Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines - 2023
Contents:
- Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines (FOB) - 2023
- Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines (CIF) - 2023
- Exports of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines
- Imports of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines
Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines (FOB) - 2023
In July 2023, the average export price for ferrous waste and scrap; remelting scrap ingots of iron or steels amounted to $654 per ton, picking up by 21% against the previous month. Overall, export price indicated tangible growth from November 2022 to July 2023: its price increased at an average monthly rate of +4.8% over the last eight-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2023 figures, export price for ferrous waste and scrap; remelting scrap ingots of iron or steels increased by +60.0% against May 2023 indices. The pace of growth was the most pronounced in April 2023 when the average export price increased by 48% month-to-month. Over the period under review, the average export prices reached the maximum in July 2023.
Prices varied noticeably by the country of destination: the country with the highest price was Japan ($6,863 per ton), while the average price for exports to Bangladesh ($145 per ton) was amongst the lowest.
From November 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines (CIF) - 2023
In July 2023, the average import price for ferrous waste and scrap; remelting scrap ingots of iron or steels amounted to $201 per ton, falling by -21.5% against the previous month. In general, the import price showed a pronounced decline. The pace of growth appeared the most rapid in March 2023 when the average import price increased by 86% against the previous month. As a result, import price reached the peak level of $491 per ton. From April 2023 to July 2023, the average import prices remained at a lower figure.
As there is only one major supplying country, the average price level is determined by prices for Japan.
From November 2022 to July 2023, the rate of growth in terms of prices for Hong Kong SAR amounted to +0.6% per month.
Exports of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines
In 2022, approx. 289K tons of ferrous waste and scrap; remelting scrap ingots of iron or steels were exported from the Philippines; remaining relatively unchanged against 2021. Overall, exports, however, faced a drastic downturn. The pace of growth was the most pronounced in 2021 with an increase of 21% against the previous year.
In value terms, exports of ferrous waste and scrap; remelting scrap ingots of iron or steels declined to $131M in 2022. In general, exports, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 31%. As a result, the exports reached the peak of $147M, and then dropped in the following year.
| Export of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 28.9 | 40.8 | 43.2 | 41.6 | 12.9% |
| South Korea | 17.5 | 10.7 | 26.3 | 28.4 | 17.5% |
| India | 25.2 | 16.9 | 27.3 | 18.9 | -9.1% |
| Bangladesh | 9.1 | 3.8 | 10.1 | 12.3 | 10.6% |
| Taiwan (Chinese) | 10.6 | 5.0 | 12.0 | 10.4 | -0.6% |
| China | 10.1 | 9.0 | 2.1 | 5.7 | -17.4% |
| Thailand | 4.6 | 3.7 | 6.2 | 4.9 | 2.1% |
| Vietnam | 13.1 | 7.4 | 5.7 | 2.6 | -41.7% |
| Malaysia | 7.0 | 3.8 | 3.8 | 1.5 | -40.2% |
| Pakistan | 5.3 | 4.6 | 7.2 | 0.9 | -44.6% |
| Indonesia | 9.5 | 3.9 | 0.5 | N/A | -77.1% |
| Others | 5.2 | 2.9 | 2.6 | 4.0 | -8.4% |
| Total | 146 | 113 | 147 | 131 | -3.5% |
Top Export Markets for Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel from the Philippines in 2022:
- South Korea (81.3K tons)
- Bangladesh (69.4K tons)
- India (40.0K tons)
- Taiwan (Chinese) (30.7K tons)
- Japan (19.8K tons)
- China (16.2K tons)
- Thailand (10.3K tons)
- Vietnam (5.1K tons)
- Malaysia (2.9K tons)
- Pakistan (2.5K tons)
Imports of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines
In 2022, supplies from abroad of ferrous waste and scrap; remelting scrap ingots of iron or steels decreased by -1% to 92K tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2020 with an increase of 393% against the previous year.
In value terms, imports of ferrous waste and scrap; remelting scrap ingots of iron or steels skyrocketed to $35M in 2022. Over the period under review, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 151% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.
| Import of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 0.8 | 4.4 | 7.1 | 12.3 | 148.7% |
| Taiwan (Chinese) | 0.6 | 1.8 | 7.4 | 7.3 | 130.0% |
| China | 1.1 | 1.2 | 6.3 | 4.9 | 64.5% |
| United States | 0.4 | 0.4 | 0.8 | 4.6 | 125.7% |
| Hong Kong SAR | 0.3 | 0.3 | 3.3 | 3.8 | 133.1% |
| Singapore | 0.1 | 0.1 | 0.3 | 0.7 | 91.3% |
| Others | 1.9 | 3.2 | 3.5 | 1.3 | -11.9% |
| Total | 5.2 | 11.4 | 28.6 | 34.9 | 88.6% |
Top Suppliers of Ferrous Waste and Scrap; Remelting Scrap Ingots of Iron or Steel to the Philippines in 2022:
- Japan (59.8K tons)
- United States (10.1K tons)
- Hong Kong SAR (8.2K tons)
- Singapore (7.4K tons)
- Taiwan (Chinese) (2.6K tons)
- China (2.1K tons)
385
This report provides an in-depth analysis of the market for metal remelting scrap ingots in the Philippines.
677
This report provides an in-depth analysis of the global market for metal remelting scrap ingots.
385
This report provides an in-depth analysis of the market for metal remelting scrap ingots in the Philippines.
677
This report provides an in-depth analysis of the global market for metal remelting scrap ingots.
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