Republic of Korea: Ferro-Silicon Market 2024

Ferro-Silicon Market Size in Republic of Korea

The South Korean ferro-silicon market fell markedly to $X in 2022, waning by -31% 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). Over the period under review, consumption, however, saw a modest expansion. As a result, consumption reached the peak level of $X, and then plummeted in the following year.

Ferro-Silicon Exports

Exports from Republic of Korea

In 2022, the amount of ferro-silicon exported from South Korea reduced sharply to X tons, with a decrease of -17.8% compared with the year before. Over the period under review, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 118% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, ferro-silicon exports plummeted to $X in 2022. In general, exports continue to indicate a abrupt setback. The growth pace was the most rapid in 2014 when exports increased by 143% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Myanmar (X tons) was the main destination for ferro-silicon exports from South Korea, accounting for a 73% share of total exports. Moreover, ferro-silicon exports to Myanmar exceeded the volume sent to the second major destination, Vietnam (X tons), sevenfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to Myanmar stood at +42.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+1.9% per year) and Taiwan (Chinese) (+18.8% per year).

In value terms, Myanmar ($X) emerged as the key foreign market for ferro-silicon exports from South Korea, comprising 67% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 12% share of total exports. It was followed by Hong Kong SAR, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value to Myanmar totaled +33.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-5.0% per year) and Hong Kong SAR (+8.6% per year).

Export Prices by Country

In 2022, the average ferro-silicon export price amounted to $X per ton, remaining stable against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 23%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Thailand ($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 China (+11.5%), while the prices for the other major destinations experienced more modest paces of growth.

Ferro-Silicon Imports

Imports into Republic of Korea

Ferro-silicon imports into South Korea shrank notably to X tons in 2022, dropping by -26.5% compared with the previous year's figure. Over the period under review, total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +56.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 113% against the previous year. As a result, imports attained the peak of X tons, and then reduced dramatically in the following year.

In value terms, ferro-silicon imports reduced sharply to $X in 2022. Overall, imports, however, continue to indicate modest growth. The pace of growth appeared the most rapid in 2021 with an increase of 192%. As a result, imports reached the peak of $X, and then contracted notably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest ferro-silicon supplier to South Korea, with a 79% share of total imports. Moreover, ferro-silicon imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X tons), more than tenfold. Norway (X tons) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+63.8% per year) and Norway (+21.0% per year).

In value terms, China ($X) constituted the largest supplier of ferro-silicon to South Korea, comprising 77% of total imports. The second position in the ranking was taken by Brazil ($X), with a 7.4% share of total imports. It was followed by Norway, with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+64.5% per year) and Norway (+15.8% per year).

Import Prices by Country

The average ferro-silicon import price stood at $X per ton in 2022, reducing by -8.6% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 37%. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Brazil ($X per ton) and Norway ($X per ton), while the price for Vietnam ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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