Republic of Korea: Market for Articles Of Iron Or Steel 2025

Market Size for Articles Of Iron Or Steel in Republic of Korea

After two years of growth, the South Korean steel and iron articles market decreased by -9.2% to $X in 2022. In general, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Production of Articles Of Iron Or Steel in Republic of Korea

In value terms, steel and iron articles production reached $X in 2022 estimated in export price. Overall, the total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -14.7% against 2018 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 40% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports from Republic of Korea

In 2022, overseas shipments of articles of iron or steel increased by 3.5% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 9.7%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, steel and iron articles exports fell to $X in 2022. The total export value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 25%. As a result, the exports attained the peak of $X, and then shrank modestly in the following year.

Exports by Country

China (X tons), Japan (X tons) and Mexico (X tons) were the main destinations of steel and iron articles exports from South Korea, with a combined 54% share of total exports. The United States, Vietnam, the Czech Republic, India, Indonesia, Taiwan (Chinese) and Brazil lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +52.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for steel and iron articles exported from South Korea were China ($X), Mexico ($X) and Japan ($X), together comprising 54% of total exports. The United States, Vietnam, Taiwan (Chinese), India, Indonesia, the Czech Republic and Brazil lagged somewhat behind, together accounting for a further 29%.

The Czech Republic, with a CAGR of +39.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average steel and iron articles export price amounted to $X per ton, reducing by -6.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 14% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the Czech Republic ($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 Taiwan (Chinese) (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Republic of Korea

In 2022, imports of articles of iron or steel into South Korea dropped modestly to X tons, waning by -4% on the previous year's figure. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 16%. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, steel and iron articles imports shrank to $X in 2022. The total import value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 30% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest steel and iron articles supplier to South Korea, with a 65% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. The third position in this ranking was taken by Vietnam (X tons), with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.9% per year) and Vietnam (+27.8% per year).

In value terms, China ($X) constituted the largest supplier of articles of iron or steel to South Korea, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 19% share of total imports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.3% per year) and the United States (+0.2% per year).

Import Prices by Country

The average steel and iron articles import price stood at $X per ton in 2022, declining by -5% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 24% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform