Republic of Korea: Iron And Steel Market 2024

Iron And Steel Market Size in Republic of Korea

In 2021, the South Korean iron and steel market increased by 5.3% to $X, rising for the second consecutive year after three years of decline. In general, consumption saw a slight contraction. Iron and steel consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Iron And Steel Production in Republic of Korea

In value terms, iron and steel production totaled $X in 2021 estimated in export price. Overall, production showed a mild decline. The growth pace was the most rapid in 2014 when the production volume increased by 19%. Iron and steel production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Iron And Steel Exports

Exports from Republic of Korea

In 2021, approx. X tons of iron and steel were exported from South Korea; picking up by 15% compared with 2020 figures. In general, exports saw a remarkable increase. The pace of growth was the most pronounced in 2017 with an increase of 474% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, iron and steel exports skyrocketed to $X in 2021. Over the period under review, exports showed a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 385%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Vietnam (X tons) was the main destination for iron and steel exports from South Korea, accounting for a 93% share of total exports. Moreover, iron and steel exports to Vietnam exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Vietnam amounted to +151.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+62.1% per year) and Japan (-25.4% per year).

In value terms, Vietnam ($X) remains the key foreign market for iron and steel exports from South Korea, comprising 87% of total exports. The second position in the ranking was held by China ($X), with a 4.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Vietnam amounted to +136.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+38.0% per year) and Japan (-18.0% per year).

Export Prices by Country

In 2021, the average iron and steel export price amounted to $X per ton, increasing by 29% against the previous year. Over the period under review, the export price, however, saw a deep slump. The most prominent rate of growth was recorded in 2016 when the average export price increased by 39%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+10.0%), while the prices for the other major destinations experienced a decline.

Iron And Steel Imports

Imports into Republic of Korea

Iron and steel imports into South Korea rose slightly to X tons in 2021, with an increase of 4.4% against the year before. Overall, imports, however, saw a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 18%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, iron and steel imports surged to $X in 2021. Over the period under review, imports, however, faced a deep contraction. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Russia (X tons) constituted the largest iron and steel supplier to South Korea, accounting for a 48% share of total imports. Moreover, iron and steel imports from Russia exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. The third position in this ranking was taken by Japan (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia totaled -9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-5.9% per year) and Japan (-23.6% per year).

In value terms, Russia ($X) constituted the largest supplier of iron and steel to South Korea, comprising 50% of total imports. The second position in the ranking was held by India ($X), with a 22% share of total imports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Russia stood at -7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-2.7% per year) and Japan (-22.2% per year).

Import Prices by Country

In 2021, the average iron and steel import price amounted to $X per ton, rising by 51% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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