Republic of Korea: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in Republic of Korea

The South Korean ferro-chromium market shrank to $X in 2022, which is down by -5.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a perceptible decrease. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Ferro-Chromium Exports

Exports from Republic of Korea

In 2022, ferro-chromium exports from South Korea reduced slightly to X tons, declining by -3.3% on the previous year. In general, exports saw a drastic downturn. The pace of growth was the most pronounced in 2014 with an increase of 37% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, ferro-chromium exports contracted to $X in 2022. Over the period under review, exports saw a noticeable decrease. The pace of growth appeared the most rapid in 2014 when exports increased by 80%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Pakistan (X tons) and the Philippines (X tons) were the main destinations of ferro-chromium exports from South Korea, together comprising 78% of total exports.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +122.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), the Philippines ($X) and Pakistan ($X) constituted the largest markets for ferro-chromium exported from South Korea worldwide, together comprising 78% of total exports.

In terms of the main countries of destination, Pakistan, with a CAGR of +78.3%, 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 ferro-chromium export price stood at $X per ton in 2022, reducing by -3.5% against the previous year. In general, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ferro-chromium export price increased by +4.0% against 2020 indices. The most prominent rate of growth was recorded in 2018 an increase of 42% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Vietnam ($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 Taiwan (Chinese) (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Ferro-Chromium Imports

Imports into Republic of Korea

In 2022, imports of ferro-chromium into South Korea fell to X tons, dropping by -4.4% compared with the previous year. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 11% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, ferro-chromium imports dropped to $X in 2022. Over the period under review, imports recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2017 when imports increased by 38% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

South Africa (X tons), India (X tons) and Kazakhstan (X tons) were the main suppliers of ferro-chromium imports to South Korea, together comprising 95% of total imports.

From 2012 to 2022, the biggest increases were recorded for Kazakhstan (with a CAGR of +20.4%), while purchases for the other leaders experienced a decline.

In value terms, the largest ferro-chromium suppliers to South Korea were South Africa ($X), India ($X) and Kazakhstan ($X), with a combined 91% share of total imports.

In terms of the main suppliers, Kazakhstan, with a CAGR of +15.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average ferro-chromium import price stood at $X per ton in 2022, reducing by -2.7% against the previous year. Overall, the import price showed a noticeable setback. The pace of growth was the most pronounced in 2017 an increase of 35%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained 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 Russia ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (-1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :