Republic of Korea: Pig Iron Articles Market 2025

Pig Iron Articles Market Size in Republic of Korea

The South Korean pig iron articles market reached $X in 2021, surging by 3.5% against the previous year. In general, consumption recorded a strong expansion. Over the period under review, the market reached the maximum level in 2021 and is likely to see gradual growth in years to come.

Pig Iron Articles Production in Republic of Korea

In value terms, pig iron articles production fell to $X in 2021 estimated in export price. In general, production, however, continues to indicate buoyant growth. The growth pace was the most rapid in 2014 when the production volume increased by 43%. Over the period under review, production reached the peak level at $X in 2020, and then contracted in the following year.

Pig Iron Articles Exports

Exports from Republic of Korea

In 2021, exports of granules and powders of pig iron from South Korea soared to X tons, growing by 19% against 2020. Over the period under review, exports saw a modest increase. The most prominent rate of growth was recorded in 2017 with an increase of 68%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, pig iron articles exports soared to $X in 2021. Overall, exports posted prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of pig iron articles exports from South Korea, together comprising 76% of total exports. Vietnam, the Philippines, Thailand, Indonesia, Malaysia and the United States lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +17.8%), while the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X), the Philippines ($X) and China ($X) appeared to be the largest markets for pig iron articles exported from South Korea worldwide, together accounting for 72% of total exports.

The Philippines, with a CAGR of +47.1%, recorded 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 more modest paces of growth.

Export Prices by Country

In 2021, the average pig iron articles export price amounted to $X per ton, rising by 23% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pig iron articles export price increased by +78.4% against 2017 indices. The growth pace was the most rapid in 2018 when the average export price increased by 24%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Malaysia ($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 the Philippines (+24.9%), while the prices for the other major destinations experienced more modest paces of growth.

Pig Iron Articles Imports

Imports into Republic of Korea

In 2021, supplies from abroad of granules and powders of pig iron was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, pig iron articles imports soared to $X in 2021. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Sweden (X tons), China (X tons) and Japan (X tons) were the main suppliers of pig iron articles imports to South Korea, with a combined 79% share of total imports. Canada, the United States and Italy lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +44.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Japan ($X) and China ($X) were the largest pig iron articles suppliers to South Korea, with a combined 74% share of total imports. Italy, Canada and the United States lagged somewhat behind, together comprising a further 19%.

Italy, with a CAGR of +61.7%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average pig iron articles import price amounted to $X per ton, leveling off at the previous year. Overall, the import price showed a perceptible reduction. The growth pace was the most rapid in 2016 when the average import price increased by 9.2%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+12.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform