Price for Stainless Steel in Ingots or Other Primary Forms in Singapore - 2022
Contents:
- Price for Stainless Steel in Ingots or Other Primary Forms in Singapore (FOB) - 2022
- Price for Stainless Steel in Ingots or Other Primary Forms in Singapore (CIF) - 2022
- Exports of Stainless Steel in Ingots or Other Primary Forms in Singapore
- Imports of Stainless Steel in Ingots or Other Primary Forms in Singapore
Price for Stainless Steel in Ingots or Other Primary Forms in Singapore (FOB) - 2022
In 2022, the average export price for stainless steel in ingots or other primary forms amounted to $5,412 per ton, picking up by 161% against the previous year. In general, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($12,182 per ton), while the average price for exports to Indonesia ($1,721 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 (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Stainless Steel in Ingots or Other Primary Forms in Singapore (CIF) - 2022
In 2022, the average import price for stainless steel in ingots or other primary forms amounted to $5,302 per ton, almost unchanged from the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 109% against the previous year. The import price peaked at $6,457 per ton in 2019; however, from 2020 to 2022, import prices remained at a 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 ($11,821 per ton), while the price for South Korea ($2,752 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+11.4%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Stainless Steel in Ingots or Other Primary Forms in Singapore
In 2022, the amount of stainless steel in ingots or other primary forms exported from Singapore fell rapidly to 1.4K tons, dropping by -49.8% compared with the previous year. Over the period under review, exports recorded a noticeable downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 148% against the previous year. As a result, the exports attained the peak of 2.7K tons, and then reduced dramatically in the following year.
In value terms, exports of stainless steel in ingots or other primary forms soared to $7.4M in 2022. Overall, exports, however, posted a notable increase. The pace of growth appeared the most rapid in 2021 with an increase of 64%. The exports peaked in 2022 and are likely to see gradual growth in years to come.
| Export of Stainless Steel in Ingots or Other Primary Forms in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Indonesia | 2.6 | 2.6 | 4.0 | 3.9 | 14.5% |
| Thailand | N/A | 0.1 | N/A | 1.3 | 260.6% |
| China | 0.2 | 0.2 | 0.1 | 1.1 | 76.5% |
| Malaysia | 0.2 | 0.1 | 0.6 | 0.6 | 44.2% |
| Others | 3.6 | 0.5 | 1.0 | 0.6 | -45.0% |
| Total | 6.6 | 3.5 | 5.7 | 7.4 | 3.9% |
Top Export Markets for Stainless Steel in Ingots or Other Primary Forms from Singapore in 2022:
- Indonesia (2249.1 tons)
- Thailand (292.3 tons)
- China (139.8 tons)
- Malaysia (45.5 tons)
Imports of Stainless Steel in Ingots or Other Primary Forms in Singapore
For the third year in a row, Singapore recorded decline in overseas purchases of stainless steel in ingots or other primary forms, which decreased by -28.8% to 1.4K tons in 2022. In general, imports saw a dramatic curtailment. The smallest decline of -2.3% was in 2020.
In value terms, imports of stainless steel in ingots or other primary forms fell significantly to $7.4M in 2022. Overall, imports faced a precipitous shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 17% against the previous year.
| Import of Stainless Steel in Ingots or Other Primary Forms in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Taiwan (Chinese) | 2.0 | 2.3 | 3.0 | 3.4 | 19.3% |
| China | 13.1 | 3.1 | 4.0 | 1.8 | -48.4% |
| United States | 1.2 | 1.4 | 0.6 | 1.6 | 10.1% |
| Malaysia | 0.3 | 0.3 | 0.1 | 0.2 | -12.6% |
| Others | 1.7 | 1.6 | 2.5 | 0.5 | -33.5% |
| Total | 18.3 | 8.8 | 10.3 | 7.4 | -26.1% |
Top Suppliers of Stainless Steel in Ingots or Other Primary Forms to Singapore in 2022:
- Taiwan (Chinese) (887.0 tons)
- China (322.0 tons)
- United States (137.4 tons)
- Malaysia (23.5 tons)
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