Singapore: Tungsten Market 2024

Tungsten Market Size in Singapore

In 2022, the Singaporean tungsten market increased by 15% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption saw a strong expansion. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Tungsten Production in Singapore

In value terms, tungsten production dropped markedly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by 74% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Tungsten Exports

Exports from Singapore

In 2022, approx. X tons of tungsten were exported from Singapore; shrinking by -47.9% against the year before. Overall, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 4,603% against the previous year. As a result, the exports reached the peak of X tons, and then declined rapidly in the following year.

In value terms, tungsten exports shrank markedly to $X in 2022. In general, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 2,521%. As a result, the exports attained the peak of $X, and then reduced dramatically in the following year.

Exports by Country

Malaysia (X tons), Taiwan (Chinese) (X tons) and the United States (X kg) were the main destinations of tungsten exports from Singapore, with a combined 98% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +94.7%), while the other leaders experienced mixed trend patterns.

In value terms, Malaysia ($X) emerged as the key foreign market for tungsten exports from Singapore, comprising 62% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled +75.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+23.3% per year) and the United States (-17.7% per year).

Export Prices by Country

In 2022, the average tungsten export price amounted to $X per ton, rising by 56% against the previous year. In general, the export price, however, continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2014 when the average export price increased by 96% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (-4.0%), while the prices for the other major destinations experienced a decline.

Tungsten Imports

Imports into Singapore

In 2022, supplies from abroad of tungsten increased by 5.8% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, recorded a abrupt decrease. The pace of growth appeared the most rapid in 2013 when imports increased by 168% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, tungsten imports shrank notably to $X in 2022. In general, imports, however, saw a deep setback. The pace of growth was the most pronounced in 2014 with an increase of 361% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) was the main supplier of tungsten to Singapore, with a 94% share of total imports. It was followed by Japan (X kg), with a 2.9% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-10.7% per year) and the United States (-35.2% per year).

In value terms, China ($X) constituted the largest supplier of tungsten to Singapore, comprising 80% of total imports. The second position in the ranking was held by the United States ($X), with a 10% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-34.5% per year) and Japan (-12.1% per year).

Import Prices by Country

The average tungsten import price stood at $X per ton in 2022, falling by -45.7% against the previous year. In general, the import price recorded a abrupt descent. The growth pace was the most rapid in 2014 an increase of 238% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

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 United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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