Singapore: Market for Welded And Cold-Formed Sections Of Steel 2024

Market Size for Welded And Cold-Formed Sections Of Steel in Singapore

In 2022, the Singaporean market for welded and cold-formed sections of steel increased by 19% to $X, rising for the second year in a row after three years of decline. Over the period under review, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +36.2% against 2020 indices. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Welded And Cold-Formed Sections Of Steel in Singapore

In value terms, welded and cold-formed steel sections production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 491%. Welded and cold-formed steel sections production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Welded And Cold-Formed Sections Of Steel

Exports from Singapore

In 2022, shipments abroad of welded and cold-formed sections of steel decreased by -4.3% to X tons, falling for the fourth year in a row after two years of growth. Over the period under review, exports saw a deep reduction. The pace of growth appeared the most rapid in 2018 when exports increased by 66%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, welded and cold-formed steel sections exports declined to $X in 2022. In general, exports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 46% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for welded and cold-formed steel sections exports from Singapore, accounting for a 92% share of total exports. Moreover, welded and cold-formed steel sections exports to Indonesia exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. Malaysia (X tons) ranked third in terms of total exports with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia totaled -15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+24.8% per year) and Malaysia (-24.6% per year).

In value terms, Indonesia ($X) remains the key foreign market for welded and cold-formed sections of steel exports from Singapore, comprising 79% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 6.7% share of total exports. It was followed by the Philippines, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to -17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-18.2% per year) and the Philippines (+18.8% per year).

Export Prices by Country

In 2022, the average export price for welded and cold-formed sections of steel amounted to $X per ton, growing by 3.9% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2014 when the average export price increased by 72% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Indonesia ($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 Malaysia (+8.5%), while the prices for the other major destinations experienced a decline.

Imports of Welded And Cold-Formed Sections Of Steel

Imports into Singapore

After two years of decline, supplies from abroad of welded and cold-formed sections of steel increased by 77% to X tons in 2022. Over the period under review, imports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 169%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, welded and cold-formed steel sections imports soared to $X in 2022. Overall, imports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 52% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest welded and cold-formed steel sections supplier to Singapore, accounting for a 78% share of total imports. Moreover, welded and cold-formed steel sections imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold. Turkey (X tons) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.0% per year) and Turkey (-28.8% per year).

In value terms, China ($X) constituted the largest supplier of welded and cold-formed sections of steel to Singapore, comprising 37% of total imports. The second position in the ranking was taken by Switzerland ($X), with a 7.5% share of total imports. It was followed by South Korea, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+126.9% per year) and South Korea (-33.4% per year).

Import Prices by Country

The average import price for welded and cold-formed sections of steel stood at $X per ton in 2022, falling by -17.5% against the previous year. Over the period under review, the import price, however, showed a mild expansion. The pace of growth appeared the most rapid in 2021 when the average import price increased by 64% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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