Republic of Korea: Market for Flat-Rolled Products Of Silicon-Electrical Steel 2024

Market Size for Flat-Rolled Products Of Silicon-Electrical Steel in Republic of Korea

The South Korean silicon-electrical steel flat-rolled product market reduced rapidly to $X in 2021, which is down by -28.9% against the previous year. Over the period under review, consumption showed a abrupt shrinkage. Silicon-electrical steel flat-rolled product consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Flat-Rolled Products Of Silicon-Electrical Steel in Republic of Korea

In value terms, silicon-electrical steel flat-rolled product production rose slightly to $X in 2021 estimated in export price. Overall, production, however, showed a deep setback. Silicon-electrical steel flat-rolled product production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Flat-Rolled Products Of Silicon-Electrical Steel

Exports from Republic of Korea

In 2021, shipments abroad of flat-rolled products of silicon-electrical steel was finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, silicon-electrical steel flat-rolled product exports surged to $X in 2021. The total export value increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X tons) was the main destination for silicon-electrical steel flat-rolled product exports from South Korea, with a 36% share of total exports. Moreover, silicon-electrical steel flat-rolled product exports to India exceeded the volume sent to the second major destination, China (X tons), threefold. Italy (X tons) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to India totaled +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-4.7% per year) and Italy (-2.2% per year).

In value terms, India ($X) remains the key foreign market for flat-rolled products of silicon-electrical steel exports from South Korea, comprising 34% of total exports. The second position in the ranking was taken by China ($X), with an 11% share of total exports. It was followed by Italy, with a 7.4% share.

From 2012 to 2021, the average annual growth rate of value to India totaled +9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-3.9% per year) and Italy (-1.0% per year).

Export Prices by Country

The average silicon-electrical steel flat-rolled product export price stood at $X per ton in 2021, surging by 40% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. 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 the United States ($X per ton), while the average price for exports to Japan ($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 Slovenia (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Flat-Rolled Products Of Silicon-Electrical Steel

Imports into Republic of Korea

Silicon-electrical steel flat-rolled product imports into South Korea surged to X tons in 2021, rising by 31% on the previous year's figure. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +35.6% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 48% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, silicon-electrical steel flat-rolled product imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +101.5% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of silicon-electrical steel flat-rolled product to South Korea, with a 79% share of total imports. Moreover, silicon-electrical steel flat-rolled product imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume from China totaled +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.9% per year) and Taiwan (Chinese) (-28.8% per year).

In value terms, China ($X) constituted the largest supplier of flat-rolled products of silicon-electrical steel to South Korea, comprising 76% of total imports. The second position in the ranking was held by Japan ($X), with a 19% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.0% per year) and Taiwan (Chinese) (-27.7% per year).

Import Prices by Country

The average silicon-electrical steel flat-rolled product import price stood at $X per ton in 2021, rising by 48% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; afterwards, it flattened through to 2021.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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