Liquefied Propane Price in South Korea - 2022

Contents:

1. Liquefied Propane Price in South Korea (CIF) - 2022
2. Liquefied Propane Price in South Korea (FOB) - 2022
3. Liquefied Propane Imports in South Korea
4. Liquefied Propane Exports in South Korea

Liquefied Propane Price in South Korea (CIF) - 2022

The average liquefied propane import price stood at $666 per ton in December 2022, increasing by 3.5% against the previous month. In general, the import price, however, recorded a mild reduction. The most prominent rate of growth was recorded in February 2022 an increase of 9.1% month-to-month. The import price peaked at $914 per ton in April 2022; however, from May 2022 to December 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In December 2022, the countries with the highest prices were Panama ($683 per ton) and the United States ($667 per ton), while the price for Australia ($654 per ton) and Saudi Arabia ($657 per ton) were amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Canada (-0.8%), while the prices for the other major suppliers experienced a decline.

Liquefied Propane Price in South Korea (FOB) - 2022

The average liquefied propane export price stood at $501 per ton in 2022, with a decrease of -27.1% against the previous year. In general, the export price saw a drastic downturn. The pace of growth was the most pronounced in 2021 when the average export price increased by 68% against the previous year. The export price peaked at $1,007 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -6.8% per year.

Liquefied Propane Imports in South Korea

In 2022, the amount of liquefied propanes imported into South Korea totaled 6.3M tons, picking up by 2.9% compared with 2021. The total import volume increased at an average annual rate of +1.7% over the period from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 8.2%. As a result, imports reached the peak of 6.5M tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, liquefied propane imports shrank notably to $3.3B in 2022. Overall, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +6.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +29.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 58% against the previous year. As a result, imports attained the peak of $4.1B, and then fell significantly in the following year.

Top Suppliers of Liquefied Propane to South Korea in 2022:

1. United States (5.8M tons)
2. Canada (0.4M tons)

Liquefied Propane Exports in South Korea

In 2022, approx. 350K tons of liquefied propanes were exported from South Korea; growing by 51% on the previous year. Overall, exports, however, recorded a drastic downturn.

In value terms, liquefied propane exports stood at $175M in 2022. Over the period under review, exports, however, continue to indicate a pronounced curtailment.

Top Export Markets for Liquefied Propane from South Korea in 2022:

1. China (342.0K tons)

Source: IndexBox Market Intelligence Platform