Republic of Korea: Market for Hot-Rolled Bars In Bearing Steels 2025

Market Size for Hot-Rolled Bars In Bearing Steels in Republic of Korea

The South Korean hot-rolled bearing steel bar market declined significantly to $X in 2022, waning by -38.3% against the previous year. In general, consumption saw a deep slump. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Production of Hot-Rolled Bars In Bearing Steels in Republic of Korea

In value terms, hot-rolled bearing steel bar production amounted to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 2.2%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Republic of Korea

In 2022, approx. X tons of hot-rolled bars in bearing steels were exported from South Korea; dropping by -16.6% compared with 2021 figures. In general, exports, however, recorded strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 71%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, hot-rolled bearing steel bar exports expanded to $X in 2022. Over the period under review, exports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 71%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Belgium (X tons), Thailand (X tons) and China (X tons) were the main destinations of hot-rolled bearing steel bar exports from South Korea, with a combined 40% share of total exports. Indonesia, Japan, the United States, Vietnam, Mexico, Taiwan (Chinese), Spain, India and Australia lagged somewhat behind, together accounting for a further 53%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +29.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hot-rolled bearing steel bar exported from South Korea were China ($X), the United States ($X) and Thailand ($X), with a combined 38% share of total exports. Belgium, Indonesia, Vietnam, Japan, Mexico, Taiwan (Chinese), Spain, India and Australia lagged somewhat behind, together comprising a further 53%.

In terms of the main countries of destination, Spain, with a CAGR of +31.7%, saw 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

In 2022, the average hot-rolled bearing steel bar export price amounted to $X per ton, surging by 25% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 26%. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Belgium ($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 the United States (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Republic of Korea

In 2022, approx. X tons of hot-rolled bars in bearing steels were imported into South Korea; dropping by -32.1% on the year before. Overall, imports continue to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2017 with an increase of 235%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, hot-rolled bearing steel bar imports fell rapidly to $X in 2022. In general, imports saw a mild downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 261%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of hot-rolled bearing steel bar to South Korea, accounting for a 83% share of total imports. Moreover, hot-rolled bearing steel bar imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.4% per year) and Malaysia (+69.4% per year).

In value terms, China ($X) constituted the largest supplier of hot-rolled bars in bearing steels to South Korea, comprising 81% of total imports. The second position in the ranking was taken by Japan ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.0% per year) and Malaysia (+55.4% per year).

Import Prices by Country

In 2022, the average hot-rolled bearing steel bar import price amounted to $X per ton, with an increase of 4.3% against the previous year. In general, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hot-rolled bearing steel bar import price increased by +99.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 37%. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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