Republic of Korea: Market for Raw Steel And Steel Semi-Finished Products 2025

Market Size for Raw Steel And Steel Semi-Finished Products in Republic of Korea

In 2021, after two years of decline, there was significant growth in the South Korean market for raw steel and steel semi-finished products, when its value increased by 12% to $X. Overall, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -16.1% against 2018 indices. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Raw Steel And Steel Semi-Finished Products in Republic of Korea

In value terms, production of raw steel and steel semi-finished products skyrocketed to $X in 2021 estimated in export price. In general, the total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -21.8% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 82%. As a result, production attained the peak level of $X. From 2014 to 2021, production of growth failed to regain momentum.

Exports of Raw Steel And Steel Semi-Finished Products

Exports from Republic of Korea

In 2021, exports of raw steel and steel semi-finished products from South Korea shrank notably to X tons, waning by -33.7% against 2020 figures. Over the period under review, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2017 with an increase of 155%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, exports of raw steel and steel semi-finished products rose remarkably to $X in 2021. Overall, exports recorded a deep slump. The pace of growth appeared the most rapid in 2017 when exports increased by 200% against the previous year. Over the period under review, the exports of hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of exports of raw steel and steel semi-finished products from South Korea, with a combined 85% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +9.2%), while the other leaders experienced a decline.

In value terms, the largest markets for raw steel and steel semi-finished products exported from South Korea were Japan ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 85% share of total exports.

China, with a CAGR of +11.7%, saw 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 mixed trend patterns.

Export Prices by Country

In 2021, the average export price for raw steel and steel semi-finished products amounted to $X per ton, rising by 64% against the previous year. In general, export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to Thailand ($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 (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Raw Steel And Steel Semi-Finished Products

Imports into Republic of Korea

Imports of raw steel and steel semi-finished products into South Korea skyrocketed to X tons in 2021, rising by 29% compared with the previous year's figure. Overall, imports, however, recorded a deep reduction. Over the period under review, imports of attained the peak figure at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of raw steel and steel semi-finished products surged to $X in 2021. In general, imports, however, showed a perceptible curtailment. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of raw steel and steel semi-finished products to South Korea, with a 59% share of total imports. Moreover, imports of raw steel and steel semi-finished products from Japan exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. The third position in this ranking was held by Russia (X tons), with a 7.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+18.0% per year) and Russia (-6.9% per year).

In value terms, Japan ($X) constituted the largest supplier of raw steel and steel semi-finished products to South Korea, comprising 54% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 17% share of total imports. It was followed by Russia, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from Japan amounted to -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+25.2% per year) and Russia (-3.9% per year).

Import Prices by Country

In 2021, the average import price for raw steel and steel semi-finished products amounted to $X per ton, surging by 61% against the previous year. In general, import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Mexico ($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 (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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