Republic of Korea: Market for Hot-Rolled Steel Bars and Rods 2024

Market Size for Hot-Rolled Steel Bars and Rods in Republic of Korea

The South Korean market for hot-rolled steel bars and rods stood at $X in 2021, growing by 6.7% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Production of Hot-Rolled Steel Bars and Rods in Republic of Korea

In value terms, hot-rolled steel bar and rod production expanded to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 27% against the previous year. Hot-rolled steel bar and rod production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Republic of Korea

In 2021, the amount of hot-rolled steel bars and rods exported from South Korea reached X tons, approximately equating 2020. The total export volume increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2018 with an increase of 21%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. In general, total exports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam (X tons), Taiwan (Chinese) (X tons) and Thailand (X tons) were the main destinations of hot-rolled steel bar and rod exports from South Korea, together accounting for 37% of total exports. These countries were followed by Japan, China, Malaysia, the United States, Indonesia, Belgium, India, Mexico, Brazil and Singapore, which together accounted for a further 51%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +16.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled steel bar and rod exported from South Korea were Taiwan (Chinese) ($X), Vietnam ($X) and Thailand ($X), with a combined 36% share of total exports. These countries were followed by China, Japan, Malaysia, the United States, Indonesia, Belgium, India, Mexico, Brazil and Singapore, which together accounted for a further 51%.

Belgium, with a CAGR of +15.5%, saw the highest growth rate of the value of exports, among 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

The average export price for hot-rolled steel bars and rods stood at $X per ton in 2021, jumping by 40% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia ($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 India (+1.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Republic of Korea

In 2021, after three years of decline, there was significant growth in overseas purchases of hot-rolled steel bars and rods, when their volume increased by 68% to X tons. Over the period under review, imports recorded a noticeable expansion. The pace of growth appeared the most rapid in 2017 with an increase of 152% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2021. In general, imports enjoyed noticeable growth. The most prominent rate of growth was recorded in 2017 when imports increased by 159% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest hot-rolled steel bar and rod supplier to South Korea, with a 55% share of total imports. Moreover, hot-rolled steel bar and rod imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.3% per year) and Taiwan (Chinese) (+22.4% per year).

In value terms, China ($X) constituted the largest supplier of hot-rolled steel bars and rods to South Korea, comprising 51% of total imports. The second position in the ranking was taken by Japan ($X), with a 25% share of total imports. It was followed by Taiwan (Chinese), with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.0% per year) and Taiwan (Chinese) (+13.1% per year).

Import Prices by Country

The average import price for hot-rolled steel bars and rods stood at $X per ton in 2021, rising by 37% against the previous year. In general, the import price showed a relatively flat trend pattern. 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 Taiwan (Chinese) ($X per ton), while the price for Malaysia ($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 (+1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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