Republic of Korea: Hot-Rolled Steel Products Market 2025

Hot-Rolled Steel Products Market Size in Republic of Korea

In 2021, the South Korean hot-rolled steel products market was finally on the rise to reach $X after two years of decline. In general, consumption, however, saw a slight decline. Hot-rolled steel products consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Hot-Rolled Steel Products Production in Republic of Korea

In value terms, hot-rolled steel products production totaled $X in 2021 estimated in export price. In general, production showed a mild setback. The growth pace was the most rapid in 2017 with an increase of 31% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Hot-Rolled Steel Products Exports

Exports from Republic of Korea

In 2021, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported from South Korea reduced to X tons, waning by -14.7% against the previous year's figure. Overall, exports continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 20% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, hot-rolled steel products exports skyrocketed to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2012; afterwards, it flattened through to 2021.

Exports by Country

Japan (X tons), India (X tons) and Vietnam (X tons) were the main destinations of hot-rolled steel products exports from South Korea, with a combined 35% share of total exports. The United States, China, Thailand, Mexico, Italy, Turkey, Indonesia, Taiwan (Chinese), Malaysia and Canada lagged somewhat behind, together accounting for a further 49%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +27.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled steel products exported from South Korea were Japan ($X), India ($X) and the United States ($X), together accounting for 33% of total exports. These countries were followed by Vietnam, China, Thailand, Turkey, Mexico, Italy, Taiwan (Chinese), Indonesia, Canada and Malaysia, which together accounted for a further 52%.

Among the main countries of destination, Turkey, with a CAGR of +27.8%, 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 hot-rolled steel products export price stood at $X per ton in 2021, increasing by 53% against the previous year. Overall, export price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.3% 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 reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Japan ($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 Canada (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports into Republic of Korea

Hot-rolled steel products imports into South Korea stood at X tons in 2021, growing by 3.3% on the previous year's figure. Over the period under review, imports, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2014 when imports increased by 18% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, hot-rolled steel products imports surged to $X in 2021. Overall, imports, however, recorded a abrupt contraction. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of hot-rolled steel products imports to South Korea, together accounting for 93% of total imports. India and Indonesia lagged somewhat behind, together comprising a further 4.6%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +63.6%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest hot-rolled steel products suppliers to South Korea were Japan ($X), China ($X) and Indonesia ($X), with a combined 91% share of total imports.

Among the main suppliers, Indonesia, with a CAGR of +79.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average hot-rolled steel products import price stood at $X per ton in 2021, rising by 45% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. 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 by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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