Republic of Korea: Market for Copper Bars, Rods and Profiles 2024

Market Size for Copper Bars, Rods and Profiles in Republic of Korea

The South Korean market for copper bars, rods and profiles totaled $X in 2022, surging by 6.4% against the previous year. In general, consumption, however, saw a perceptible setback. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Copper Bars, Rods and Profiles in Republic of Korea

In value terms, copper bar, rod and profile production rose modestly to $X in 2022 estimated in export price. Overall, production, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 12%. Copper bar, rod and profile production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Copper Bars, Rods and Profiles

Exports from Republic of Korea

In 2022, shipments abroad of copper bars, rods and profiles decreased by -0.5% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports recorded a slight decline. The most prominent rate of growth was recorded in 2017 with an increase of 29%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, copper bar, rod and profile exports expanded slightly to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 55% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

China (X tons), Thailand (X tons) and the United States (X tons) were the main destinations of copper bar, rod and profile exports from South Korea, together accounting for 54% of total exports. Vietnam, Singapore, Malaysia, Taiwan (Chinese), India, Japan, Indonesia, Australia and Hong Kong SAR lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +48.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for copper bar, rod and profile exported from South Korea were China ($X), Thailand ($X) and the United States ($X), together comprising 53% of total exports. Vietnam, Singapore, Malaysia, Taiwan (Chinese), India, Japan, Australia, Indonesia and Hong Kong SAR lagged somewhat behind, together accounting for a further 39%.

In terms of the main countries of destination, India, with a CAGR of +41.3%, recorded the highest growth rate of the value of exports, 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 copper bars, rods and profiles stood at $X per ton in 2022, growing by 4.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2021 when the average export price increased by 39%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Australia ($X per ton) and the United States ($X per ton), while the average price for exports to Thailand ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Bars, Rods and Profiles

Imports into Republic of Korea

In 2022, after three years of growth, there was decline in purchases abroad of copper bars, rods and profiles, when their volume decreased by -2.7% to X tons. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 118% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, copper bar, rod and profile imports reached $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 26%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Greece (X tons), Japan (X tons) and China (X tons) were the main suppliers of copper bar, rod and profile imports to South Korea, together comprising 77% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +345.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest copper bar, rod and profile suppliers to South Korea were Greece ($X), Japan ($X) and the United States ($X), together accounting for 67% of total imports.

Greece, with a CAGR of +387.2%, recorded 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 more modest paces of growth.

Import Prices by Country

The average import price for copper bars, rods and profiles stood at $X per ton in 2022, growing by 3.7% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 38% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+12.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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