South-Eastern Asia: Ferro-Silicon Market 2024

Ferro-Silicon Market Size in South-Eastern Asia

The Southeast Asian ferro-silicon market declined notably to $X in 2022, shrinking by -15.1% against the previous year. In general, consumption, however, recorded buoyant growth. As a result, consumption reached the peak level of $X, and then declined remarkably in the following year.

Ferro-Silicon Production in South-Eastern Asia

In value terms, ferro-silicon production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a resilient increase. The growth pace was the most rapid in 2013 with an increase of 83%. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Ferro-Silicon Exports

Exports in South-Eastern Asia

In 2022, after two years of decline, there was significant growth in shipments abroad of ferro-silicon, when their volume increased by 18% to X tons. Over the period under review, exports showed a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 168%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, ferro-silicon exports contracted to $X in 2022. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2014 when exports increased by 173% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia dominates exports structure, amounting to X tons, which was approx. 87% of total exports in 2022. Thailand (X tons) took a 6.4% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (5.8%).

Malaysia was also the fastest-growing in terms of the ferro-silicon exports, with a CAGR of +94.6% from 2012 to 2022. At the same time, Thailand (+66.2%) displayed positive paces of growth. By contrast, Vietnam (-3.8%) illustrated a downward trend over the same period. While the share of Malaysia (+86 p.p.) and Thailand (+6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-85.5 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest ferro-silicon supplier in South-Eastern Asia, comprising 81% of total exports. The second position in the ranking was taken by Thailand ($X), with a 12% share of total exports.

In Malaysia, ferro-silicon exports expanded at an average annual rate of +96.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+69.2% per year) and Vietnam (-3.6% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, dropping by -19.3% against the previous year. Over the period under review, the export price continues to indicate a mild downturn. The pace of growth appeared the most rapid in 2021 an increase of 68%. As a result, the export price attained the peak level of $X per ton, and then declined notably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Malaysia ($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 (+1.8%), while the other leaders experienced more modest paces of growth.

Ferro-Silicon Imports

Imports in South-Eastern Asia

In 2022, overseas purchases of ferro-silicon increased by 4.5% to X tons, rising for the second year in a row after two years of decline. Overall, imports posted buoyant growth. The pace of growth appeared the most rapid in 2014 when imports increased by 115% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, ferro-silicon imports expanded notably to $X in 2022. In general, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 166% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Indonesia was the key importer of ferro-silicon in South-Eastern Asia, with the volume of imports resulting at X tons, which was near 49% of total imports in 2022. Vietnam (X tons) took a 21% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (20%) and Malaysia (7.3%). The Philippines (X tons) followed a long way behind the leaders.

Indonesia was also the fastest-growing in terms of the ferro-silicon imports, with a CAGR of +31.3% from 2012 to 2022. At the same time, the Philippines (+23.3%), Malaysia (+17.6%), Thailand (+9.1%) and Vietnam (+1.0%) displayed positive paces of growth. While the share of Indonesia (+40 p.p.) and Malaysia (+2.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (-5.3 p.p.) and Vietnam (-36.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported ferro-silicon in South-Eastern Asia, comprising 55% of total imports. The second position in the ranking was held by Vietnam ($X), with an 18% share of total imports. It was followed by Thailand, with an 18% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia amounted to +27.6%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+2.9% per year) and Thailand (+6.4% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, stabilizing at the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 51% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and the Philippines ($X per ton), while Malaysia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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