Singapore: Market for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel 2024

Market Size for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in Singapore

The Singaporean market for ribbed or other deformed wire rod of non-alloy steel skyrocketed to $X in 2021, jumping by 967% 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 saw a temperate expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Exports from Singapore

In 2021, exports of ribbed or other deformed wire rod of non-alloy steel from Singapore skyrocketed to X tons, rising by 44% compared with the previous year's figure. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 1,517%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, deformed non-alloy steel wire rod exports surged to $X in 2021. Overall, exports posted a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by 1,780% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Australia (X tons) was the main destination for deformed non-alloy steel wire rod exports from Singapore, accounting for a 67% share of total exports. Moreover, deformed non-alloy steel wire rod exports to Australia exceeded the volume sent to the second major destination, Canada (X tons), fourfold. The third position in this ranking was held by Malaysia (X tons), with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume to Australia amounted to +176.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+29.9% per year) and Malaysia (+108.6% per year).

In value terms, Australia ($X) remains the key foreign market for ribbed or other deformed wire rod of non-alloy steel exports from Singapore, comprising 70% of total exports. The second position in the ranking was held by Canada ($X), with an 11% share of total exports. It was followed by Malaysia, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Australia amounted to +144.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+20.7% per year) and Malaysia (+110.2% per year).

Export Prices by Country

The average export price for ribbed or other deformed wire rod of non-alloy steel stood at $X per ton in 2021, jumping by 44% against the previous year. In general, the export price, however, saw a pronounced setback. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, 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 Hong Kong SAR (+85.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Imports into Singapore

In 2021, approx. X tons of ribbed or other deformed wire rod of non-alloy steel were imported into Singapore; jumping by 517% on the year before. Overall, imports saw a measured increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, deformed non-alloy steel wire rod imports soared to $X in 2021. In general, imports saw temperate growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of deformed non-alloy steel wire rod to Singapore, accounting for a 45% share of total imports. Moreover, deformed non-alloy steel wire rod imports from Turkey exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. China (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey totaled +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+299.0% per year) and China (-12.7% per year).

In value terms, Turkey ($X), India ($X) and China ($X) were the largest deformed non-alloy steel wire rod suppliers to Singapore, together comprising 77% of total imports.

In terms of the main suppliers, India, with a CAGR of +249.7%, saw the highest growth rate of 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 ribbed or other deformed wire rod of non-alloy steel amounted to $X per ton, increasing by 38% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the United Arab Emirates ($X per ton) and India ($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 the United Arab Emirates (+64.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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