% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 27%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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