Republic of Korea: Chromium Market 2021

Chromium Market Size in Republic of Korea

In 2020, the South Korean chromium market decreased by -X% to $X, falling for the second year in a row after three years of growth. In general, consumption continues to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2010 with an increase of X% against the previous year. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2020, consumption remained at a lower figure.

Chromium Exports

Exports from Republic of Korea

In 2020, shipments abroad of chromium increased by X% to X tons for the first time since 2014, thus ending a five-year declining trend. Over the period under review, exports, however, showed a abrupt decrease. Exports peaked at X tons in 2007; however, from 2008 to 2020, exports remained at a lower figure.

In value terms, chromium exports skyrocketed to $X in 2020. In general, exports, however, recorded a abrupt slump. Exports peaked at $X in 2007; however, from 2008 to 2020, exports failed to regain the momentum.

Exports by Country

China (X tons) was the main destination for chromium exports from South Korea, with a X% share of total exports. Moreover, chromium exports to China exceeded the volume sent to the second major destination, Japan (X tons), fourfold.

From 2007 to 2020, the average annual rate of growth in terms of volume to China stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+X% per year) and Taiwan (Chinese) (-X% per year).

In value terms, China ($X) emerged as the key foreign market for chromium exports from South Korea, comprising X% of total exports. The second position in the ranking was occupied by Japan ($X), with a X% share of total exports.

From 2007 to 2020, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+X% per year) and Taiwan (Chinese) (-X% per year).

Export Prices by Country

In 2020, the average chromium export price amounted to $X per ton, with a decrease of -X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 an increase of X% year-to-year. The export price peaked at $X per ton in 2019, and then declined sharply in the following year.

Average prices varied somewhat for the major export markets. In 2020, the country with the highest price was Japan ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Japan, while the prices for the other major destinations experienced a decline.

Chromium Imports

Imports into Republic of Korea

In 2020, approx. X tons of chromium were imported into South Korea; rising by X% on the previous year. Over the period under review, total imports indicated a measured increase from 2007 to 2020: its volume increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, imports decreased by -X% against 2018 indices. The most prominent rate of growth was recorded in 2010 with an increase of X% year-to-year. As a result, imports attained the peak of X tons. From 2011 to 2020, the growth imports remained at a lower figure.

In value terms, chromium imports dropped to $X in 2020. Overall, imports recorded pronounced growth. The most prominent rate of growth was recorded in 2010 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2020, imports remained at a lower figure.

Imports by Country

In 2020, Russia (X tons) constituted the largest supplier of chromium to South Korea, accounting for a X% share of total imports. Moreover, chromium imports from Russia exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold.

From 2007 to 2020, the average annual growth rate of volume from Russia stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-X% per year) and the UK (+X% per year).

In value terms, Russia ($X) constituted the largest supplier of chromium to South Korea, comprising X% of total imports. The second position in the ranking was occupied by China ($X), with a X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of value from Russia amounted to +X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-X% per year) and the UK (+X% per year).

Import Prices by Country

The average chromium import price stood at $X per ton in 2020, declining by -X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 an increase of X% y-o-y. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2020, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2020, the country with the highest price was China ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by China, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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