Republic of Korea: Concrete Reinforcing Bar Market 2025

Concrete Reinforcing Bar Market Size in Republic of Korea

The South Korean concrete reinforcing bar market declined to $X in 2022, which is down by -8% against the previous year. The market value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Concrete Reinforcing Bar Production in Republic of Korea

In value terms, concrete reinforcing bar production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 43%. Concrete reinforcing bar production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Concrete Reinforcing Bar Exports

Exports from Republic of Korea

In 2022, exports of concrete reinforcing bars from South Korea fell rapidly to X tons, waning by -55.8% on 2021. In general, exports faced a drastic downturn. The pace of growth appeared the most rapid in 2017 with an increase of 50%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, concrete reinforcing bar exports dropped sharply to $X in 2022. Overall, exports continue to indicate a deep reduction. The growth pace was the most rapid in 2017 with an increase of 58% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X tons) was the main destination for concrete reinforcing bar exports from South Korea, accounting for a 21% share of total exports. Moreover, concrete reinforcing bar exports to Thailand exceeded the volume sent to the second major destination, Myanmar (X tons), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand stood at +3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-12.1% per year) and Taiwan (Chinese) (-8.6% per year).

In value terms, Thailand ($X) remains the key foreign market for concrete reinforcing bars exports from South Korea, comprising 23% of total exports. The second position in the ranking was held by Brazil ($X), with a 9% share of total exports. It was followed by Taiwan (Chinese), with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value to Thailand totaled +6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-0.9% per year) and Taiwan (Chinese) (-7.3% per year).

Export Prices by Country

In 2022, the average concrete reinforcing bar export price amounted to $X per ton, surging by 26% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, concrete reinforcing bar export price increased by +73.8% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 38% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Kuwait ($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 Brazil (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Concrete Reinforcing Bar Imports

Imports into Republic of Korea

In 2022, imports of concrete reinforcing bars into South Korea declined markedly to X tons, which is down by -34.9% on the year before. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 101% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, concrete reinforcing bar imports reduced notably to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 233% against the previous year. As a result, imports attained the peak of $X, and then contracted notably in the following year.

Imports by Country

Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of concrete reinforcing bar imports to South Korea, together accounting for 99% of total imports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +9.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), China ($X) and Taiwan (Chinese) ($X) were the largest concrete reinforcing bar suppliers to South Korea, together accounting for 99% of total imports.

Taiwan (Chinese), with a CAGR of +13.8%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average concrete reinforcing bar import price stood at $X per ton in 2022, which is down by -11.5% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 65%. As a result, import price attained the peak level of $X per ton, and then dropped in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Japan ($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) (+4.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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