Singapore: Tungsten Market 2024

Tungsten Market Size in Singapore

In 2022, the Singaporean tungsten market increased by X% to $X, rising for the third year in a row after two years of decline. Overall, consumption recorded a significant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Tungsten Production in Singapore

In value terms, tungsten production contracted markedly to $X in 2022 estimated in export price. Overall, production saw a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of X%. Tungsten production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Tungsten Exports

Exports from Singapore

In 2022, tungsten exports from Singapore declined significantly to X tons, falling by X% against 2021 figures. In general, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2021 when exports increased by X% 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 dropped notably to $X in 2022. Over the period under review, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then shrank markedly 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, together accounting for X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of X%), while shipments for the other leaders experienced mixed trend patterns.

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

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

Export Prices by Country

The average tungsten export price stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a deep downturn. The pace of growth was the most pronounced in 2014 when the average export price increased by X% 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.

Prices varied noticeably by country of destination: 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 (X%), 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 X% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, showed a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, tungsten imports declined markedly to $X in 2022. Over the period under review, imports, however, recorded a deep reduction. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

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

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

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

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

Import Prices by Country

In 2022, the average tungsten import price amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price continues to indicate a abrupt shrinkage. The growth pace was the most rapid in 2014 an increase of X% 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 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 (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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